If you have the dream of purchasing your own house, you can simply apply for a Home Loan. You just need to fulfill the Home Loan eligibility criteria set by the lender, submit a few necessary documents and you can get loan approval quickly.
What is the Home Loan Eligibility?
The Home Loan eligibility help to determine whether you are eligible for a Home Loan or not. The factors that are included in the eligibility bracket are income, age, Credit Score, repayment history and more.
How to Become Eligible for a Home Loan Easily?
Your Income – This is one of the major factors in the eligibility criteria. The higher the income, the chances of getting loan approval is more.
Your Credit Score and Repayment History – An applicant needs to maintain a good credit score of above 750. It will be ideal if you have a score between 750 to 900. This score determines your creditworthiness. In case you do not have a good CIBIL score, you can increase the score by paying all your existing loan EMIs, credit card outstanding by the due date.
Your Age – Age is one of the major factors. If the applicant is a senior citizen, he needs to pay higher EMI because the risk of repayment is more as he/she is practically closer to death. While, a young professional can get more time to repay and thus get a lower EMI.
To know more about Home Loan EMI, read: