Points to Know Before Applying for a Home Loan - Loan Trivia


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Thursday 19 August 2021

Points to Know Before Applying for a Home Loan

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Are you looking to apply for a home loan in India? If yes, you can get a considerable amount from the top lender as per your home loan eligibility. 

But, before you apply for home loan, you need to consider a few pointers. Why? They can help you to approach your housing loan better and get faster approval. 

Read on for more details! 

  1. Save a higher down payment amount 

Your lender will not sanction the entire cost of your home. You will need to bear at least 15-25% of it. Hence, before you apply for home loans, you need to start saving for a significant down payment amount. The higher it is, the better to reduce your borrowable amount. In turn, it helps you to pay lower interest rates and home loan EMIs. 

  1. Maintain a higher CIBIL score 

Be it a home loan or more; you need to have a robust CIBIL score. It is because it is the mirror of your creditworthiness. A higher score denotes that you are a responsible borrower. It means that lenders can rely on you to pay timely EMIs. You should maintain a credit score of 750 or more to get the home loan approval at a lower rate. 

  1. Know your eligible and EMI amount beforehand 

Before you apply for home loans, you should know an amount that a lender will sanction and that you will repay over a tenor. You can do that using the home loan eligibility and EMI calculator. These tools are available on your lender’s websites for free. In turn, you can be confident of the amount you will get and avoid rejection chances. 

If you can consider these aspects in advance, you can be in a better position to apply for a home loan with confidence. 

Read Also: Is to buy a house on a 100% loan? it possible

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