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HOW TO ENHANCE YOUR HOME LOAN ELIGIBILITY



Availing a loan is not easy sometimes; it requires thorough research with complete understanding of the offered loan. ShubhBank highly recommends checking your eligibility before applying for a home loan. The loan eligibility signifies that how much loan quantum you will get to purchase a house and whether you are eligible for it or not. There are certain factors to check the eligibility includes applicant’s age, income, credit score and many more. The factors that help in the increase of your home loan eligibility are good repayment history, good credit score, regular income, stable financial past etc. Here we are discussing some tips that how to enhance your home loan eligibility.

OPT FOR A LONGER TENURE: If you increase the loan tenure, it will increase your home loan eligibility as there is a tendency that the lender will get to know that you have enough time to repay the loan. Loan products with longer tenure result in the timely payment of loan quantum and reducing the risk of default.

IMPROVE YOUR CREDIT SCORE: It plays a vital role in deciding your loan approval as well as the loan quantum. A good credit score makes you more creditworthy and risk free borrower for every lender. It also leads to low "Home Loan Interest Rates" offered.

INCLUDE ANOTHER SOURCE OF INCOME: By including any other source of income will help you a lot. The other source of income may include some rental income, part time business, rent from a commercial property or machinery etc. This will give you an advantage of securing higher loan quantum, as it improves your financial health.

OPEN A BANK ACCOUNT WITH A CHOSEN LENDER: If you have finalized the lender before applying for a home loan, then you can start a relationship with a chosen lender by opening a bank account before "Applying For a Loan". This way, you will be given preference by the chosen lender, if you apply for a home loan in future.

DON’T PANIC OR HURRY: While applying for a home loan, don’t panic or don’t get hurried in making such financial decisions. It requires proper time and research before applying any kind of loan. When you are planning for such financial product, you must estimate your budget, calculate your total earnings, and check your credit report to avoid any rejection, compare the loan options, and choose between the interest rates of loan with minimum additional charges and repayment tenure.

PRE-PAY YOUR OUTSTANDING LOAN: If you have any existing loan under your name, try to pre-pay it before applying for another one. Due to non-pre-payment of outstanding debt will make the lender think that borrower is already burdened and deny for the fresh loan.
            Securing a home loan has always been one of the important and biggest decisions of everyone’s life. So by considering these simple tips will help you in enhancing your "Home Loan Eligibilityand help you in owning a home that you ever dreamt off.


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