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Tips For Improving Your Eligibility For Home Loans

By Author: Kiran Balodi
Total Articles: 1

Majority of people opt for home loans to buy a house. To get a loan, one must meet eligibility criteria such as age, credit score, annual salary package, loan history, repayment credibility, etc. Besides these, CIBIL score is also a very important eligibility criterion to get you loan approved by any lender. Following are some of the tips which would assist people in enhancing their eligibility on home loan :

Increased tenure

You can increase the chances for getting your loan application approved easily by increasing the loan tenure as much as possible. This is one of the easiest ways to improve your eligibility and under this, you need to pay less EMI amount. Banks approve loans of long tenure because it increases the net interest rate as the tenure increases. In this case, you need to pay low EMI, which increases your ability to pay and which automatically increases home loan eligibility.

Clear Your Existing Loan

You should always try to clear any loan taken earlier before applying for a home loan. This not only increases your loan eligibility but also allows you to apply for a good amount of money. Therefore, first clear all earlier dues and clear the loans. You should also collect loan closure documents or no-due certificates from your previous loan lenders and get them updated in your CIBIL credit score.

Earning spouse

If your spouse is also earning, then you can apply for house loan through joint application. This will definitely increase your loan eligibility. In joint loan application cases, both husband and wife will be liable to repay the loan amount.

Avoid job change

If you have any plans to buy you own home in near future and are planning to apply for a home loan then you should avoid switching your job. Try to stay in the same company and don’t plan to change your job, as that will impact your loan eligibility. Banks normally check the job history and stability of loan applicant to decide their eligibility and loan amount.

Take time to decide

Get your CIBIL score before you apply for any home loan; you should try to maintain a good score. For this, you should make all the credit payments within time. Enquire about all the miscellaneous benefits the loan lenders are offering before finalizing any one. With a good CIBIL score, your will definitely get a loan at most competitive costs.

These are some of the steps which one can follow to make themself eligible for a home loan.

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