Many families are having plans to have a desired home that is the first and only biggest stress a person can have. To have a home to live in with no rent is what many salaried people dream. The journey of work only starts with the hope of having a house which can open doors to work on different things. Only for those salaried people, home loans are available in the market by which they have to pay the affordable interest rate and flexible tenure time. House is small or not, home loans are available for both.
Ways to increase home loan game
Have reserves Make sure you always have reserve money with you to pay the EMI payment. This will be helpful during the loss of a job or not having money on time. These reserves will keep up your credit score as well.
Co-applicant Having a co-applicant featuring with you in the loan is a great option to choose mostly spouse and guardians are taken into consideration. By this you can pay EMI amount easily with no defaults. And if the co-applicant has a high credit score then you may get more benefits.
Pay credit bills If you have outstanding bills to pay then you should clear them off as quickly as possible to higher your credit score this will help in loan applications.
Safeguard your defaults Before approaching the lender make sure your last 6 months statement is not highlighted with a red mark because banks check every detail and for at least 6 months you should be clear with your defaults.
Be ready with documents You should always be ready with the documents to provide it to the lender because there is a need for common 3 documents only i.e. income proof, address proof, and Aadhar/any id. This will help you in fast documentation services like HDFC home loan is providing.
Select a reputed builder Choose a registered and reputed builder who has approval from himself and for the land/property otherwise the bank will reject your application.
Now to keep up with the facts related to home loan is your responsibility. A home loan should be well calculated with the help of a home loan EMI calculator which is available on every bank’s website respectively. There you will know what they are offering and what they are not, every vendor is different that is why the loan amount you get is the same but they have different interest rates.
Every lender has their own interest rate so be careful on the assumption that they will provide you exact same facilities as other lenders are providing. Here loan debt payment can help you increase your credit score too by which you will become eligible to receive extra services.
Also Read-Understanding a home loan
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