Purchasing a house is one of the biggest financial decisions which can be taken by an individual. This is because not only is at an investment which offers wonderful returns but requires a significant amount of money. It is because of the costs involved, that most people opt for a home loan so that they are able to realize their dream of owning a house without it becoming a financial burden.
What makes home loans an attractive finance option is that eligible applicants can apply for loans worth up to Rs. 3.5 crores which can be paid back in 240 months. It is because of such a long repayment that the monthly installment comes down drastically and becomes a lot more affordable.
However, most applicants fall short of meeting the eligibility criteria. If you are worried about it too, then here are a few golden rules for home loan eligibility that you should follow -
Better your Credit Score
The credit score is a three-digit numerical expression of your creditworthiness. It is a reflection of whether you have been making your payments on time or not. As such if your credit score is low, then it can greatly affect your ability to apply for a home loan.
To ensure that you have a good credit score, you should opt for small loans and return them back on time. This will greatly better your credit score. Also, you should never default on the payment of your credit card bills or loan installments as this brings down your credit score.
Paying off Existing Dues
It is best to clear out all your existing dues before applying for a home loan. This is because lenders are able to trust those applicants more who have a habit of making payment on time. You should also keep your prepayment or foreclosure documents close at hand when applying.
A home loan by prominent lenders today can fetch you loans of up to Rs. 3.5 crores for which you can get a repayment period of up to 240 months. The document required is also minimal with many lenders doing most of the process online.
What makes home loans an attractive finance option is that eligible applicants can apply for loans worth up to Rs. 3.5 crores which can be paid back in 240 months. It is because of such a long repayment that the monthly installment comes down drastically and becomes a lot more affordable.
However, most applicants fall short of meeting the eligibility criteria. If you are worried about it too, then here are a few golden rules for home loan eligibility that you should follow -
Better your Credit Score
The credit score is a three-digit numerical expression of your creditworthiness. It is a reflection of whether you have been making your payments on time or not. As such if your credit score is low, then it can greatly affect your ability to apply for a home loan.
To ensure that you have a good credit score, you should opt for small loans and return them back on time. This will greatly better your credit score. Also, you should never default on the payment of your credit card bills or loan installments as this brings down your credit score.
Paying off Existing Dues
It is best to clear out all your existing dues before applying for a home loan. This is because lenders are able to trust those applicants more who have a habit of making payment on time. You should also keep your prepayment or foreclosure documents close at hand when applying.
A home loan by prominent lenders today can fetch you loans of up to Rs. 3.5 crores for which you can get a repayment period of up to 240 months. The document required is also minimal with many lenders doing most of the process online.
Reference Read: The Keys to Increasing your Home Loan Eligibility
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