As real estate prices are touching the sky in India, one of the best ways to avail the keys to your dream home is by availing a home loan. Now, remember that getting a home loan nowadays is as easy as ordering desserts. Simply download a home credit instant loan app, and you are good to go.
Now, honestly, there are several applications available on the Internet, but I’ve been using the Bajaj Finserv for over eight months now, so I rely on it only. When I was planning to purchase my first new house in Faridabad, one of my colleagues advised me to use this application only for a home loan.
(NOTE: This content is not promotional or paid. Just sharing my personal experience.)
What is a home loan?
A home loan is an amount an individual can borrow from a financial institution at a fixed or floating rate of interest whenever they plan to buy a home or land. This can also be availed to build a home on their plot or renovate it and for maintenance needs.
Furthermore, in return, the borrower can repay the loaned amount in affordable EMIs over a fixed period of time. And when this tenure ends, only then one gains complete ownership of the property.
(Note: Both the principal amount and interest qualify for a tax deduction)
What is housing loan eligibility?
It is a set of criteria basis where a financial institution assesses whether the borrower is creditworthy or not to avail and repay a home loan. Its two primary factors are income and repayment capacity of the borrower. Meanwhile, other factors include credit score, age, financial position, etc.
What are the best tips to increase your loan eligibility?
1. Choose longer tenure
Going for a longer term gives the borrower additional time to repay the loan, which results in timely payment and reduces the risk. Therefore, this helps the lender, on the other hand, understand that the borrower has more time to repay the loan. So, when one chooses a longer tenure for the loan, it automatically increases housing loan eligibility.
2. Declare additional income
Apart from your monthly salary, if you have any additional income, then declare it. This helps financial institutions understand that you have a high repayment capacity. So, when you go for a home loan from a home credit instant loan app, make sure you show your high repayment capacity.
3. Strengthen CIBIL
To increase home loan eligibility, it is always advisable to have a good credit score. So, in order to achieve it, it is important to consider that all loan repayments are made on time. This is because the bank checks your credit score to determine your creditworthiness, and any delay in payments negatively impacts your credit score.
Our country’s high real estate cost leaves an individual with no other option than a home loan. However, if you are in a situation where you are already paying a home loan, believe me, you should opt for a home loan transfer and join hands with Bajaj. This is because, personally speaking, they have the most beneficial interest rates followed by flexibility.