Are you looking to apply for a home loan?
The home loan process is simple these days for eligible applicants.
But you also need to consider a few things before applying, like checking home loan eligibility, a list of documents needed and more.
Let’s check out a few basic mistakes you need to avoid while applying home loan!
Read on!
1. Know an amount you can get
Many people apply for a home loan and want an amount that their income can’t support. Hence, their loan applicants are rejected. You should also know an amount you can get by using the home loan eligibility calculator on a lender’s site for free.
3. Maintain a high CIBIL score
Your credit score needs to be higher to get a large home loan amount approval at a lower rate. A credit score in the range of 750 or more is what you need to have. It is possible to do that by paying off your debts on time and having a mix of credits.
4. Know the exact EMI amount payable
You should have an idea of the precisely payable home loan EMI amount before applying so that you can easily repay on time. You should use an online home loan EMI calculator on your lender’s site for free to calculate the payable EMI amount.
Along with this, you should also be aware of the list of documents for home loan and keep them all ready. Taking care of the discussed issues can help you approach your home loan without issues.
