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Tips To Get The Home Loan Application Approved?

· homeloan eligibility

Home loan is one of the coveted financial option when it comes to buying the dream house of your choice. It not only provides funds but that peace of mind to home buyers to invest in real estate thus securing their future.

Here are some quick tips to help you avail preferable home loan amount -

Age - this is an important factor because the tenure of the loan may very well depend on it. For instance, if you are 30 years old you may choose home loan tenure of 20 years. Whereas, the ideal age of applicant to avail the loan for an applicant must be 23 to 62 years of age.

Income Stability - lenders want to know the source of income of the applicant to ensure they can pay off the loan easily. The basic Home Loan eligibility states that salaried individuals must have a minimum job stability of three years to apply for the loan.

CIBIL Score - this is an unsecured loan which means applicants do not have to pledge any collateral to secure the loan. Therefore, lenders insist on checking their CIBIL score which is a measure of their creditworthiness. Usually, a good credit score of 750+ or more is needed by lenders to secure a preferable loan amount.

Debt to Income Ratio - apply for only the loan amount that you can manage to pay off. Maintain a debt that is easy to manage and does not pose a burden on your monthly expenses.

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