Home loans are secure financing options for Individuals looking to purchase or renovate a residential property. Consequently, borrowers can also adopt the following ways apart from satisfying the e-home loan eligibility criteria to improve the chances of quick loan approval.
- Apply with a co-applicant – To improve your re-housing loan approval chances, apply with a co-applicant who holds a high credit history and a regular source of income. It will reduce the lender’s risk associated with lending since both the applicants are responsible for repaying the Loan EMI. Before applying with a co-applicant, also ensure that both of you meet the e home loan eligibility criteria.
- Choose a long repayment tenor – When you opt for a longer tenor on your e-home loan, it divides the loan liability into more number of months, thus reducing the EMIs. It lowers your monthly repayment burden. Consequently, you will be able to make repayments affordably within the due date.
Therefore, a longer tenor reduces the risk of defaulting and improves your home loan approval chances. You can use a Home loan EMI calculator to check the most suitable tenor for you.
- Make a high down payment – Lenders only sanction up to 90% of the overall market value of the property, and borrowers need to meet the remaining value themselves as a down payment. An increase in the down payment amount also reduces the total loan amount, thus improving your chances for e-home loan eligibility.
Also Read: E-Home Loan Eligibility: How to Increase Your Home Loan Eligibility
To increase your home loan approval chances, you must also make sure that the documents required for an e-home loan are in place and your credit report is clean.
