What does the Home Loan Status of my referral mean?

Last Updated Jan 4, 03:01 PM

The Home Loan journey includes several stages, each reflecting the progress of your referral's application. Below is an overview of each status, along with suggestions to help the applicant progress to the next stage.

  1. No Application Yet: The applicant has not yet started their Home Loan journey. Suggestion Encourage the applicant to begin their application process by visiting OnePropertee.

  2. Pre-Qualified: The applicant is pre-qualified for Home Loans but hasn't passed the pre-assessment yet. This includes cases where the pre-assessment form needs updating. Suggestion: Advise the applicant to answer and complete the pre-assessment form.

  3. Passed Pre-Assessment: The applicant has successfully passed the pre-assessment, meeting the preliminary criteria for a Home Loan. Suggestion: Guide the applicant to start filling out their formal Home Loan Application Forms.

  4. Completing Application: The applicant is completing their Home Loan Application Forms and has passed the initial stages. Suggestion: Encourage the applicant to meticulously complete all forms and compile any required supporting documents to ensure a smooth application process.

  5. Endorsed to Banks: The applicant's application has been endorsed to bank partners for further evaluation. Suggestion: Recommend that the applicant stays prepared for any additional information or documentation requests from the banks.

  6. Closed: This indicates successful loan disbursement. The applicant's Home Loan application has been approved, and the funds have been released. Suggestion: Offer guidance on managing the new financial responsibilities associated with the loan and understanding the repayment terms.

  7. Failed: The applicant's Home Loan application was not approved. Suggestion: Review the reasons for the application's failure with the applicant and advise on areas for improvement. Consider alternative loan options or financial strategies to enhance future applications.