Housing finance firms (HFCs) have been compelled to apply stringent qualifying requirements to limit non-performing assets (NPAs) due to the country's economic instability in 2020. While many people had been kicked out, company owners were also feeling the heat as a result of inconsistent or low cash flow. A moratorium was also chosen by many borrowers. All of these factors have reduced a borrower's home loan eligibility. Borrowers cannot obtain a home loan unless lenders or HFCs judge them qualified. Individuals can use a house loan eligibility calculator to check their home loan eligibility how much they can borrow depending on their income, age, and other relevant characteristics in this respect.
How to increase home loan eligibility?
- Maintain a credit score above 750.
- Repay debts religiously
- Add co-applicants
- Open an account with the chosen home loan lender
- Declare additional income sources
- Choose a longer tenure
- Opt for step-up loans
Applicants must realise that a house loan is a long-term investment that requires a commitment to repay on time. Irrelevant or excessive loan inquiries may have a negative impact on such ratings. Providers of home loans are usually on the lookout for individuals with a strong credit score. The borrower can easily boost their home loan reputation by following these simple recommendations.
There are numerous housing finance companies in India that provide the most reasonable home loan rates, making life easier and less stressful for eligible beneficiaries. These companies even provide the facility of prepaying home loans and reducing the burden from the head of the borrower. They also provide an eligibility calculator for home loans. The loans that are provided by these firms are low tenure firms with low interest rates. Therefore a potential borrower should consider these finance companies as a viable option for obtaining a home loan.
