Not getting the home loan amount you want? How to increase home loan eligibility with minimal cost
home loan.
Sometimes lenders offer borrowers a much lower home loan amount than what has been applied for. People who face such a roadblock may end up dropping plans to buy their dream home or go for a costly loan to make the purchase. But what if we told you that you can get a higher amount as home loan than what the bank is ready to give and that too without making a big dent in your pocket? Read on to find out how and who can get this loan and how much it will cost you.
Which borrowers get a higher home loan
While banks are liberal in offering a higher home loan to a salaried person working with a reputed organisation, the road is not that smooth for people who are non-salaried, self-employed, new to credit or looking to buy an unapproved property. These people often face difficulties in getting approval for the home loan amount they want.
This is where a default guarantee cover from India Mortgage Guarantee Corporation (IMGC) can help.
“IMGC provides mortgage guarantees which enable borrowers with insufficient credit history or lower credit scores to obtain home loans. This is particularly beneficial for first-time home buyers, young professionals, and self-employed individuals who might not meet traditional loan eligibility criteria due to variable income patterns or lack of credit records,” says Adhil Shetty, CEO, Bankbazaar.com.
Sometimes, the loan amount requested can go beyond the standard limit offered by the lender. “IMGC-facilitated loans are useful for those seeking a loan amount that exceeds the
