Loans for Home, Personal, Car, Furniture, etc. the count is endless. Every second day a new type of loan enters the Finance market. Loans are gaining significance as there has been a consistent rise in the retail sector. This has lead to a remarkable rise in the interest rates of the Home Loan. If we look at the statistics, there has been a twofold increase in the Home Loan rates. The murky inflation has shown its ill effect on the customers as it has facilitated the hike in the rate of interests, both floating and the fixed, to a startling degree.
All these have surely affected the Home Loan eligibility in India that has changed over the course of time. The loan borrowers are now forced to reassess their options in order to attain the new criteria of Home loan eligibility. You must be wondering how one can enhance the Home loan eligibility? We provide some of the ways that will positively help you in making yourself more eligible for a Home loan.
Increase Your Loan tenure :-
The most convenient method of increasing your Home Loan Eligibility is to maximize your loan tenure. By increasing the time period of the loan you could easily increase the amount of your loan and thus the home loan eligibility.
Carefully carry out a market research on Home Loan :-
This is an era where every minute a bank or a HFC comes out with a new loan proposal so to get a loan is not a big deal. Every institution has something new to offer and the interest rates differ. You must carry out a market research scrupulously in order to choose the best home loan source for yourself. After selecting the source you need to make a decision between fixed and floating interest rates. You should have thorough information about both.
Pay all your outstanding Loans:-
If you have any other loans that have to be repaid like a personal or a car loan, pay it before hand. It adds to your credibility in the eyes of the bank or HFC in which you have applied for a Home loan. Also, they take more interest in your case.
Apply for Joint Loan :-
This is a new venture that HFC's and Banks have emerged with. This is offered to a husband and a wife who together earn Rs. 1 lakh a month. If either of the two earns more than Rs. 60, 000 per month, then they can opt for larger amount of loan. As it is essential to alter with the changing times, it is necessary to incorporate the new ways as given in the write up so as to be updated with the home loan criteria. Following the above mentioned ways, a loan seeker can positively become eligible for a Home Loan in india.