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How to improve your loan Eligibility

How to improve your loan Eligibility

posted on 2018-07-30 04:15:20 by Admin

Most of the people in India dream of buying their own house through a home loan but not everyone could pass the eligibility test. Availing a loan means committing a part of your salary to repay the loan for several years. When it is about a home loan, there are so many things to look upon, the amount of loan, tenure, financial institutions and rate of Interests.

Let us take a look at the obstacles to a higher amount

Loan eligibility is the maximum amount of loan that lenders can offer you on the basis of your income and repayment capacity. Loan amount, tenure and interest rate is also considered while deciding your loan eligibility. Eligibility is also determined by other factors such as age, prior loans, credit history, repayment track record, existing loan obligations and retirement age.

There are some ways by which you can improve your Eligibility.

  • Apply Jointly: To improve your Loan eligibility, you can apply jointly with any of your family member who are earning. In such a case, a joint applicant’s income is considered while determining the eligibility.
  • Close your other loans: You can make yourself eligible for a higher home loan amount by closing your short term loans through pre payment. It is good to get a desired amount as buying a home is a one-time transaction. You can also increase your eligibility by choosing a longer tenure and you can reduce your burden by pre payment when funds are available.
  • Clear your dues for a higher Credit Score: It is advisable to clear all your pending payments which can affect your credit score adversely, before applying for a home loan. Credit score plays an important role in measuring the repayment capacity.

The eligibility is a crucial factor for a home loan, and you can always work on it to improve your eligibility and make things easier and simple for you.