To Apply and Manage
your Home Loan.
Download our Mobile App
Indiabulls Home Loans
Apply
Online

India's 1st Completely Online Home Loan!

  • e-APPLY

  • e-SANCTION

  • `

    e-DISBURSE

Start your eHome Loans Process Now!

Apply Online
OR

Download our Mobile App

Enter Mobile Number to get app on your phone

+91
GET A
CALL NOW

Fill in the details below

  • Generate OTP

How to improve your home loan eligibility?

How to improve your home loan eligibility?
 

Most of us with a good CIBIL score and a great credit history will be eligible for a home loan by the bank. But the amount we are entitled to depends on our income and capacity to pay. Usually we are entitled to a loan amount of 60 times our monthly income, but this varies from bank to bank. All of us want a posh flat in an upmarket area, don’t we? What if our dream flat doesn’t fit in the loan amount sanctioned by the bank? 5 strong tips to increase your home loan eligibility that will definitely help you buy your dream flat: – 1). Clear your previous loans: Before you seek a home loan from the bank, make sure you have cleared all your previous loans you had taken to fulfill your fantasies. The banks see this as a reason to reduce the loan amount you are entitled too. After clearing your loan, make sure it is updated in your CIBIL credit score. 2). Variable Pay: Make sure to include all your perks and bonuses while calculating your income. The banks take this into consideration while calculating your home loan eligibility. This will help you in receiving a bigger loan from the bank. 3). Rental Income: Do you have any property elsewhere which is kept idle? Rent it out immediately. The rent received on the property can be included in your income and this in turn will increase the home loan amount you are eligible for.  4). Increase your tenure: When you increase the tenure of your loan, your eligibility increases, considering the fact that you have a lot more time to repay the bank. But remember the maximum tenure cannot exceed 25 years.  5). Joint earnings: If your spouse is also an earning member of the family, then you should ideally opt for a joint loan. This increases the home loan amount you are eligible for because now the income of you and your spouse will be considered together. This also means that the liability of repaying the loan is on both of you. A few quick tricks that will surely get you a bigger loan, big enough to fulfill your dreams. Related Articles:

The post How to improve your home loan eligibility? appeared first on Indiabulls home loans.

Related Article
Types of Home Loan Charges

Types of Home Loan Charges

Most people fulfil their wish of becoming homeowners by taking out a home loan. It is the easiest way to afford a property as one can pay for the house in monthly instalments.

MCLR in Home Loan

MCLR in Home Loan

The interest rate is one of the most important components of a loan, especially in the case of a high-value loan that lasts for 2 decades or more; the home loan.

Home Loan Terminology

Home Loan Terminology

Each one of us, at some or the other point in life, dreams of becoming a homeowner. Having a house to call our own is the surest way of being financially secure.

Share your comments on the article
0 / 3000
Read all comments

No Comments