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Home loan eligibility cibil score to check affordability what is the criteria to get all you need to know

It is important to take care of small things to get a home loan with a weak credit score. For example, adding co-applicant and keeping LTV low.

New Delhi. Our CIBIL score (credit score) is the most important for taking a loan from a bank. But due to irregular income or sometimes missed installment, this score becomes weak. In such a situation the bank refuses to give the loan. In such a situation, we are telling you about some such things today, which you can easily get a home loan by adopting.




It is easy to take loan with LTV ratio. Loan

-to-value (LTV) ratio contributes to fixing the loan amount. If this ratio is kept low then it can be easy for you to take a loan. For example, to buy a house, keep your contribution high by keeping the loan amount low. This increases the buyer’s contribution to the property and reduces the bank’s risk. Also, EMI is also less. This will increase the chances of getting loan.

Take a loan for maximum period. Banks

usually see the ability to fill your EMI before giving a loan. For example, a scale of EMI should not be less than maximum 50 percent of your salary. Therefore, whenever taking a loan, take it for a maximum number of years. This will reduce your EMI. Pay

Off other loans,

also see Bank Fix Obligation to Income Ratio (FOIR). This shows how much amount of loan you can pay each month. If you have other small loans running then get them cleared. With this, you will have the facility to make EMI. Also, the EMI of other loans will help to increase the EMI of the home loan.

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Also add the name of the application along with you

Adding a co-applicant, such as a co-applicant such as your spouse, or parents, etc. reduces the risk of the lending institution. It can be someone who has a permanent income and a good credit score. The loan amount will not increase until they add a well-earning co-applicant. Adding a co-applicant increases the chances of loan approval.

Banks for a secured loan. The soft

loan which is taken on the guarantee of an asset is called a secured loan. Loans can be taken on assets like property, gold, fixed deposits (FD), shares, mutual funds or PPF etc. The rules for secured loans are slightly softer than for unsecured loans.




Apply in the bank where the account is,

if your income is not regular or credit score is poor, then you should apply for loan in the same bank where you have an account or fixed deposit (FD). If you apply for a loan from the same bank, then getting a loan can be easy.

Be able to apply NBFC too

If you are having trouble getting a loan from the bank, then Non Banking Finance Company (NBFC) and Housing Finance You can apply for a loan in the company. NBFCs also provide loans to customers with low credit scores. However, the interest rate charged by NBFC is higher than that offered by banks.

Parvesh Maurya
Parvesh Maurya
Parvesh Maurya, has 5 years of experience in writing Finance Content, Entertainment news, Cricket and more. He has done BA in English. He loves to Play Sports and read books in free time. In case of any complain or feedback, please contact me @ praveshmaurya24@gmail.com
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