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How to Qualify for a Home Loan?

By IIFL Home Loans | Published On Apr 22 2016 3:45 PM 2 min read 65 views 4940 Likes
How to Qualify for a Home Loan?

Can I get home loans and fulfill my housing dream

Will I be able to establish my home loan eligibility with a lender

What is the process of qualifying for a new home loan

Relax. You have landed on the right place; we are here to give you the right tips to qualify for a home loan. Perhaps, home loan approval is the biggest decision towards your accomplishment of your housing dream. Around 80% value of the total property is financed through home loans. The lender evaluates your credit worthiness, assesses risk factors and then approves home loans. So, let understand the qualifying process.

1. To qualify for a home loan, first, you should have proper information about the eligibility criteria. The best way to know your eligibility has few clicks on EMI Home Loan Calculator. You will get to know the possible home loan amount, EMI, appropriate tenure etc. Number crunching is indispensable in mortgage finance to make a sound decision.

2. Apply to the lender, where you meet the eligibility criteria. Check age, qualification, property location and other criteria. One lender can reject your application but other may accept the same. In this mortgage financing world, you can find the home loan schemes as per your convenience also. There are even home loan schemes, where there is no criterion for qualification, credit history, and low income. IIFL Home Loans New Home Loan Scheme NHLS is playing an instrumental role in empowering the unreached Indian Masses in an unprecedented way.

3. You want to avail home loans at competitive interest rate but your credit score is low. In this case look out for a co-signer. If you apply for a home loan with a co-applicant, the risk is diversified between you and your co-applicant. Choose the co-applicant whose credit score is good. So, remember mortgage is possible even with credit problems.

4. Go through the home buyer guide; this will give you an idea to get the required documents arranged in proper place. Once you have shortlisted your property, you should ensure your seller should possess Builder Approval Plan, Commencement Certificate, Encumbrance Certificate, Completion Certificate and Occupancy Certificate. You need these documents for approval of your home loans.

5. Keep the down payment of home loan ready with you because lenders often require this. Generally, 10-20% money is paid as down payment for home loans.

6. If you are going to avail home loans, stop applying for a new credit. If you are tied up with any running loan EMI, your home loan eligibility decreases.

Apply now and avail home loans to make your housing dream a reality.

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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.