Generally Home Loan is borrowed mainly for three reasons – To buy flat or house, for the construction of the house or for the renovation of the house. Whatever are the reasons everyone should determine some important features before applying for Home Loan, so that the process of the approval of Home loan can be faster & smoother.
The first & most important key feature is your credit score that is also known as your CIBIL score. Every lender always checks this at the time of application of Home Loan. Your CIBIL score keep all the history of your financial transactions. If you pay your liabilities on time & nothing outstanding is found then you may have good score & lenders will prefer your application for home loan.
Next in addition, whenever you are applying for Home Loan, always try to get your spouse or parents to be your Co-applicant & it would be much better if the co-applicant is an earning person. By this way you increase your potentiality of repayment of the Loan.
Moreover all this, once you came to know the value of the property, always choose the option towards a higher down payment. The maximum amount you pay as down payment, the minimum amount of Home Loan you have to pay & it will affect the interest rates also towards lower side. The lenders also give preference to such clients who carry a low risk to their funds
While applying for Loan, be careful what you are filling in Home Loan application. Just prepare all the details & fill the form in one go because if you apply many times & it’s get rejected, it may affect your CIBIL score too. Never hide off any clause & especially take care of your account numbers & salary details.
Throughout the entire process of applying for Home Loan, be cautious about all the relevant information either it is related to lender or it’s about your own details.