Looking for a home loan? Here're 5 easy tips to get low-interest home loan approved instantly
New Delhi | Jagran Business Desk: Most of us dream of owning a beautiful home but we often downplay it thinking, it''s not a right time to go ahead. High-interest rates on bank loans and complicated formalities also make use reconsider of decision. It takes some research work and a steady income flow that will enhance your resolve to buy home. Also, you can get home loans at lesser interest and low EMI cost. Read on to know how to get a low-interest home loan approved instantly:
1. Strengthen CIBIL score: To boost your eligibility for the home loan, strengthen your CIBIL score. It tells how good you are at paying installments, your previous dues, investment and much you can easily repay. To keep a good CIBIL score, a person must have a clear financial record. Your credit card payment should not be left unpaid.
2. Prepay your existing loan: Before applying for a new loan, a customer should make sure to prepay all the dues of the existing loan. Otherwise, will not let you take the burden of the two EMI's because it can delay the installments. Also, the lender can ask for a reduction in the loan.
3. Must give a name of co-applicant: If your spouse is working and has a good credit score, then their name can be added as a co-applicant in the application for a joint home loan. This will increase the ability of the customer to get a loan as it gives authenticity and credibility to the lender.
4. Additional source of income: If you have sources for additional income (part-time business or rental income), this can strengthen your financial position. So, must share the details of these sources while applying for the loan. This can also help you in getting a bigger loan.
5. Step-up loans: People with a low financial background should apply for Step-up loans. In this loan, the lenders offer a loan with a small amount of EMI. This will help you to stay financially stable.
Posted By: Srishti Goel