Home loan eligibility is
highly regarded as a criterion to evaluate the applicant’s repaying capacity.
It might be difficult to avail a higher home loan amount with a restricted
income.
Are looking for a new
home, apartments in Calicut and planning to finance the payment through a home
loan at a lower rate. Get aware of the home loan eligibility criteria and do
the needful to improve your home loan eligibility.
Here some tip s to follow
to increase home loan eligibility
1. Longer tenure – It is advised to choose a
longer home loan tenure as it increases the chances to get a higher amount. Age
also plays a crucial role in this as the banks do not usually give longer
tenure loans for an applicant of 50 years.
2. Clear off existing liabilities – Clearing
off existing loans before applying for a new loan will increase the loan
eligibility as it increases overall monthly savings.
3. Joint application – Joint application with
a working spouse increases the home loan eligibility as both have to conjointly
bear the onus of repayment.
4. CIBIL score – Maintaining a good CIBIL
score is vital for availing a home loan as it proves a good financial history
and a favourable repaying capacity.
5. Variable pay – Adding the variable work
perks and allowances earned as part of the job to the income will act as a
favourable repaying capacity if a higher credit is needed.
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