The demand for a home loan can be attributed to the availability of high quantum loan amounts at an affordable interest rate. However, if an individual needs a substantial loan principal, he or she will have to meet the home loan eligibility criteria set by the financial institutions.
Home loan eligibility is the reference point for lenders to ascertain maximum loan principal. Hence, borrowers should consider some tips to boost their home loan eligibility.
Know the tips to improve home loan eligibility criteria in India
Also by using a housing loan eligibility calculator, borrowers can enhance their home loan eligibility by factoring in the following tips and tricks:
- Maintaining a decent CIBIL score: A decent CIBIL score enhances home loan eligibility as it suggests that the borrower has clean repayment history.
- Stable income source: Lenders scrutinize borrowers’ income status before deciding on the loan amount. Hence, lenders will prefer an individual with a regular source of earnings.
- Opt for a longer tenor: As a housing loan is a long-term credit option, selecting a long repayment tenor will reduce the EMI burden. Hence, lenders will be assured that borrowers will pay the EMI on time.
- Go for a joint home loan: Another effective way to improve home loan eligibility is to apply for home loans with another earning member of the family. As the repayment burden gets divided between the two applicants, the lender will likely offer a considerable home loan principal.
In conclusion, adhering to the home loan eligibility criteria is an integral part of the lending process. Hence, borrowers should meet them to avail of a high-value loan principal.
Read Also: Check Home Loan Eligibility to Avoid Facing Rejection
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