Usually, reputed financial institutions take several factors into consideration to determine the eligibility of a home loan applicant. The eligible loan amount and interest rates are decided by the lender depending on the applicant’s monthly income, credit score, employment type etc. Therefore, if you want to ensure home loan approval on the first try, here are some easy strategies discussed below.
Tips to increase home loan eligibility
Checking the eligibility criteria for home loan is the first step to availing a home loan. Borrowers have to face loan rejection if they fail to meet certain parameters. Therefore, the following are effective tips to increase the eligibility significantly.
Tip 1: Include co-applicant
Applicants can include an earning family member with a high credit score as a co-applicant to improve the eligibility. By doing so, they can avail of the maximum loan amount at convenient loan terms.
Tip 2: Maintain a decent credit score
Possessing a higher credit score can enhance one’s home loan eligibility as it indicates creditworthiness and robust repayment capacity. Besides, with a good score, one can negotiate with the lender for a better home loan interest rate in India.
Tip 3: Declare additional income source
The home loan eligibility can be enhanced if one declares your extra income sources as it will assure the lender about one’s repayment capacity.
Apart from following these tips, one can also use a home loan eligibility calculator to know the exact amount they are eligible for. This will further allow individuals to manage their finances accordingly.
Read Also: Three Important Things You Should Know Before Taking a Home Loan
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