Increase your home loan eligibility
Author: Habibulla Antule
It may possible, your dream home can be most costlier than the loan amount you get from your lender. This can be really frustrating, because
home loan is one of the most important source for funding your home. But, not to worry. According to your level of income, you can increase your loan eligibility. Clubbing of income is the most common method to enhance the loan eligibility. Most of banks gives the option to club the income with your spouse, children, father and mother. This means, the combined income will be more than your income and automatically the loan eligibility will be also more. With joint home loan, the tax benefit is also available on loan repayment. Increasing loan tenure is also most effective method to increase your loan eligibility. Usually, banks offers home loan with a repayment period up to 20 years. Repay your all outstanding loans before going to purchase home loan. If you have taken any personal loan or car loan from any bank, its need to paid immediately. This adds ability to repay the
loan. Depending on your income and expenditure, the bank determine the how much money you can set aside towards the home loan repayment. Generally, the EMI does not exceed 40 % of the net salary. If possible, you can submit the documents of additional income like bonuses, reimbursements, packages, rental income, etc. Some of banks comes up with Step Up Home Loans, this is another option for you. Under this loan, the banks provides higher loan amount than what you should get from another loans. But, you should ready to pay higher EMIs. Another important thing is the credit history that banks consider before funding for home. Banks looks into the CIBIL (Credit Information Bureau (India) Limited) report before providing a home loan. In case, your credit history is not good then banks gives the least importance to your application form. So it's very important to give the proper attention to avoid disappointment. About the Author:
Habibulla Antule is a financial advisor and consultant and have provided his expertise to many financial institutions for
loans and
insurance
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