Simple Steps To Qualifying Home Loan With Ease!
Owning a house is a lifelong dream for many and could be on your priority list too. It is a significant financial investment and requires substantial planning before purchasing or constructing one.
After all, a home is where you build a lifetime of memories with your family. Arranging adequate funds for the same can be challenging.
Nevertheless, you can bridge the gap in your finances by availing home loans.
Home loans are readily available and are known to be a significant driver in the Indian real estate market.
To apply for a home loan, you can download a home loan app and begin the process at any place and time.
Although home loans are straightforward, you may want to know critical factors, such as your eligibility, before applying for one.
You also need to look at some essential factors you must consider before applying for a home loan on a home loan app.
- Stable income – A steady source of income can help you in availing a home loan. Besides, it is also an essential consideration that determines your loan amount. If you are salaried, lenders request at least two years of steady income to qualify you for a home loan. If you are a business owner, you may have to present five years of business stability as part of the loan application. An online loan app can help you in this regard by displaying the approximate loan amount based on your eligibility. You can enter your basic details and use the online loan calculator for this purpose.
- Credit score – The CIBIL score is perhaps the most essential criterion for your home loan approval. Your credit score depends upon your credit history. It is readily available online and can give you a fair idea about your qualifications. If you do not find your score satisfactory, you can improve it over the next couple of months. You can achieve this by paying your credit card bills or EMIs on time and clearing any pending dues.
- Documents – If you have applied for a loan before, you would know about the documentation procedure. Your loan application could get rejected if a key document is found missing. To ensure you have the right records in place when applying for a loan, go through the list of necessary documents on the home loan app.
- Reasonable interest rate – Some banks and NBFCs offer flexible-interest rates in addition to fixed interest rates. You can explore these options and select the one most suitable for your needs. You may also want to use the EMI calculator available on a home loan app to give you an approximate idea about the loan amount, tenor and EMIs. Thus, helping you make an informed decision based on the details.
With an excellent credit score, you can negotiate interest rates with your lender.
But, if your credit score is low, you can apply with a co-applicant who has a better rating.
Doing so can help you divide the risk while the lender could agree for a lower interest rate.
Use the information mentioned above to decide the right lender for your home loan needs.
Getting to know the process in advance can prepare you for the loan application process efficiently.
If you are looking for a comprehensive loan app, you can check out the Bajaj Finserv App that not only gives you all the details but can also help you with post-loan and investment services.
It is a simple and user-friendly online loan app offering quick and easy financing from the comfort of your smartphone.
You can also check your pre-approved offer by providing a few necessary details.
Category: Loans
