For millions of Indians, owning a home is a lifelong ambition. However, real estate prices are increasing across the country, making it necessary to arrange for a home loan. However, extensive research and submission of required documents may fall short of getting their loan application approved for loan applicants. Before granting a loan, banks check essential criteria such as home loan ke liye documents, a good credit score, and a stable income flow to evaluate applicants.
If you are concerned about your home loan eligibility, follow the tips given below to avoid being denied a loan.
Tips for Getting a Home Loan
The following suggestions can assist you in getting a house loan secured quickly.
- Pay higher down payment
The first step an applicant can do to get his loan application approved is to make a higher down payment on the property. Even though banks can lend 80-85 per cent of the property's value as a loan amount, it is better to prepare for a higher down payment. This improves your credibility and gives them the confidence to lend, and your loan application is more likely to be approved because you have less debt.
- Apply for home loan subsidy
First-time buyers under the LIG/MIG category can check for home loan subsidy eligibility under the PMAY scheme. Qualifying under the scheme ensures you need to borrow less from the bank. This further benefits you as your repayment capacity is reviewed favourably by the potential lender allowing you to get the loan approved.
- Improve your credit score
Before issuing loans, lending institutions check the loan applicant's credit score. Those with excellent scores are often preferred. You can raise your score by taking the following steps.
- Clear all your debts before applying for a home loan.
- Paying all your credit card dues on time without fail is essential.
- You should not apply for multiple loans from different institutions as it harms your credit history.
- It would help if you did not switch jobs frequently. To qualify for a house loan, you must have a consistent and stable source of income. If you have a job, submit all essential documents for home loan eligibility for the salaried person.
- Apply for a joint loan
Applying for a joint home loan is another effective way to get your loan application accepted. You can file with any working family member in your family (spouse, father). This increases your chances of securing a loan. Sometimes, the applicant is over the age of 50. Banks are hesitant to lend to such applicants; in this instance, requesting a joint loan with your working son or daughter is a wise option.
Furthermore, certain institutions provide females with loan interest rate subsidies, which you can take advantage of if you apply for a joint loan with your wife.
- Apply for a long tenure
If you are new to the job and have a low starting salary, it is best to apply for a loan with a more extended repayment period. This decreases your EMI cost while also assuring the potential lender of your repayment capacity. In addition, the affordable EMI ensures that you are in the low-risk category, and your chances of obtaining a loan improve.
In addition to the suggestions mentioned above, it is critical to submitting all relevant home loan ke liye documents as requested by the lender. This will ensure that your home loan application gets cleared without issue.
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