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How to increase to your home loan eligibility
1. How to increase to your home loan
eligibility
The flyingratesof propertyhave propertyontheirwings,whichmakesitsunreachablefromthe reach
of a commonman. The ratesof propertyare so highthat a commonman cannot thinkto buythe
propertyonlyonhissavings.Forbuyinga propertyloanisthe easiestwaywhichyoucan opt.This isthe
waywhichmakes buyingpropertyinyourcapacityand withouttakingfavorof your knownone. But
bankshave theirownnormsto allowingthe loan.Here we are goingto discussonsome pointswhich
can increase yourhome loaneligibility.
1)Increasing the loan tenure
The most commonmethod of increasing your loan eligibility is increasing
the loan tenure. This is so because the EMI (Equated Monthly Installment)
per lakh, which an individual has to pay, starts to decline as the tenure
increases.If your selectlong duration then the base money or the interest
rate will not changed but your EMI will lower down, and this reason
enhance your eligibility to loan.
2) Repaying other outstanding loans
If you have a liability to pay your other loans, then it will decrease your
eligibility of home loan. Industry standards said that if you have existing
loans with 12 unpaid installments, then that loan will considerat the time of
computation your loan eligibility and it gives adverse effect.It's always
2. suggestedthat when you are planning for home loan try to repay all your
loan liabilities first so that the maximum benefits you can get.
3) Clubbing of incomes
Clubbing is another way to increase the eligibility of home loan. Clubbing of
income is the phenomenonof calculation the income of other personalong
with your income to increase the eligibility of your loan. For taking benefit
of clubbing your can add the income of your spouse,father, mother or son.
For example your income is 5lac per annum and the income of your spouse
is 6 lac per annum then if you club the income of your spouse with your
income, your eligibility will increase from 5 lac to 11 lac.
4) Step-up loan
Step-up loan is the one of futuristic way to increase your loan eligibility. The
mean of set up loan is to fix lower EMI for the starting time and after a set
time the amount of EMI will be higher. This phenomenonis base on the
theory that the income of the personwill definitely increase in the future.
This type of loan is one of the most popular way for loaning.
As can be seen, there are many ways to increase loan eligibility. However,
individuals need to keep in mind that increasing the eligibility can have an
impact on their financial planning.