home loan eligibility calculator

Home Loan Eligibility

ELIGIBILITY IS IMPORTANT BEFORE APPLYING HOME LOANS

How to Increase Home Loan Eligibility ?

The first step to buying your dream home is assessing if you can afford it with the loan amount. Home Loan Eligibility simply denotes the loan amount that you will get from the bank. Here are some fool proof methods to improve your home loan eligibility.

Read more: www.myfico.com/crediteducation/improveyourscore.aspx

Increasing the Tenure

One of the most primitive methods of increasing the home loan eligibility is by increasing the loan tenure. The eligibility will naturally come up owing to the fact that with higher tenure, the EMI will be more affordable for the borrower.

Improve your Credit Score

Your repayment record and credit history can make or break your loan eligibility. An attractive CIBIL score will show that you are financially serious and hence, increase your eligibility.

To improve your credit rating, make sure you pay the EMI’s and credit card bills on time

Repaying Outstanding Loans

If the applicant has an existing loan, his capacity of paying the EMI comes down substantially. Existing loans with over 12 unpaid instalments are taken into account while calculating the home loan eligibility. Prepaying the existing loans will ensure that the home loan eligibility is unaffected.

Combining the Incomes

Combining the income of another family member like spouse or parent will increase the loan eligibility as the total income of the applicant also increases. Another option is to take a joint home loan.

Check your Home Loan Eligibility-BankBazaar

If you are looking for home loan .First you should check your home loan eligibility

Check your home loan Eligibility online @

http://www.bankbazaar.com/home-loan-eligibility.html

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