Tricks to Improve Home Loan Eligibility

We are living in times when purchasing your own home is no longer a distant dream, especially in a cosmopolitan hub like Gurgaon. Not just because the city accommodates diverse homes ranging from budget to luxury homes like Krisunmi waterfall suites, but also because there are a lot of offers and discounts being provided by banks and real estate developers, which makes the buying process a lot smoother and easier. However, 1 of the most common ways of purchasing homes which remains popular among buyers to date is a home loan. It’s not only one of the oldest ways but also the simplest. 

However, despite the growing and exciting times we are living in, some buyers still face challenges when it comes to purchasing houses as they are not eligible for housing loans and there can be a lot of factors behind that. Thankfully, it doesn’t have to be like that and the buyers can work on improving their credit scores, to improve their eligibility for a home loan and be able to purchase their dream haven like the newly launched Krisumi Waterfall Suites Sohna. Through this blog, let’s try and understand how home buyers can improve their eligibility. 

Long-term Home Loan 

One of the oldest tricks in the books to improve eligibility for a home loan is by opting for a long-term home loan. However, it is important to keep in mind that while a longer tenure will lower the EMI, it will raise the total home loan interest payable. This will eventually mean that the buyer must account for a higher borrowing cost while opting for a long payback period. On paper having such a long tenure with raised home loan interest, may seem a risky investment at first but it is also one of the most proven and efficient ways, of being eligible for a home loan and increasing the chance of being able to afford a luxury residence like Krisunmi waterfall suites. 

Casting down a higher down payment

Usually, a lending firm or bank provides 75% and 90% of the home, ‘s appraised value but even then, it’s the consumer who will be responsible for paying the balance. So the best option is to lower the down payment results in higher loan values and consider going for higher interest payments. Hence, making a larger downpayment will always be recommended, so the buyer won’t have to pay higher home loan rates of interest and can purchase their dream home Krisumi Waterside Residence without much worry. 

Clear your pending loans

One of the important criteria behind being eligible for loans, especially something as big as a home loan, is to have a good CIBIL score. Which is normally maintained by making timely payments on your loans and bills. This has to do with the debt-to-income proportion, as based on that report, the home loan eligibility for a consumer gets accessed. So keeping these factors in mind, it’s always a safe option and in their interest for the homebuyer to keep a clean track record and pay off any of their pending loans. This will not only increase their chance for home loan eligibility but also increase their CIBIL score. 

Joint Home Loans

Having multiple earners in the family like a married working couple will most likely increase your chances of availing home loan. An effective way to do this, in the case of both working partners, is to submit home loan applications together. Doing so gives a lot of advantages, such as the increased chance of eligibility, flexibility of sharing the payment responsibilities, and tax advantages. 

Conclusion

Krisumi Waterfall Suites Sohna is nestled smartly in one of the most hustling parts of the city which finds itself in proximity to major corporate and entertainment establishments and near highways as well, which reduces the time that is normally required to travel to Delhi and other parts of the city.