If you are considering taking a Home Loan in Calicut, you should know that a Home Loan application approved after a lot of reviews by a lender. Why? Because every creditor who is willing to credit loan amount also wants to ensure that you would be able to repay the capital on time.
Hence, apart from relying on you to be paying the Home Loan EMIs on time, they also firstly become certain that a borrower will put up with by the criterions linked with a Home Loan.
In the same context, if you want a Home Loan in Calicut to approve, you should follow some steps to land a quick and hassle-free approval. Have a look!
Step 1: Know your financial condition before applying for a Home Loan
Yes, before you go and apply for online Home Loans, make sure to decode your financial affordability. It is vital to know if you would be able to repay the loan amount on time or not. In other words, can you arrange for the EMIs? If answers to all these questions are ‘Yes,’ you should then only consider applying for a Home Loan.
Some lenders want you to draw a certain amount in salary to be eligible for a Home Loan in top Indian cities. For a Home Loan in Calicut, you should be getting at least Rs.30,000 per month. It is another parameter to look, determine and decide if you are eligible. Not knowing anything and applying will lead to rejection.
Step 2: Paying more to pay less in future
Once you have a clear idea about the cost of the home that you intend to buy, take efforts to pay at least 20% of the amount as down payment. The concept is simple – the less money you borrow, the fewer amount you will repay!
Why? It is because you will repay the loan with interest and it is a wiser step to pay interest only on the 80% of the loan amount than more.
Doing this will also help you avail a low Home Loan interest rate and also enhances your position to lenders as trustworthy which may help in availing another loan in future.
Step 3: Maintain a strong CIBIL score
Nowadays main concern in borrower is regarding CIBIL score. Everyone wants to know that How much credit score is required to apply for a Home Loan?.
Usually, financial institutions ask for CIBIL score between 650 to 800. So If your CIBIL score is good and has a healthy repayment history, your Home Loan may approve quickly. Why? It is because a good credit score proves your creditworthiness and tell a creditor that you have been good with the investments and how much of a loan figure you can handle.
Want to have a sound credit score? Try to keep a clean history by repaying your credit card outstanding on time, do not max out your credit card, paying all existing loan EMIs on time and more.
Step 4: Having a stable employment history
Lenders while approving your Home Loan in Calicut also see your employment history. If you love to switch jobs every six months just for a pay raise, your Home Loan may not approve. Lenders do not consider candidates who do not have a satisfactory employment history of at least 3 years. If you work for a reputed company, your lender may offer you a low rate of interest.
The Bottom Line
A Home Loan in Calicut approval may come quickly if you take all steps as per the above guidelines. Try to deploy all above steps to become Home Loan ready. If you fall short of some conditions as informed, take corrective measures to enhance your Home Loan candidature.