Know the Eligibility Criteria of Home Loan for State Government EmployeesIf you are a State Government employee and looking to fulfil your desire of purchasing a dream home with the help of a Home Loan, you will need to prove your eligibility. Yes, a Home Loan eligibility is decided by many factors, and you don’t get the loan if you falter.
An online Home Loan is a modern-day financial tool that can help you purchase a dream abode. Leading banks and non-banking finance companies (NBFCs) can lend you between Rs.20 lakh and Rs.10 crore as per your eligibility and other terms.
You can easily know your Housing Loan eligibility even before applying for a loan by using a Home Loan eligibility calculator available free at a lender’s website.
Similarly, a Home Loan EMI calculator can also assist you to determine an exact Home Loan EMI before applying for a housing loan.
These are the modern financial tools developed by lenders to help you prepare for an upcoming loan application confidently.
Thus, in the same milieu, let’s provide you some easy tips that you can implement to improve or boost your loan eligibility super-easy!
But before you get to know some tips to improve your Home Loan eligibility why not have a look at some of the standard Home Loan eligibility conditions first? Let’s check out!
- The borrower needs to be an Indian citizen
- Your age should fall under the bracket of 23-58 years
- You should be a working professional and have a work experience of at least 3 years
Along with the Home Loan eligibility terms, how can the documents required for a Home Loan be behind? Have a look!
- KYC documents
- Address proof
- Identity proof
- Recently clicked photographs
- Latest salary slips or Form 16
- Last 6 months’ bank account statements
Tips to Improve your Home Loan Eligibility
Let’s now provide some Home Loan for government employee eligibility tips to make your Home Loan candidature strong!
- Increase the Home Loan tenor
Increasing your Home Loan tenor means being in complete control of the repayment as you can easily pay smaller EMIs and your loan eligibility will also increase. What’s more, people that are opting for a longer tenor also helps the lender earn more interest as they get the benefit for an extended period. As a result, such applications may see quick approvals.
- Check on your Credit Score
Since the Credit Score denotes your creditworthiness, a lender will check it if it’s healthy or not. Thus, before applying for a Home Loan for State Government employee, ensure to pull out your CIBIL Score and resolve all mistakes. A Credit Score which is 750+ out of 900 is considered ideal for a Home Loan approval.
When you can pay off the existing debt, the previous EMI amounts will get freed up which you can easily channelize towards the new Home Loan payments. The concept is simple to understand – the more EMIs you have, the lesser the chances of a Home Loan or any loan approval.
If you are living in a company where your income is not the only source of income, you can easily combine incomes of your spouse and other while applying for the loan. Thus, when you club incomes, your overall eligibility improves and loan approval increases.
The Bottom Line
You are now aware of the standard Home Loan eligibility, required documents for the Home Loan, along with the tips to improve eligibility, why not implement it?
Go ahead and follow the easy-to-use Home Loan eligibility if you have a Home Loan for State Government employees to apply! All the best!
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