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The Magic Formula Of Home Loan Eligibility
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Several people are trying to figure out how to qualify for a housing loan. Every one of the borrowers stumbles upon different challenges while meeting the criteria for home loan eligibility. However, there is a magic formula for everyone. It sounds too good to be true, right? It seems rather impossible. Different housing loan companies have different home loan eligibility calculator and different criteria of identifying the right applicant. But, here is the secret. They all want the same thing. Home loan organizations are looking for a reliable applicant who will pay EMIs consistently. Their housing loan eligibility calculators are looking for the same thing. So, here is your magic formula.
Right application + Must-dos during home loan process + Mustn’t dos during housing loan process = Home loan eligibility.
Home loan application is more than necessary facts. They create a factual picture of you as a potential borrower. So, how does this picture look like? Does your credit history make you look responsible? Does your professional documentation make you look like a professional who will stay in demand for next decade or two? Does your personal documentation make you look like a responsible borrower? Housing loan companies are looking for answers to these questions with your application. You can ensure that they get to see it in your application.
4 Must-dos during home loan process:
There are few things that will improve your chances of qualifying for a home loan.
• Check your credit score and make some repairs, if necessary
• Create a nest egg to pay for house loan down payment
• Use a home loan eligibility calculator and find out the standard loan you can qualify for. But, also use a home loan EMI calculator to find out the loan you can afford to repay
• Get a responsible co-applicant for the loan
4 Mustn’t dos during home loan process:
Few things that will severely harm your chances of meeting housing loan eligibility criteria. Though, they all cannot be computed into housing loan eligibility calculator, they matter nonetheless. So, don’t do the following, if possible.
• Shift your job
• Take another loan
• Skip paying utility bills, credit card dues and other loan EMIs
• Miscalculate EMI
So, this is not as simple as entering details in home loan eligibility calculator. But, it is an effective formula that will improve your chances of getting home loan approval. All the best!
Author Bio :
The author is a seasoned writer on finance topics and she articulates aspects that are important to people availing the home loan facility. She writes about a variety of topics covering the home loan documents, rates & the uses of home loan eligibility calculator that help to make the best decision.
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