Enhancing Your Home Loan Eligibility

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Home Loans
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Enhancing Your Home Loan Eligibility
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Your loan eligibility determines whether your
loan application will be approved or not and if
approved, the amount of loan that is likely to be
sanctioned. It is based on a comprehensive
assessment of your credit worthiness, which
depends on your income and debt repayment ability
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Joint application As income is a primary
criterion, you could consider making a joint home
loans application. Any other earning family
member (including spouse, sibling or parent) can
become a co-applicant for the loan. In this case,
as the clubbed income level would be higher, the
loan eligibility would also be higher.
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• Repaying other obligations Lenders also consider
  your existing borrowings before approving a loan.
  With access to a central database updated by all
  lenders, each lender can find out about your
  existing debt level.
• If your existing borrowings are high, it could
  affect your eligibility to avail further loans.
  Therefore, to enhance your eligibility, it is
  wise to reduce your other loan obligations before
  applying for a home loan.
• Source http//www.itsallaboutmoney.com/banking-p
  roducts/loans/enhancing-your-home-loan-eligibility
  /

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