Home Loan Approval: How long it takes to get home loan sanctioned?

To get a home loan sanctioned, you first need to get a pre-approval of your home loan from the bank or financing institution. But pre-approval does not guarantee loan disbursal which hinges on a number of other requirements.
Usually it takes three-four weeks for the loan to get sanctioned. But delay in loan disbursal are often caused due to borrowers’ inability to provide documents related to the property or those relating to his income.

Therefore, it is advisable that before you finalise the deal identify someone who has already availed a loan in the same building from the institution that you plan to borrow from. Also check for pending dues to the society.
Your loan application could be rejected in the absence of any document that proves clear title to the property. It can also be rejected if the necessary approvals for constructing the property are not in place.
Also, if you are self employed, IT returns showing adequate income is crucial and the absence of tax document is often a cause rejection or delay in home loan sanction.