Rising rate of interest for home loans has indeed affected the eligibility of a lot of borrowers. Since the eligibility is related to rising interest rates, this leads to a lot of stiffness when it comes to home loan eligibility. Here are five ways in which you can increase your chances of getting a home loan approved:

Increase the term of your loan

Choosing a longer term for loan enhances your loan eligibility. This is because as you increase the tenure, your EMI amount decreases and this increases your ability to pay.

Repay your other outstanding loans.

Any other unpaid loans like personal loans or car loan may also adversely affect your loan eligibility. The lender uses online home loan eligilbility check and considers all of your ongoing loans when computing your eligibility.

Pool the family's incomes.

Another wonderful way to increase your chances of getting a home loan approved is to pool your family income together. You can make your spouse a co-applicant and based on that you can be eligible for a higher loan.

Step-up your loan.

A step up loan is another great way where in you pay a lesser EMI in the beginning years and enhance the same during the remaining tenure assuming your income and repaying capacity will also get better in the coming years. This is a popular repayment method for DDA home loans in Dwarka.

Include all sources of income.

When calculating your income, you must also consider all sources of your income including your commissions, perks based on your performance as well as incentives. This will also enhance your loan eligibility.

Alternatively, one can also apply for loan against property in case you are planning to multiply your real estate. This way you get to enjoy a better eligibility and lower rates of interest. You can know further by using a loan against property eligibility calculator.

Source:https://www.freeprnow.com/pr/ways-to-increase-your-chance-of-getting-a-home-loan-approval