3 super smart ways to boost your home loan eligibility - Loan Trivia


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Thursday 27 January 2022

3 super smart ways to boost your home loan eligibility

Home Loan Eligibility

 A home loan is a long-term commitment because it comes with a large amount and a longer tenor. 

Hence, lenders are very particular about approving the home loan applications of people who are most eligible. 

But you don’t need to lose heart if you don’t have enough home loan eligibility. 

It is because you can always boost your home loan eligibility by considering a few smart tips. 

Read on!

  1. Maintain a robust CIBIL score

No matter what loan you apply for, your lender will always pull out your CIBIL score. It is to know if you are creditworthy or not. Hence, the first thing is to maintain a higher credit score. You can do that by making timely repayments for your debts. A credit score of 750 or more is what lenders look ideal. 

  1. Go for a longer tenor

A home loan comes with a longer tenor, and you should also go for it. It is a win-win situation for you as well as your lender. It is because you won’t default because of a lower EMI amount, and your lender will expect to get paid on time. In turn, it will boost your CIBIL score as well. The only demerit of a long-term loan term is that you have to deal with higher home loan interest charges. But making prepayments during the tenor can help you reduce the borrowable amount and save interest costs.  

  1. Apply with a co-applicant

You can also apply with a co-applicant like your spouse or parents having a good credit score and job stability. This way, not only your home loan eligibility will increase, but both of you can even pocket tax benefits of up to Rs.2 lakh in individual IT returns. 

Implementing these prudent tips can surely enhance your home loan eligibility and help you get approval without issues.

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