Top six ways by which you can increase your home loan eligibility

If you want to apply for the best home loan in India and get speedy approval, then you would need to enhance your home loan eligibility. 

But what if you are short of it? 

You can always improve your home loan eligibility by following a few handy tips. 

Read on!

1. Maintain a CIBIL score of 750 or more

A credit score of 750 or more means you pay and have paid ongoing and other debts on time. It also denotes that lenders can rely on you to get timely repayments. Hence, you should have a CIBIL score of 750 or more to improve your home loan eligibility. 

2. Pay off your current loans

You can also improve your home loan eligibility by paying off your existing loans. It can happen because that means reducing your debt to income ratio. 

3. Open an account with your preferred lender

Having a prior relationship with your preferred lender can also help you perk up your next home loan approval chances. It is because your lender is aware of your financial profile. 

4. Apply with a co-applicant

If you are short of your home loan eligibility, you can always improve it easier to get a large amount and approval. It is possible when you apply for home loan with a co-applicant. 

5. Declare your additional sources of income 

You may have some extra income sources that you may not include in your Salary Slips. Hence, you can improve your home loan eligibility by simply mentioning extra sources of income. 

6. Go for a longer tenor 

Going for a longer tenor may also help you to improve your housing loan eligibility. It is because a longer tenor means paying smaller EMIs. Since smaller EMIs mean paying it without the risks of defaults, lenders can approve your application with a longer tenor. 

Considering these vital tips can help you improve your home loan eligibility and get the all-important approval faster.       

Read More: Five Easy Ways to Calculate Eligibility for a Home Loan