Home loans provide the necessary finances to cover the funds required for a residential purchase. Such advances also come with top-up facilities using which you can also fund additional expenses. However, to avail such credits, you will have to meet certain eligibility criteria as per the lender’s mandate.
Given below are some ways in which you can increase your home loan eligibility and secure faster approvals.
Improve Your Cibil Score
The credit score is a crucial factor while you avail financial products. To be approved for a loan, you should maintain a CIBIL Score of 750 or above. You can enhance your credit score by making timely payments. Also, if you own a credit card, consider using 30% of the credit card limit and pay your bills on time to improve your credit score.
Pre-Pay Your Existing Loan
If you have an existing loan, consider pre-paying your outstanding amount to increase the possibility of availing a home loan.
Increase Your Loan Tenure
Increasing the tenure will help make your EMIs affordable and will also reduce the chances of a default on payment. Such extension of the tenor will depend on your financial stability and repayment capability. Also, if you have a regular source of income with a considerable salary, the chance of availing advances increases.
Apart from the above, the home loan eligibility will also depend on your age and the source of income. Also, you can add your spouse or parents as a co-applicant to increase the chances of availing a loan.
Given below are some ways in which you can increase your home loan eligibility and secure faster approvals.
Improve Your Cibil Score
The credit score is a crucial factor while you avail financial products. To be approved for a loan, you should maintain a CIBIL Score of 750 or above. You can enhance your credit score by making timely payments. Also, if you own a credit card, consider using 30% of the credit card limit and pay your bills on time to improve your credit score.
Pre-Pay Your Existing Loan
If you have an existing loan, consider pre-paying your outstanding amount to increase the possibility of availing a home loan.
Increase Your Loan Tenure
Increasing the tenure will help make your EMIs affordable and will also reduce the chances of a default on payment. Such extension of the tenor will depend on your financial stability and repayment capability. Also, if you have a regular source of income with a considerable salary, the chance of availing advances increases.
Apart from the above, the home loan eligibility will also depend on your age and the source of income. Also, you can add your spouse or parents as a co-applicant to increase the chances of availing a loan.
Additional Read: This Is How Lenders Decide Your Home Loan Eligibility
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