Buying a home is the priority of many loan seekers. A home is not just a long-term investment but offers the security which your loved ones need. However, many individuals fret the process of applying for home loan due to existing misconceptions or lack of knowledge.
The good news is that with rising economic situation of the country home loan providers offer - lucrative schemes with an easy-to-meet eligibility criteria. Digital mediums let loan seekers apply for the loan online via the official website of the lender. The process is safer and faster than traditional lending methods.
Talking about eligibility, leading lenders such as NBFCs have set simple eligibility criteria to eliminate chances of fraud and to ensure eligible applicants receive adequate financial help. The criteria states that -
The applicant must have a good CIBIL score. Lenders perform an in-depth check of the applicant’s financial history. This is a measure of their creditworthiness. This gives the lender how regular the applicant has been in paying back their dues and if they have any outstanding. As the loan which will be sanctioned will depend on the income-to-debt ratio of the applicant.
It is thus advised to keep a periodic check on your CIBIL report. Eliminate room for errors, miscalculations or typos. Create a payment calendar if you have too much outstanding debt on your profile which may hamper your chances of getting the loan.
Ideally, you may even apply with a co-applicant. All you must ensure is that the co-applicant has a good CIBIL score and a steady income source.
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