Home loan: Buying a house is the biggest financial decision of life. The more the right property is required, the more home loan is to be taken. If you make preparations in advance, then the chances of getting a loan increase and you can also get a low interest rate on home loans. If you take care of these things before taking a home loan, then the loan will be easy and the interest rate will also be low. With a little understanding and preparation, you can buy your dream home comfortably.
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Your credit score shows your credibility. Banks decide by looking at whether you are worth repaying the loan. Before taking the loan, download your credit report from Cibil or any other recognized agency and check any mistake or dues in it. If there is a mistake, get it fixed.
2. repay the loan on time
It is very important to repay the credit card, EMI or any loan installment on time. Even small delays can damage your score. By paying on time, the bank is confident that you are responsible and can take off your loan.
3. Use less credits limit
If you use a credit card, try to use only less than 50% limit. Excessive use will make the bank feel that you are under financial stress. If you need more, request the bank to increase the limit.
4. Reduce old loan or EMI
If you already have a personal loan or any other EMI, try to finish it. This will give more share of your income to repay the new loan. Your home loan qualification will increase.
5. Do not check the credit report again and again
Every time the bank checks your report, it is called a hard inquiry, which can reduce the score. So avoid applying in several banks simultaneously. Apply thoughtfully in select bank itself.
6. Do not change jobs
The bank sees the stability of the last 3–6 months job for the loan. Changing jobs during this time can cause problems. If possible, do not change the job until the loan is received.
7. Add female coal-applicant
If you have a woman earning member in your family, make them co-applicants. Many banks give loans to women at a low interest rate by 0.05%. This will also increase your loan qualification and reduce the total interest.
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