6 vital steps that help you to increase your home loan eligibility


A home brings in a new beginning and new memories. For every Indian, a home is a dream and they work hard to achieve it. However, it becomes a little difficult to finance it completely as everyone is not born with a silver spoon. Many work hard and aspire to fulfill their dream home with the help of a home loan.

For such people, an online home loan is a bliss that helps in fulfilling all wishes to purchase a new home. However owing to the large investment it takes, it is the most difficult to get approved. If you are working on it and trying to get it approved, chances are that this guide can help you walk through the steps to easy home loan approval.

 

Clear out all existing loans: Do you have multiple loans going on? If yes, you need to repay and finish off all the existing credit you have to avail of a home loan easily. If you are too much in debt, chances are low of getting an approved home loan. Try out and ensure that you end up the multiple loans and go for a single home loan. What so? A home loan is always of a huge amount and the loan provider offers this to those who are not in much debt. Before you apply for a fresh loan application, clear off previous debt.

 

Increase the loan tenure: Increase the tenure of your home loan. If you increase the loan tenure then you will have to pay low installments monthly without burdening your pockets. Don’t end up paying all your salary on your EMI. If you take a long tenure, the risk associated with loan repayment becomes less.

 

Positive credit report: The first thing your loan provider will see to approve your loan is your credit report. It has your credit score and financial accounts. A positive credit report can help you with the easy home loan approval.

 

Joint home loan: A recommendation, to go for a joint home loan. Add on your family member who has a good income and apply for a home loan. The chances of approval increases in case of a joint application.

 

Additional income generation: Find different sources of fun that can back you up for a home loan. It gives you huge financial support and meets all your home loan eligibility.

 

FOIR below 40%: Try and keep your FOIR below 40%. What is it? It is the part of your income that you are using for repayment of the loan. The higher the FOIR the less will be chances of loan approval.

 

Wrapping up

For a home, you must consider these top 6 tips to get an easy home loan approval. An online home loan helps you handle your finances and offer you your dream home.

 

Location: 901b, 8th Floor, Two Horizon Center, Harizan Colony, DLF Phase 5, Sector 43, Gurugram, Haryana 122002, India

Comments

Post a Comment

Popular posts from this blog

The Benefits Of Joint Home Loans

Image
Partners that borrow together, stay together. It is the time to borrow along with your partner, so that you can work on your credit history well, as well as bag some good perks and benefits of having a Joint Home loan. This is how a family works. If you feel you are not eligible or stable enough to have a home loan alone, you can apply for a joint home loan. A joint home loan is getting a lot of prominences all over the country with a lot of people opting for it. If you need a home loan, home renovation loan , or house repair loan with your partner, you need to know what it is and why it can be a good option for you. What is a joint home loan? A joint home loan is when there are two borrowers for one particular loan. A home loan is a high-value loan so to avoid risk, there can be two borrowers for one particular loan. A joint home loan is one where you can take your partner along for borrowing. This is an ideal option if you are not having good credit eligibility or high income ,...
Read more

Top 10 Home Loan Tips

Image
  A home brings in a new lifestyle and new beginnings. For every Indian, home is an emotion that they can never do without. It is not only a feeling, but a sense of security and brings in social status. However, it is never easy to get home due to the large investment it needs. A home is not a quick buy as it takes a major portion of your income. Today, individuals are looking for their own homes because of the availability of a home loan. A  home loan  has turned dreams into reality.  However, home loan is a huge burden, as it is a costly and long-term commitment. It takes up a good share of your monthly income, and hence, it needs a lot of planning. So, before you dig in and fill up the application, you should go through these tips that can help –   Start saving money for the down payment. A home loan may sponsor 80-90% of your property amount, but you need to arrange the down payment. The down payment will not be a small amount, so if ...
Read more

DIFFERENCE BETWEEN HOME LOAN AND HOME TOP-UP LOAN

Image
‘Home loans’ and ‘home top-up loans’ are very popular terms. Well, the purpose and meaning of both are very different. If you are a homeowner you probably know it well. For people new to borrowing, you need to have a good idea about the difference between a home loan and a home top-up loan. Once you are aware of the differences, it becomes easy to choose and process them. Therefore, let us discuss the differences between both and understand what they actually mean. It helps with an informed decision especially for the ones taking a fast home loan in the future. What is a home loan? A home loan is a rigid purpose loan that is taken to purchase a home and nothing else. It is a secured form of loan that can be recovered from the property itself if the homeowner defaults. The rate of interest and charges are low if one meets the eligibility and gets proper research done in order to find the right loan provider. Home loan eligibility and documentation is a strict one due to the amount...
Read more