The arrival of a bunch of new Government-backed schemes, several offers provided by renowned financial institutions, etc., have helped individuals belonging to economically-backward households purchase their dream house.
Nonetheless, most lending institutions evaluate the applicant’s income range, job stability, and other relevant aspects before sanctioning such a bulk amount. In order to get your housing loan easily approved by the lender even after having a poor income, consider going through the below-mentioned aspects -
- Have a co-applicant
Another useful way to get your loan sanctioned with a low-income range is to apply with a co-applicant. It also becomes quite beneficial when your co-borrower has a decent repayment track record and credit score. However, before initiating the application process, check the exact EMI amount, affordability, and eligibility using the home loan eligibility calculator to ensure faster processing of your home loan.
- Improve your credit score
Having a co-borrower with a decent credit history is not enough since lenders equally expect the same from both the applicants. Based on your loan eligibility, lenders usually decide the home loan interest rates; therefore, to avail affordable interest rates, it is necessary to pay heed to these factors.
- Look out for government-backed schemes:
The ‘Housing for All’ mission under Pradhan Mantri Awas Yojana was launched by the Central government with the purpose to extend housing facilities to economically challenged individuals. Under schemes like PMAY, individuals belonging to the economically weaker section can avail subsidised interest rates on their home loan, making their EMIs affordable.
In this regard, one should use the home loan eligibility calculator to ascertain the amount that he/she can borrow with respect to the set eligibility parameters.
Since these schemes cater to a specific group of citizens, checking the income criteria and other eligibility factors is advisable to make the most of their benefits.
