Tips to Enhance Your Home Loan Eligibility

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Here are Tips to Enhance Your Home Loan Eligibility: #1. Opt for Longer Tenure #2. Pre-pay your existing loan #3. Improve your CIBIL Score #4. Add another source of Income #5. Apply for Joint Home Loan #6. Open account with the chosen lender #7. Consider Step-up Loans #8. Do not panic or hurry

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Tips to Up Your Home Loan Eligibility: Consider paying off your existing loans: If you have other loans such as Auto or Personal. Retrieve a copy of your credit: Before applying, get a copy of your latest credit report. Add Spouse/Parents as co-applicants: This is one of the most preferred.

Getting approved for a mortgage can be tough. While you’re waiting, home prices or interest rates could fall. Either of these changes could also improve your mortgage eligibility. On a $290,000.

Lease it out. The rental that you earn from this house can be additional source of income, which can enhance your loan value. 4) Increase tenure: When you increase your home loan tenure, your eligibility can be increased. But please note that the banks do not increase it beyond 25 years.

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If the borrower’s spouse is earning, then it is a good idea to make a joint application for a home loan. This would increase the home loan eligibility dramatically. It results in the meaning that the liability of repaying the home loan is left to both. Take your time. Before borrower apply for a home loan, he should pull out his CIBIL score.

To help you get a home loan without any hassle, mentioned are some tips that help in enhancing your home loan eligibility: clear All the Pre-Existing Loans. It is of paramount importance you start with a clean slate, and hence it is vital to clear all your pre-existing loans. Clear the outstanding loan on your credit card. This will only help in enhancing your CIBIL score. It takes only 30-45 for the banks to update you CIBIL information once there are no dues certificates. Consider Longer.