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Created with Fabric.js 1.4.5 5 Ways To Increase Your Home Loan Eligibility Repaying other outstanding loans Step-up loan Increasing the loan tenure Clubbing of incomes Perks For the past few months, home loan rates have consistently been shooting up.With respect to the new eligibility criteria, it is better for few home loan borrowers to review their options (relating to loan amount). Since EMI reduces with increase in the tenure of the loan, Opting for higher tenure is one very primitive method to enhance your home loan eligibility In a step-up loan, an individual will have to pay lower EMI in initial years and increased amounts in the second half of the loan tenure. Low EMI in the initial years is usually taken into account by HFC for calculating the loan eligibility. Home loan eligibility may be affected whenan individual has other outstanding loanssuch as car or personal loans. As per industrystandards, it is taken into account if theborrower has over 12 existing unpaid installments,thereby affecting the loan eligibility. When met with such instances, individuals can prepay the loan in part or full payments and increase their loan eligibility chance Clubbing the income of spouses/ son/ father/ mother is yet another way to increase the loan eligibility Salaried individuals, while computing their income must make sure that variable sources of income such as performance-linked pay and others are taken into account. This will subsequently enhance the loan eligibility of the individual.
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