How Long is a Home Loan Pre-approval Valid For

Posted in Housing Articles By Sajhyadri Chattopadhyay-
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Ever dreamt of owning a home without the uncertainty of loan approval? Imagine having the power to confidently pursue your dream property. With a pre-approved home loan, that dream is within reach. This preliminary approval, based on your financial standing, not only offers clarity on your budget but also positions you as a serious buyer, simplifying your path to homeownership. So how can you get a pre-approved home loan and how long is this offer valid? Time to explore the answers to all your questions on home loan pre-approval!

What is the Validity Period of a Pre-approved Home Loan

Home loan pre-approvals can vary depending on the lending institution and the specific terms outlined in the pre-approval letter. Typically, a pre-approved home loan offer is valid for a limited period in India, often ranging from 3 to 6 months. During this time, you are expected to find a suitable property and finalise the mortgage application process. 

But what if the pre-approval expires before you complete the purchase? Then, you may need to reapply or request an extension from the lender. If you decide to proceed with the application, the lender evaluates the applicant's financial status and property details to finalise the loan terms. Before you make a decision, research the market thoroughly to compare your home loan offer with prevalent rates and terms. 

It's essential to check the specific terms and conditions of the pre-approved loan, as they can vary from lender to lender. Also, keep an eye on the calendar. If the offer expires, the interest rates you receive on the next offer time might be different. This can vary based on the prevailing market conditions and the lender's policies. 

Next, understand the terms and conditions, including the eligibility criteria of the home loan pre-approval offer. Find out why the bank or NBFC provided you with these rates and how you can get a better offer. Keep in mind that policies and practices can change, so it's advisable to consult with a financial advisor or check for the most accurate and up-to-date information. 

To learn more also check out: Here's What You Should Know about Repo-linked Home Loans

Features and Benefits of Pre-approved Home Loans

  • Time Efficiency: 

Since the lender has already assessed your creditworthiness, the formalities are streamlined, expediting the loan approval and disbursal process. This can be particularly advantageous when you're eager to secure a property swiftly. 

  • Negotiation Power: 

Having a pre-approved home loan provides you with enhanced negotiation power while dealing with sellers. It demonstrates your serious intent and financial capability to make a quick purchase. 

  • Interest Rate Lock: 

Some lenders offer the benefit of locking in the interest rate at the time of pre-approval. This shields you from potential interest rate hikes during the validity period of the pre-approved offer. 

  • Budget Clarity: 

Knowing the loan amount for your pre-approved offer allows you to establish a clear budget for your home purchase. You can focus on properties within your financial reach, avoiding the risk of falling in love with a home beyond your budget. 

Related: What Happens When You are Unable to Pay Your Home Loan

How Long Does It Take to Get Preapproved for a Home Loan

The duration to get pre-approved for a home loan in India varies among lenders, but the process is generally quick. Typically, it takes a few days to a couple of weeks for lenders to evaluate your financial details, creditworthiness, and property-related information. 

Some lenders offer instant pre-approvals online, while others may take a bit longer for a thorough assessment. Promptly provide all necessary documents and accurate information to expedite the pre-approval process. It's advisable to check with the specific lender for their timeline and requirements. 

How to Get Pre-approved for a Home Loan

Getting pre-approved for a home loan involves several steps. Here are key tips to guide you through the process – 

  • Select a Lender: 

Research and choose a lender that aligns with your requirements. Compare interest rates, processing fees, and customer reviews to make an informed decision. Try exploring multiple home loan providers on a financial marketplace like Bajaj Markets for a comparative advantage. 

  • Check Eligibility Criteria: 

Before applying, review the lender's eligibility criteria. Ensure you meet the minimum requirements related to age, income, and credit score. Check your preferred lender's home loan eligibility criteria. 

  • Gather Necessary Documents: 

Collect essential documents, including proof of identity, address, income, and property details. Common documents include PAN card, Aadhaar card, salary slips, bank statements, and property-related documents. 

  • Calculate Preferred Loan Terms: 

Use online tools or consult with a financial advisor to calculate a loan tenure and interest rate that you would be comfortable with. Understand the approximate loan amount you may qualify for based on your financial profile. A Home Loan EMI Calculator can be your ideal tool for this purpose. 

  • Submit Pre-Approval Application: 

Complete the pre-approval application form provided by the lender. Submit accurate and comprehensive information to facilitate a smoother evaluation process. The lender will assess your application, considering factors such as income, credit history, and property details. 


Securing a home loan pre-approval in India involves careful preparation. Check eligibility criteria, gather documents, and choose a reputable lender. Once pre-approved, use the letter wisely for confident property exploration and negotiations. Understanding terms and conditions is key to making informed decisions during the homebuying process. And what better way than checking multiple offers on a single platform? Head to Bajaj Markets and explore home loans at interest rates from just 8.50% p.a., tenures up to 40 years and amounts of up to ₹15 Crores! 

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