5 Ways to Improve Your Home Loan Eligibility
Getting the home loan amount you need starts long before you apply. Here are five practical ways to strengthen your eligibility:
1. Maintain a healthy credit score
A score above 750 unlocks the best rates. Pay EMIs and credit-card bills on time and keep credit utilisation low.
2. Add a co-applicant
Adding an earning spouse or parent increases the combined income considered for eligibility.
3. Clear existing debts
Lower outstanding EMIs improve your fixed-obligation-to-income ratio.
4. Opt for a longer tenure
A longer tenure reduces the EMI and can raise the eligible amount.
5. Declare all income sources
Rental income, bonuses and incentives all count when documented.