Buying a dream home is definitely a big decision. Various factors need your attention before you take such a big decision. While there are many aspects, a lot is also related to finances. A home loan has gained immense popularity among home buyers. It is a great way to fulfil your long dream of owning a house. When planning to take a home loan, it is important to look into your eligibility. Well, it is a crucial step towards financing your house and major real estate companies like Neelkanth Woods is more than happy to help you in the same.
As far as eligibility is concerned, it is important to have a good credit score of 700 and above. Banks and financial institutions also tend to consider your past loan repayment record. 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 Tenure
Another vital aspect you can consider to enhance your home loan eligibility is by considering longer tenures. You should know higher EMIs only increases the liability and bring down the eligibility.
Look Out for Employer Bank Relations
For salary accounts, look out if your employer has any tie-up with the bank. This actually works in your favour in helping you get a lower rate of interest. This further work towards increasing your home loan eligibility. There are some real estate companies like T Bhimjyani Neelkanth Woods that have a tie-up with banks for an easy home loan application. Get in touch with the company to get more information on the same.
Apply with Your Parents or Spouse
Not many know but applying for a home loan with your spouse or parents helps in enhancing your eligibility. For a better chance, you are advised to apply with your parents. Neelkanth Woods Thane serves to be your prime answer when it comes to buying your dream home at affordable rates and home financing solutions.
Consider Additional Income
In case you have another source of income, then you might want to consider pooling in. It is noticed other source of income like rentals from properties; high yielding fixed deposits tend to show a steady and higher income. This further increases your eligibility.
These are some of the effective ways one can consider to increase the home loan eligibility criteria.