If you are looking to apply for housing finance, then you will need to prove your eligibility. If you are able to meet the home loan eligibility criteria, then you can get the approval for the loan quickly. Based on the home loan eligibility, you can get the approval for an amount to help you buy a home.
What is the importance of home loan eligibility?
Lenders don’t approve the request of such a borrower without creditworthiness to repay the loan on time. If you are not eligible, then you may not be given the approval for a loan amount. What’s more, since the home loan is a huge obligation, lenders take great care in analyzing the creditworthiness of the borrower. Your credit score, repayment and income record along with the location of the home makes the home loan eligibility.
How can you improve the home loan eligibility?
There are ways you can boost your home loan eligibility. Take a look:
Maintain a credit score of 750+
A cibil score of 750 or more means that you have repaid your earlier and existing debts on time. If it is higher, then you can get the approval for the home loan.
The location of your property
If your home is located in a popular area with growing infrastructure, then lenders may find it easier to liquidate it if you default. In this case, your home loan eligibility may go up.
Go for the longer tenure
Going for the longer tenure may help you boost the loan eligibility as you are more likely to repay the loan. It is because when you stretch your loan amount over the longer tenure, then you can repay reduced EMIs. In this case, you may not default on the loan. And that’s why your loan application may be approved.
Are you all set to improve your home loan eligibility now?
You can compare all available home loan offers online and pick the best deal that matches your needs and the repayment aptitude.
Read Also: Know How You Can Lower Down The Home Loan Installments
