Things to Follow for Getting Eligible for Home Loan
Many prospective home loan applicants believe that they are eligible for a home loan. And they apply for it without considering a few vital aspects.
It is where you will need to boost your home loan eligibility to get approval.
On that note, let’s know about a few factors that can make you eligible for home loans in this post!
Ensure to consider these elements and improve home loan eligibility
- Ensure to have a robust CIBIL score
Your credit score is the mirror of your creditworthiness. It showcases if you have paid your bills on time. A higher CIBIL score denotes that you can repay home loan EMIs on time. Hence, you should make all efforts to keep it higher. You can do that by paying off your loan, credit card and other bills on time. A credit score of 750 and more is what lenders consider good.
2. Choose a longer tenor
If you wish to become eligible for a home loan, you should opt for a longer tenor. It will mean that you will have only small EMI amounts to repay per month. Thus, the chances of defaults will be much lower. But, in this case, you will have to pay additional interest charges. You can make prepayments during the tenor to keep it under control.
3. Apply with a co-applicant
If you are not eligible for home loans, you can boost your eligibility for a higher amount. It is possible by applying with a co-applicant. Doing this will not only increase your eligible housing loan amount but even avail tax benefits.
Before applying for Bajaj Housing Finance home loan, you should use the home loan eligibility calculator available on a lender’s website. This way, you can know your exact eligible amount to apply for the same and get hassle-free approval.
