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Assessing your Eligibility For a Home Loan

You can secure a loan for home construction, to buy a house or plot or to renovate your home from any bank or NBFC in India whose eligibility criteria you satisfy. These lenders cover about 80-85% of the property value through Home Loans. You can also avail a loan against a property you own as mortgage.

home loan

Banks generally require the following documents for Home Loans:

-Employment records

-Salary slips

-Experience details

-TDS certificate

-Business Proof

-Bank Account Statement

-ID and Address Proof

Credit score is an important aspect that affects your Home Loan eligibility. Your credit history, high usage of credit limit and balance between secured and unsecured debt instruments affect your credit score.

In order to improve your credit score, these are the steps you need to follow:

-Paying all dues on time to avoid late payment

-Maintaining a minimal credit balance by avoiding over expenditures on credit cards

-Opting for both secured and unsecured loans depending on your need

-Checking loan eligibility before applying to avoid rejection (Rejection adversely affects your credit score)

-Regular credit history and joint account assessment

Since a good credit score helps you secure a Home Loan with a favorable interest rate, work on your credit score before applying for a Home Loan.

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