A home loan can help you to fulfil the most cherished dream of your life - having a shelter of your own. You can get the best loan terms and interest rates if your eligibility is high.
Here are the things you
can do to increase your eligibility while applying for a home
loan.
Repay Existing Loans
If you have any
outstanding loan or card dues, try to clear it before applying for a home loan.
Too many loans can affect your debt-to-income ratio negatively and may decrease
your loan eligibility.
Increase Your CIBIL Score
CIBIL score determines
your eligibility for a loan. The more robust your credit profile, the better
are the prospects of loan approval. Before applying for a home loan,
you must take steps to improve your credit score.
Opt For a Long-Term Loan
Choosing a long-term
loan can increase your loan eligibility. As an extended tenure lowers the EMIs,
loan repayments become more manageable. However, before choosing a long-term
loan, try to use a house loan
calculator to check the actual savings.
Apply For a Joint Loan
When you apply for a joint
home loan, your eligibility increases, you can include the name of your spouse,
sibling, or any other family member. The lender usually clubs the income of
both applicants to calculate the eligibility.
Conclusion
The steps mentioned in
this blog can increase your loan eligibility to a great extent. A wise investor
always uses a house loan calculator to check their eligibility before applying
for a home loan.
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