For first time home loan seekers, clearing the eligibility criteria of the lender is very important as once declared eligible, the way of buying a home is paved. We list below a few tips that can boost your home loan eligibility:

1) Joint application –

Instead of applying for a loan individually, one should co-apply it with his spouse or any other member of the family as even the income of the co-applicant is considered for checking whether one is eligible for loan.

2) Try to clear other loans –

If you have any other existing loan like personal loan or car loan, try to clear those before applying for home loan. Lenders check whether there are any existing loans on the applicant and whether he would be able to repay their loan after paying the EMIs of other loans. By clearing the loan, you will not only boost your eligibility, but it will also reflect positively on your financial background.

3) Improve your credit score –

Your credit score plays a vital role in your eligibility as it is a crucial factor that the lender will rely on before sanctioning your loan. You can do various things like closing unnecessary bank accounts or credit cards, never defaulting any loan EMIs and servicing them on time etc to improve your score.

4) Choose long tenure –

Choosing a longer tenure for your loan will lessen the amount needed to be paid towards monthly EMI and especially if your income is not very high, then choosing a longer tenure will boost your eligibility