To improve the chances of your loan application being accepted it is important to study the loan terms and ensure that you meet them. Meeting the terms of the home loan ensures the lender that you are a reliable, genuine and responsible borrower. As home loan is a long term financing option it is important that borrowers pay off the loan in the stipulated time frame for the benefit of the lender and their own profile.
So, how do you determine the eligibility for the home loan –
- Study the terms: you can check out the lender’s website to learn more about the eligibility criteria of the lender. Such as the paperwork that you would be required to furnish, how long should you be in a job or business to declare your income source, what must be your credit score etc. It must also be noted that the terms of the loan depend on your individual profile and how well it matches the criteria of the lender. Therefore, these are critical terms and conditions, clearing which will help you to acquire a substantial loan amount.
- Do the maths: as a smart borrower you must understand that you must borrow what you can pay off. To check the affordability for the loan you may use the loan eligibility calculator and EMI calculator available online. This will allow you to plan your monthly expenses and the loan repayments strategically without having to compromise either of them.
- Customize the offer: if you hold a good profile which aptly matches the criteria of the lender chances are that they may give the loan on negotiated terms. You can request for preferable loan amount at an affordable interest rate thus, ensuring the loan proves useful for you.
Reference Read: Determine Your Eligibility Before Applying for a Home Loan