How to Improve your Home Loan Eligibility?

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What is Home Loan Eligibility?
Home loan eligibility refers to the amount of
money a lender is willing to lend you to
purchase a home. It is based on your income,
credit score, debt-to-income ratio, employment
history, and other factors that the lender
considers while evaluating your ability to repay
the loan.
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How to Improve your Home Loan Eligibility?
To improve your home loan eligibility, you should
maintain a good credit score, reduce existing
debt, save for a higher down payment, and avoid
job changes during the loan application process.
You can also consider adding a co-borrower with a
stable income and clean credit history.
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3 Best Ways to Increase your Home Loan
Eligibility
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Applying Jointly
If you apply for a joint house loan with close
family members who are employed, such as a
spouse, son, or daughter, your eligibility is
significantly improved. This is due to the fact
that while calculating eligibility, a joint
applicant's income is taken into account.
5
Closing Other Loans
If you have other loans, you might think about
paying off the short-term ones early to qualify
for a greater house loan. As purchasing a
property is a one-time event, it makes sensible
to avoid making concessions since the desired
loan amount is not available. Also, you can
choose a loan with a longer term (up to 25
years), which will enhance your eligibility and
allow you to make prepayments as and when you
have extra money.
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Clear Your Dues for a Higher Credit Score
Also, it is strongly advised to make any
outstanding payments or defaults that may have
negatively impacted your credit score before
applying for a mortgage. An important factor in
determining a buyer's ability to repay debt and
financial responsibility is their credit
score. Hence, even while eligibility is a
crucial consideration when applying for a home
loan, you shouldn't let it stop you from getting
a bigger and nicer house for your family.
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Thank You

• https//en.wikipedia.org/wiki/Loan
• https//www.pnbhousing.com/blog/how-to-
  improve-your-loan-eligibility/