Home loan eligibility criteria are bank’s indispensable set of norms designed for the prospective applicants in order to assess whether or not they are eligible for the home loan. Real sectors in India witness tremendous popularity of sale which has subsequently increased the demand of housing loans from people of different financial backgrounds. However, the very demand has subsequently brought hikes in home loan interest rates with ‘strict to follow’ home loan eligibility criteria.
To live up on the respective eligibility criteria of banks, customers need to follow them anyhow. The article features some tips to help you how to crack the code of getting home loan by fulfilling eligibility criteria of bank in this regard.
Tip 1
As a loan applicant, you must make sure that you avail loan for maximum tenure. This will instantly help you boost up your loan repayment capacity in the form of equated monthly installments (EMIs).
For example, a home loan taken an interest rate of 12.5% under the loan tenure of 15 years, the borrower has to pay EMI at Rs 1232.50. Based on the calculation, the borrower’s calculated eligibility will be around Rs 20.3 million.
Adding further, if the same individual borrows Rs 2 lacs for 20 years at the same interest rates i.e. 12.5%; the calculated EMI will be around Rs 1136. This subsequently makes his home loan eligibility of around Rs 22 lacs.
On the basis of calculation, it is transparently clear that home loan with an enhanced tenure can subsequently increase one’s home loan eligibility.
Tip 2
Don’t and never carry any outstanding loans from whatever bank you have borrowed them. It is also an implication that you carry bad credit score, which is ostensibly a hindrance in order to help you access your loan. Most banks in India are reluctant to give loan to the applicant with bad credit score. Hence, the cleaner your credit history, the better chance may be to increase your eligibility for housing loan. Therefore, clear off all your outstanding balances in order to increase your eligibility for housing loan.
Tip 3
If possible, make sure that you have added incomes of your family persons such as spouse/children/parents. This will subsequently boost up your eligibility as inclusions of external sources of income will power up your repayment capacity which consequently enable the bank consider your eligibility for the loan you applied for.
Tip 4
Don’t be oblivious to interest rates of different banks on housing loan available in the market these days. Variation in interest rates will subsequently affect your total loan’s repayment capacity in the form of EMIs. Therefore, make an extensive research over available home loans with variation in interest rates. A comparative study on such varied rates of interest on home loan will eventually help you choose a bank that offers low rate interest on home loan.
It is vital to have your home loan eligibility increased in order to make it more authentic, unique and impressive to your bank. If your eligibility is up to the standard of your bank, you won’t have many problems to face during the course of availing home loan from your bank.
To live up on the respective eligibility criteria of banks, customers need to follow them anyhow. The article features some tips to help you how to crack the code of getting home loan by fulfilling eligibility criteria of bank in this regard.
Tip 1
As a loan applicant, you must make sure that you avail loan for maximum tenure. This will instantly help you boost up your loan repayment capacity in the form of equated monthly installments (EMIs).
For example, a home loan taken an interest rate of 12.5% under the loan tenure of 15 years, the borrower has to pay EMI at Rs 1232.50. Based on the calculation, the borrower’s calculated eligibility will be around Rs 20.3 million.
Adding further, if the same individual borrows Rs 2 lacs for 20 years at the same interest rates i.e. 12.5%; the calculated EMI will be around Rs 1136. This subsequently makes his home loan eligibility of around Rs 22 lacs.
On the basis of calculation, it is transparently clear that home loan with an enhanced tenure can subsequently increase one’s home loan eligibility.
Tip 2
Don’t and never carry any outstanding loans from whatever bank you have borrowed them. It is also an implication that you carry bad credit score, which is ostensibly a hindrance in order to help you access your loan. Most banks in India are reluctant to give loan to the applicant with bad credit score. Hence, the cleaner your credit history, the better chance may be to increase your eligibility for housing loan. Therefore, clear off all your outstanding balances in order to increase your eligibility for housing loan.
Tip 3
If possible, make sure that you have added incomes of your family persons such as spouse/children/parents. This will subsequently boost up your eligibility as inclusions of external sources of income will power up your repayment capacity which consequently enable the bank consider your eligibility for the loan you applied for.
Tip 4
Don’t be oblivious to interest rates of different banks on housing loan available in the market these days. Variation in interest rates will subsequently affect your total loan’s repayment capacity in the form of EMIs. Therefore, make an extensive research over available home loans with variation in interest rates. A comparative study on such varied rates of interest on home loan will eventually help you choose a bank that offers low rate interest on home loan.
It is vital to have your home loan eligibility increased in order to make it more authentic, unique and impressive to your bank. If your eligibility is up to the standard of your bank, you won’t have many problems to face during the course of availing home loan from your bank.
0 comments:
Post a Comment