If you are planning to apply for home loan, you need to consider the following factors to improve your eligibility: 1. Pay off the existing debts: If you already have any other loan like personal or car loan, you need to pay off all the loans to improve your home loan eligibility. Clearing your existing debts on time creates a positive impact on lenders. 2. Get a copy of your credit: Before applying for a home loan, you need to retrieve a copy of your latest credit report from CIBIL for getting your credit score or knowing about any discrepancy. If there is an error in your personal information or any other information, you can get it clarified before applying for a loan. 3. Add parents/spouse as co-applicants:
You can show your immediate family members as co-applicants. This not just adds a monetary impetus on the home loan application but even provides the lenders with an extra layer of security while improving your home loan eligibility. 4. Choose a Longer Tenure: While the interest charges will be higher for a longer tenure, it helps you get a loan amount of your choice. In case, you’re not satisfied with the amount approved, you can talk to the bank representatives for confirming a bigger term to become eligible for the higher loan amount. 5. Declare “All” income sources: If you have any additional sources of incomes like rentals and dividends drawn on your investments, you have to let the banker know about it. Even future bonuses can be discussed with the bankers for adding weight to your home loan application. Reference Read: 4 Secret Tips To Improve Your Home Loan Eligibility
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |