Guide to Home Loan Eligibility Criteria: Strategies to Enhance Your Eligibility
A home loan can streamline the homeownership journey, ensuring that you have sufficient financing to own a home of your choice. Before availing of a loan, you should know the eligibility parameters determined by your preferred lender.
Being better positioned will help you with quick home loan approval.
With our comprehensive guide, you will be able to explore the key aspects that influence home loan eligibility and know the actionable strategies to increase it.
What Are Home Loan Eligibility Criteria? Lenders have predetermined parameters to gauge the borrower’s creditworthiness. These factors can include your age, income, employment type, credit score, and so on.
Meeting these criteria can help you apply for a home loan easily and avail of a substantial amount at competitive interest rates. Home loan eligibility criteria vary based on your lender.
Some of the leading HFCs such as Bajaj Housing Finance Limited have the following eligibility criteria for salaried and self-employed applicants:
Salaried Applicants: Note that the upper age limit is considered as age at the time of loan maturity and may vary based on the property profile.Factors that Affect Home Loan Eligibility Criteria As stated earlier, your eligibility for a home loan is based on several factors such as income stability, credit score, debt-to-income ratio, and property valuation. Let us understand these factors in detail.Strategies to Enhance Housing Loan EligibilityTo ensure that you get quick approval for a home loan, you can try and enhance your eligibility through the following strategies: Understanding the home loan eligibility criteria requires careful consideration of various factors, including income stability, creditworthiness, FOIR, applicant’s
