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Tips to Increase Your Eligibility For a Home Loan

• Home loan seekers aiming to derive maximum benefits from a home loan

usually look for the maximum loan amount to minimize the marginal amount that they

.have to invest

• As the banks carefully probe into the - , financial history of a home loan seeker it

/ is very important for him her to be , completely aware of requisites and terms

and conditions that banks usually consider before approving a home loan.

• The following are few important tips that help you in getting a beneficial home

loan:

:Income and Liabilities• A home loan seeker should close all the

liabilities which he has in his bank .statement and pay slips if possible

• Mention the liabilities that you want to .close to avail a home loan

• Mention the balance tenure of the loans for which the repayment period is more than 12 months and which you don't want

.to close

• Also mention the loans for which the . repayment period is less than 12 months

Great importance must be given to this factor and must be provided without.failure

• Submit the proofs of your additional , income like bonuses reimbursements and

.rental incomes etc

:Credit History• Credit History is another important area

that banks usually look into before funding . for a home If a home loan seeker has / any discrepancies in his her credit history then banks give least importance and at times not even consider the application for

.a home loan

• Hence home loan seeker must take utmost care in this regard to avoid

.disappointments

• ( Banks usually look into CIBIL Credit ( ) ) Information Bureau India Limited report

before considering a candidate for a home. loan So it is very important to give good

. attention to this factor The following are few suggestions to home loan seekers in :this regard

• Make sure that all your loan payments are .done without any bounces

• Make sure that you check your credit amount on your credit cards regularly and

.repay promptly

• Convert any high value transaction into EMI's if you are unable to make the

payment within the given time before the statement pertaining to your credit card is.generated

• Avoid late payments as they not only charge late payment fees but also spoil

.your credit history

• Ensure that you clear all your dues and .over dues before applying for any loan

• Transfer your balances to another account( ) card if you have the provision to make

payment with in a period of 90 days( ).interest free period

• If you have made any credit card settlements then keep all the receipts of

payments made towards those cards for .future references

• Don't issue any cheque if you do not have .sufficient funds in your account

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