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Tips to Increase Your Eligibility For a Home Loan

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Home loan seekers aiming to derive maximum benefits from a home loan usually look for the maximum loan amount to minimize the marginal amount that they have to invest.
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  • 1. Tips to Increase Your Eligibility For a Home Loan
  • 2. <ul><li>Home loan seekers aiming to derive maximum benefits from a home loan usually look for the maximum loan amount to minimize the marginal amount that they have to invest. </li></ul>
  • 3. <ul><li>As the banks carefully probe into the financial history of a home-loan seeker, it is very important for him/her to be completely aware of requisites, and terms and conditions that banks usually consider before approving a home loan. </li></ul>
  • 4. <ul><li>The following are few important tips that help you in getting a beneficial home loan: </li></ul>
  • 5. <ul><li>Income and Liabilities: </li></ul>
  • 6. <ul><li>A home loan seeker should close all the liabilities which he has in his bank statement and payslips if possible. </li></ul>
  • 7. <ul><li>Mention the liabilities that you want to close to avail a home loan. </li></ul>
  • 8. <ul><li>Mention the balance tenure of the loans for which the repayment period is more than 12 months and which you don't want to close. </li></ul>
  • 9. <ul><li>Also mention the loans for which the repayment period is less than 12 months. Great importance must be given to this factor and must be provided without failure. </li></ul>
  • 10. <ul><li>Submit the proofs of your additional income like bonuses, reimbursements and rental incomes etc. </li></ul>
  • 11. <ul><li>Credit History: </li></ul>
  • 12. <ul><li>Credit History is another important area that banks usually look into before funding for a home. </li></ul>
  • 13. <ul><li>If a home loan seeker has any discrepancies in his/her credit history then banks give least importance and at times not even consider the application for a home loan. Hence home loan seeker must take utmost care in this regard to avoid disappointments. </li></ul>
  • 14. <ul><li>Banks usually look into CIBIL (Credit Information Bureau (India) Limited) report before considering a candidate for a home loan. So it is very important to give good attention to this factor. </li></ul>
  • 15. <ul><li>The following are few suggestions to home loan seekers in this regard: </li></ul>
  • 16. <ul><li>Make sure that all your loan payments are done without any bounces. </li></ul>
  • 17. <ul><li>Make sure that you check your credit amount on your credit cards regularly and repay promptly. </li></ul>
  • 18. <ul><li>Convert any high value transaction into EMI's if you are unable to make the payment within the given time before the statement pertaining to your credit card is generated. </li></ul>
  • 19. <ul><li>Avoid late payments as they not only charge late payment fees but also spoil your credit history. </li></ul>
  • 20. <ul><li>Ensure that you clear all your dues and over dues before applying for any loan. </li></ul>
  • 21. <ul><li>Transfer your balances to another account (card) if you have the provision to make payment with in a period of 90 days (interest free period). </li></ul>
  • 22. <ul><li>If you have made any credit card settlements then keep all the receipts of payments made towards those cards for future references. </li></ul>
  • 23. <ul><li>Don't issue any cheque if you do not have sufficient funds in your account. </li></ul>
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