tips to increase your eligibility for a home loan
DESCRIPTION
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.TRANSCRIPT
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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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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.
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The following are few important tips that help you in getting a beneficial home loan:
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Income and Liabilities:
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A home loan seeker should close all the liabilities which he has in his bank statement and payslips if possible.
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Mention the liabilities that you want to close to avail a home loan.
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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.
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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.
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Submit the proofs of your additional income like bonuses, reimbursements and rental incomes etc.
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Credit History:
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Credit History is another important area that banks usually look into before funding for a home.
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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.
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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.
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The following are few suggestions to home loan seekers in this regard:
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Make sure that all your loan payments are done without any bounces.
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Make sure that you check your credit amount on your credit cards regularly and repay promptly.
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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.
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Avoid late payments as they not only charge late payment fees but also spoil your credit history.
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Ensure that you clear all your dues and over dues before applying for any loan.
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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).
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If you have made any credit card settlements then keep all the receipts of payments made towards those cards for future references.
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Don't issue any cheque if you do not have sufficient funds in your account.