Applying for a housing loan has become hassle-free with the advent of the online application process. However, one must check home loan eligibility parameters and meet them without fail to avoid rejection.
Now, a point to remember here is that home loan eligibility criteria change with the selection of a lender. Nonetheless, here are some essential parameters that individuals should take note of –
- Age: 23 to 70 years
- Credit Score: 750 and above
- Employment Type: Salaried and self-employed
- Work experience: At least 3 years for salaried employees and a minimum of 5 years for self-employed individuals
- Monthly income: Depends on the applicant’s city of residence
Besides checking the eligibility parameters, one should also be aware of the ways they can improve upon them to increase their chances of securing a loan.
1. Add a co-applicant
One of the easiest ways to increase the home loan eligibility is by adding a co-applicant. For instance, if you struggle to meet the credit score requirements, adding an applicant with an excellent credit profile can boost your chances.
2. Opt for a longer tenor
Increasing the loan tenor can also improve the chances of securing a loan. Since it will reduce the EMIs, it will easily qualify under your monthly income needs.
3. Add additional income sources
Apart from your regular income, adding additional income sources can increase your chances of securing a housing loan. Since the increase of monthly income will positively reflect on your repayment capacity, getting credit becomes even easier.
You can now use the home loan eligibility calculator to more about the amount you are eligible for. Also, do not forget to check the documents required to complete this process.
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