Those who have a good CIBIL score and a strong credit history are eligible for all kinds of home loan. However, the amount they are entitled to relies on the income and ability to repay. Normally you are permitted to a loan amount of 60 times your monthly income, but this can differ amongst the banks. In this post about property loan in Delhi I will give you 5 crucial tips to boost your eligibility for home loan
Pay your existing loans: Before you look for a home loan, ensure you have paid off all your previous loans. The banks can regard this as a reason to decrease your entitled loan amount too. After paying off the existing loans, please ensure it gets updated in your CIBIL credit score and credit report.
Rental Income: Are you the owner of any property elsewhere which is kept unoccupied? If so, then rent it out at once. The rent earned on such property can be integrated in your income and consequently this will enlarge your eligible home loan amount.
Variable Pay: Please be certain to take account of all your perquisites and bonuses when calculating your total income. The banks will take this into account whilst assessing your eligibility for home loan. This will aid you in getting a bigger and better loan.
Joint earnings: If your partner/spouse is also earning, then you can preferably select a joint loan. This boosts the home loan amount you are entitled for as the income of your spouse and you will be regarded jointly. This also signifies that the responsibility of repayment is on you both now.
Increase your term: When you increase the term of your loan, your eligibility is enhanced, in view of the fact that you have more time for repayment but remember the maximum term can’t surpass 25 years.
Be patient: Before applying for a home loan, take a look at your CIBIL score. Look for mistakes, if you come across any, point them out and get a spotless CIBIL report. Don’t apply for a home loan with a number of lenders to get a swift loan. Instead be patient, ask what kind of various advantages the lenders can offer. If your CIBIL score is good then banks will easily offer you home loans at reasonable rates. Talk to an existing customer to get more details on the lender. Decide on a bank/lender who gives you reasonable rates, easy repayment calendar and optimum services.
Step up loans: Step up loans are another fine way to improve eligibility for those in professions where one has to struggle at the outset, but the likelihood of high rewards are clear as they set up themselves – a doctor, dentist or a chartered accountant. In such schemes, the banks provide loan at lesser EMIs in the beginning and slowly but surely raise the EMI once you start repaying the amount.
These are some quick tips which can certainly get you a bigger loan, and help you realise your dream of your own home.