Home Loan

Every loan provider, whether it be a bank or a financial institution, offers a home loan. But before offering a loan, the credit eligibility of a borrower is screened well. This is essential because a home loan is the most valuable form of loan. The amount involved in a home loan is huge as compared to a personal or a car loan. The financial institutions offer almost 75-80% of the entire property cost. The rest of the amount is paid by the borrower as a down payment. The home loan is a long-term loan that can last more than 20 years with a loan amount exceeding up to crores. The risk is high, so the eligibility criteria are higher too. The housing loan eligibility criteria depends upon various factors. You need to work on your factors well to get an easy approval and a low rate of interest. Here are some of the factors that are important for getting a home loan. Credit score: A good credit score indicates good credit health. Based on a good credit score , the eligibility of an indiv...

A home loan is the most valuable and expensive form of loan. It goes on for a long time and that is why it is quite a risky form of debt. While checking or screening the application for a home loan, a loan provider is very strict about the eligibility criteria. Due to the large involvement of funds, the risk factor or possibility is high. A home loan has been going on for more than 20 years, and you must consider working on your home loan eligibility to find an easy approval and also a good rate of interest. Focus on making your loan affordable with a low rate of interest. It will be very expensive if you don’t meet eligibility and get a high rate that you end up paying for 20 years or more. Here are some important tips that can work out well for you to get an easy approval and a reduced home loan interest rate . Tips to increase your home loan eligibility Excellent credit score : Check your credit score before you apply for a home loan. A good or excellent credit score will be im...