Increase Your Home Loan Eligibility

Published On April 25, 2015 | By Peter Austin | Business

The home loans are most simple accessible financial supplement into your own dream house. However, the individuals who are aspire to avail the home loan encountering a stiff situation of a late. The home loan eligibilities are directly linked into the rate of the interest. This is inversely proportional to the rate of interest. The highest interest rate have implies a tougher eligibility for the home loan. For past few years the home loan interest rates increasing but inn this year this is falling down. Still more ways are available to increase the eligibility criteria for the higher loan amount.

Loan Tenure And Outstanding Loans:

Choosing a longer tenure is a most important consideration and also it is primitive way to raise a home loans eligibility. This is due to the reduction in the EMI with the higher term of the repayment period. The eligibility for the housing loan gets the adversely affected when an applicant having the outstanding loans like the personal loan or the car loan. As per standards, if the borrower has twelve unpaid installments then this is going to affect a loan eligibility. In terms of increase the eligibility, you have to pre pay an installments completely and also partly.

Clubbing Incomes, Step Up Loans And Perks:

Adding the earning family member including mother or father or spouse or daughter or son as the co borrower can make you the eligible higher loan amount. And trying to get the clear picture, take the illustration. The individual earning 2000000 Rs and also is expecting a loan of the amount 4000000 Rs. And if his wife is a same amount then just adding her income then will surely qualify for a required loan amount. The step up loans is the other way to raise a home loan eligibility. The step up loan permits you to pay the lower EMI in the initial years of a loan and then the higher EMIs for the rest of a tenure. The (Housing Finance Companies) usually consider a low EMI during calculating a home loan eligibility. The salaried individuals should take to account a variable factor of his income including performance of linked pay and the other incentives during applying for a housing loan. Adding a variable of the income will raise loan eligibility. From above points this is clear that more points to raise a home loan eligibility.

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