3 smart ways to boost your home loan eligibility
Do you want to apply for home loan and fulfil your long craved wish of building or buying your dream home?
If yes, you need to meet your lender’s home loan eligibility terms before you apply for home loan. But if you don’t have the required eligibility, you need to boost it up.
Let’s check out a few factors that can enhance your home loan eligibility in this short post!
- Maintain a higher CIBIL score
A home loan is a secured one. But it does not mean that your lender will not check out your CIBIL score. A housing loan is also a long term obligation, and a lender wants to ensure that you are a safe bet. Thus, before you apply for home loan, you should ensure having a higher credit score. A credit score of 750 or more is considered good. You can do that by making timely loan and credit card repayments.
2. Opt for a longer tenor
Another factor that can boost your home loan eligibility is to go for a longer repayment. When you go for a longer tenor, your EMI amount gets reduced. Thus, it saves you from the burden of managing a large amount every month. But, the only demerit of a longer tenor is that you need to pay higher home loan interest charges.
3. Apply with a co-applicant
If your income is low and you are finding it tough to secure a home loan approval, then you should do that with a co-applicant. An earning sibling or spouse with a robust CIBIL score may become a co-applicant. It will lead to enhancing your home loan eligibility by a good margin, and you may get large loan approval.
You are now well aware of the factors that can boost your home loan eligibility significantly. Start implementing these handy tips and get a quick housing loan approval.
