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Tata Capital > Blog > Is It Possible to Increase Your Home Loan Eligibility?

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Is It Possible to Increase Your Home Loan Eligibility?

Is It Possible to Increase Your Home Loan Eligibility?

The short answer is yes. If this sounds surprising then don’t worry. We will tell you how you can take some smart decisions to increase your loan eligibility in future.

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But before that, just because you have higher home loan eligibility doesn’t mean that you should borrow more. Always be sensible and borrow what is necessary. At the end of the day, it will be you alone who will be paying interest on each and every rupee borrowed. Isn’t it?

So let’s see how you can increase your home loan eligibility:

Clear off Existing Loans – while assessing your home loan application, lenders are concerned about your ability to service future EMIs. This naturally depends on your income and existing expenses. If you have other existing loans like personal loan, auto loan, etc., then obviously you will be paying EMIs for those. This in turn reduces the money available to service home loan EMIs. So to increase your surplus, make sure you clear as many loans as possible before applying for a home loan.

Income Stability – If you are well aware of your future plans and you intend to buy a house in couple of years, it makes sense to work with your current employer continuously for atleast 2-3 years. Lenders consider frequent job changes as a negative as it points towards income instability. This in turn might lead to reduction of your home loan eligibility.

Improve your Spouse’s Credit Score – If you plan to take a joint loan in name of your spouse and yourself, then the credit score of your spouse will be assess too. So you should take steps to improve your spouse’s credit score before apply for the joint loan. This in turn will improve your spouse’s creditworthiness in eyes of lender that can lead to increase in loan eligibility.

Start financial relationships with possible lenders in advance – Generally, if you have an existing relationship (deposits, loans, cards, etc.) with your lender, then it can help in processing of your home loan application. So building this relationship with the lender in advance can help you in your home loan.

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