To Attract The People

How Many Days Do Banks Take to Sanction your Home Loan?

Thousands of people pin their hopes upon getting a home loan approval on time. No one wants a lengthy, protracted out process that becomes frustrating and leaves them in limbo. But, often, applicants and home loan aspirants underestimate the home loan approval process and the time it takes to get everything in order.

Given the significance and amount of investment that goes into a home loan, lenders must be very thorough with the evaluation of an applicant, their eligibility, and documents. Hence, home loan approval time can often be longer as there are many stages involved in clearing a home loan.

Let’s try to break down the home loan application process and give a fair estimate of how long it takes for a home loan to get approved.


What all do banks evaluate to process a home loan application?

Before sanctioning your applied home loan amount, a bank will check various aspects of your eligibility, the property under question, and your financial history. The primary factors are listed below:


  1. Credit History

The bank understands your finance handling patterns by checking the previous settled loans with this data. If banks find that you have made late payments or have a low credit score, they may delay or reject your loan application process.


  1. Documentation

To process your home loan application, bank executives ask you to submit a set of documents like income proof, age proof, etc. All these home loan documents required for the application process enable the lender to evaluate your identity, financial capability, property purchase, and other eligibility factors. You can therefore prepare required documents in advance and make your home loan approval process faster.


  1. Age

Your age plays an imperative loan in home loan approval and its tenure period. Banks give home loans with a tenure period of up to 30 years. If the bank finds you will be 65 or 70 years old while paying the home loan EMIs, they will give you a shorter tenure period. However, it all depends on how old you are when you take a home loan and how old you will become when the tenure period ends.


  1. Income


The banks also check your income and future loan repayment prospects. Here, your income is significant because it will increase with time. Therefore, they make use of a home loan eligibility calculator to check whether you can pay 100% loan amount within the sanctioned period or not.


  1. Down payment

The lender does not finance the entire cost of the home purchase, construction, or renovation, as per RBI guidelines. You must pay a 10-30% down payment on your property, while the bank covers the rest via a home loan. To check how much you will pay for how many years, you can use a standard online tool such as the home loan EMI calculator.

Now that you know the various factors involved in the application, it becomes easier to appreciate the time it takes to approve a home loan request.


So, how long does it take to get Home Loan Approval?

Getting any loan, especially a home loan, takes patience because home loan approval time can be lengthy. There could be a lot of reasons why your home loan isn’t going through, and the lender might suggest you alternate terms or provide you with a different proposal to improve your eligibility. This may add more time to the entire home loan application approval process.

On average, though, the standard time taken for home loan approval is 21-28 days.


Tips for ensuring a quicker and seamless home loan approval timeline 


  • Visit the bank website where you want to apply for a home loan and get the documentation details. Keep all documents handy for the application.
  • Kindly look into the specifications of the home you want to buy before you make a deal. Banks may not give you a home loan if the house you want to buy doesn’t have an eligible owner or if the contractor doesn’t have permission to sell or build the house.
  • If you work for yourself, keep in mind that IT (Income Tax) returns are required, and your loan application could be turned down if you don’t do so.
  • Always be present at your office or home so that the bank executives can timely visit you and process your documents verification application.
  • During the home loan application and approval, it is better to stay put at your location and job. Sudden changes in these aspects can put your application on hold.
  • When your documents and other loan application aspects are verified, the bank representatives may often call you for confirmation. Therefore, please be present to take calls, text messages, or email to pace up your home loan application approval.



If you want to get a home loan, many bank institutions like PNB Housing let you apply for them online. We make the entire home loan application process quick, accessible, and efficient and provide you guidance through every stage of the application evaluation.

Connect with our customer representatives today to apply for a home loan starting at interest rates as low as 6.99% p.a.