Are you looking to buy your new home using the home loan facility? If yes, then you get to meet the loan eligibility and enjoy the approval.
Anyone who has maintained a robust cibil score, repayment and income history may get the loan approval fast.
A cibil score of 750+ is what is considered ideal for helping you get the loan approval. You can also use the home loan eligibility calculator to know an amount that can be approved.
It will be good to check out a few steps that can help you get the home loan approval quickly. Read on!
Maintain a higher credit score
One of the ways to boost your housing loan eligibility is to maintaining a higher credit score. Most lenders check your cibil score before sanctioning the loan request. It showcases that you have paid your EMIs on time. It is the mirror of your creditworthiness. It means that you can be relied on to make timely loan repayments. To maintain strong cibil score, you should pay off your loan EMIs and other bills on time. A credit score of 750 or more is what can help you get the loan approval. You should also be aware of the mistakes in your credit report. You should be aware that any discrepancy in your credit report may not help your application to proceed further. Hence, it becomes a must to check any unauthorized entries on your cibil report in advance. It can help you get all resolved earlier and avoid the rejection of the home loan. Having no errors on the credit report is among one of the essential home loan eligibility criteria.
Pay higher down payment
Once you are aware of the cost of the property that you wish to purchase, you should know that your lender will not sanction its entire cost. You will need to bear the remaining 20% cost of the property. It is what is known as the down payment. The higher you pay as the down payment, the lower will be you need to repay. It can also help you enjoy lower interest charges and lowers the risks of defaults.
Be aware of your financial condition
While applying for the home loan, you need to take a closer look at your finances. One of the key prerequisites of the housing loan is to pay off your EMIs on time. Many lenders will have a minimum requirement of the salary varying from city to city. If you live in Mumbai, your salary should be around Rs.50,000. But anyone living in Pune may have a salary requirement of up to Rs.45,000. Being aware that you have paid your EMIs on time and earning the minimum city-based salary, then your application may not be rejected. You should use the home loan eligibility calculator in advance and know an amount that you can get if you apply in your city of residence.
Go ahead with the co-applicant feature
If you think that you may be just falling short of the home loan eligibility criteria, then you can try out the co-applicant feature to get the approval. Many people may be short of housing loan eligibility by some basis. It is where they can apply with a co-applicant like the parents or spouse. Doing that increases your chances of approval. If your co-applicant is earning a good income, then you can get the approval for a large amount.
Pay attention to the filling of the form and documents
One of the silly reasons for having your home loan not approved is owing to the wrong filling of the application form. Hence, you should take proper care while filling the form and provide only correct details. You can’t put wrong bank account number and Salary details and try to play around. Also, not submitting proper home loan documents may not see your home loan application getting approved. The best thing is to land on the website of the lender you wish to apply for the loan with. It is required to check out the entire list of the required documents and start preparing for them earlier.
You are now well-versed with aspects that can help you get the housing loan approval without issues.
The home loan eligibility criteria may differ from lenders to lenders. Hence, you should always be aware of your respective lenders’ eligibility norms.
This way, you will be in a position to meet all and see your home loan application approved.