Most people are unaware on these simple tips In order to achieve the higher home loan eligibility.
1. Payoff all Your Consumer Loans: To avail a home loan, you need to plan ahead. This includes the best property search with all amenities and proper planing of budget. Paying off all your consumer loans that would close in next couple of years will be a major step to achieve higher loan eligibility.
For example: Let us estimate your home loan eligibility based on house hold income and existing consumer loans.
Assuming your house hold income is Rs. 55,000 and paying a personal loan EMI of Rs. 15000 per month for next 24-36 months, this makes you eligible for a home loan of (approximate) Rs. 18,05,700 for 30 years of tenure.
In this case, if you plan to close your personal loan EMI before availing a home loan, your Home Loan eligibility may increase up to Rs. 35,81,000. This is approximately 200% more than previous home loan eligible amount.
2. Increase the Tenure of the Loan: Loan amount will be in proportionate with your loan tenure. Choosing higher loan tenure, can lead to more eligible amount. Most Banks are offering maximum of 30 years of tenure. However ApnaLoanBazaar.com recommended for 25 years of tenure for optimum benefit on your overall home loan costing. Check costing of your home with various period of tenure.
3. Variable Pay: If you are a salaried employee and you are having a considerable variable pay from your employer, ApnaLoanBazaar.com suggest you to track those pays, preferably for one year prior from your loan process. Regular variable pay can help the banker to consider for higher loan eligibility.
4. Spouse Income: If you are married and planning for a joint home loan, with the help of your spouse income, you can avail the higher home loan amount. With joint home loan, the hidden perk is, the couple can enjoy the income tax benefits as per law.
5. Keep Track on Credit Score: Credit score is a crucial point to consider if you are planning for go for a home loan. ApnaLoanBazaar.com highly recommends that, checking your credit score prior to 6 month ahead of your home loan and verifying all your loan details. Make you all the existing loan details are accurate. A bad credit score can spoil your dream of your own house. Check all the information available in the credit report and if any unusual records observed, get rectified immediately with the respective banker. If the credit score is less, try to improve your score by analyzing the Credit Scoring Pattern and follow the instructions carefully.
Hope these 5 tips would help you to plan well while availing your home loan for your dream home.