If you want to apply for a housing loan, you need to prove your eligibility. Lenders have a variety of parameters based on which they decide if you are eligible or not.
Hence, if you want to get a home loan sanction letter, you must prove your eligibility.
But, if you are aware of the factors that can improve your eligibility, you can get the loan at a lower rate.
Read on and know more!
Your CIBIL score
If your CIBIL score is 750 and more, it can affect your home loan eligibility. If you pay your debts like credit cards and more on time, you can have it improved. Thus, you should maintain a higher credit score and keep your home loan eligibility improved.
Your current obligations
If you have unpaid dues, then it may directly affect your home loan eligibility. Thus, when you have a home loan to apply for, ensure your dues are paid on time.
Your income
Based on the city where you live and work, every lender may have a set income criterion. You need to meet this condition to keep your eligibility boosted. You need to be earning a specific income in a city to meet the home loan eligibility terms.
Your employment status
Your employment status plays a key role in determining your home loan eligibility. The more consistently you are employed, the higher will be your overall home loan eligibility. Hence, when you have a home loan to apply for, you should ensure being consistently employed with a known MNC, Public or a Private Limited Company.
Besides these aspects, your age, the property you want to buy, and your debt to income ratio may also affect your home loan eligibility. Hence, while applying for a home loan, you should ensure considering these aspects to boost the loan eligibility.
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