How to Improve Your Home Loan Eligibility
Go for a longer tenure., Improve Your Credit score., Search for alternative Income Sources., Ask about using Classifying perks and incentives as income.
Step-by-Step Guide
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Step 1: Go for a longer tenure.
This is the most common method of enhancing the worthiness of borrowing a loan.
It may be any kind of loan, this method always work.
The reason behind its success is the reduction of EMI.
With longer tenure, the EMI drops down significantly and your chances of paying it regularly increase significantly.
So, banks are known to sanction long term home loans easily. -
Step 2: Improve Your Credit score.
Poor credit score speaks for rejection of loans.
But, you can still improve your credibility by repaying the existing loans, before borrowing a new one.
According to industry standards, if the borrower has failed to pay 12 instalments on regular basis, then he is not eligible to borrow a new loan.
When faced with such situation, you can instantly improve your credit worth by repaying the loans in full, or in parts, whichever option is convenient for you. , If you are married, and your spouse is working too, then this option is the best way to improve your eligibility for loans.
Banks do allow clubbing the income of borrower with his spouse, parent, or offspring to calculate home loan eligibility.
Still, all the clubbing members are expected to be more than 24 years of age, and need to follow certain criteria decided by the lending bank. , Generally, banks have a tendency of sanctioning loans to individuals after considering their basic pay.
At times, the basic pay can be much less while the gross pay can be really good.
This is possible when you have loads of perks and incentives filling your salary slip.
While borrowing a loan, you can submit the proof of such incentives to improve your eligibility. -
Step 3: Search for alternative Income Sources.
-
Step 4: Ask about using Classifying perks and incentives as income.
Detailed Guide
This is the most common method of enhancing the worthiness of borrowing a loan.
It may be any kind of loan, this method always work.
The reason behind its success is the reduction of EMI.
With longer tenure, the EMI drops down significantly and your chances of paying it regularly increase significantly.
So, banks are known to sanction long term home loans easily.
Poor credit score speaks for rejection of loans.
But, you can still improve your credibility by repaying the existing loans, before borrowing a new one.
According to industry standards, if the borrower has failed to pay 12 instalments on regular basis, then he is not eligible to borrow a new loan.
When faced with such situation, you can instantly improve your credit worth by repaying the loans in full, or in parts, whichever option is convenient for you. , If you are married, and your spouse is working too, then this option is the best way to improve your eligibility for loans.
Banks do allow clubbing the income of borrower with his spouse, parent, or offspring to calculate home loan eligibility.
Still, all the clubbing members are expected to be more than 24 years of age, and need to follow certain criteria decided by the lending bank. , Generally, banks have a tendency of sanctioning loans to individuals after considering their basic pay.
At times, the basic pay can be much less while the gross pay can be really good.
This is possible when you have loads of perks and incentives filling your salary slip.
While borrowing a loan, you can submit the proof of such incentives to improve your eligibility.
About the Author
Paul Gonzalez
Committed to making practical skills accessible and understandable for everyone.
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