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Buying a dream home is usually a big financial commitment a lot of planning and adjustments in one’s budget and finances are required. Most of the time, your dream home budget will come out of your own wallet. It’s the point at which you must choose between abandoning your goal and applying for a home loan to fulfil your goal. It is recommended to verify your home loan eligibility before applying for a home loan so that you have a clear image of your eligibility.

When you apply for a home loan, the lender will evaluate your ability to repay the loan in a timely manner depending on the home loan eligibility criteria.

Home loan eligibility refers to the maximum loan amount you can get depending on factors such as your existing source of income, payment history, age, credit score, and other factors.

Below are some points which increase your home loan eligibility:

All existing loans must be paid off:

All of your previous ambiguous loans would have a negative impact on your home loan eligibility. Previous loan payments would have a significant impact on your home loan eligibility. Before approving your home loan, a lender will always assess your outstanding debts.

Before applying for a home loan, make sure you’ve paid off and cancelled all of your previous debts, secured a no-due certificate, and had your CIBIL credit score updated.

Build a strong credit report:

Any financial institution or bank that offers home loans checks at your credit report to assess your repayment history and categorise you as a high-risk or low-risk potential borrower. When it comes to approving your home loan, your CIBIL score is one of the most important considerations. Your CIBIL score is an indicator of your capacity to repay a loan within the specified period of time. Maintain a credit score of at least 750 (out of 900) to boost your home loan eligibility and to help you get a lower interest rate from the loan provider.

Extend the duration of your home loan:

Your home loan eligibility is decided by your capacity to repay the loan amount each month, which we refer to as equated monthly instalments (EMIs).

If you choose a longer loan term, you will have to pay lesser monthly EMIs, which is ideal for all middle and lower middle-class borrowers, and you will be eligible for a larger home loan amount to purchase your dream home for your family.

Maintain a FOIR of less than 40%:

The Fixed Obligation to Income Ratio (FOIR) is an important factor to consider when deciding loan eligibility. It is defined as the portion of your income that is currently being used to repay a loan. The higher the FOIR, the less likely you are to be approved for a loan. As a result, attempt to keep your FOIR below 40% to boost your chances of getting a loan. You can reduce your FOIR by enhancing your source of income or paying off all of your debts.

Extra Income Source:

If you don’t meet the house loan eligibility requirements, you can look into other sources of income, such as rental income, interest from fixed deposits, any incentives you’ve gotten from your company, or extra income obtained through freelancing. All of these sources of income will help you meet the requirements for a home loan to purchase your home.

Dealsofloan’s mission is to assist the large percentage of India’s low- and middle-income population by providing home loans, plot purchase and building loans, loan against property, and balance transfer, Home loan top up etc.

Visit our website dealsofloan.com to Check Your Home Loan Eligibility.

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As women achieve financial freedom, the number of women applying for home loans from banks has increased. As a result, lenders are now providing a range of opportunities and schemes to women who want to buy a house. Reduced interest rates and simple eligibility conditions are among the advantages available.

Since the advantages of a home loan are numerous, an increasing number of women are attempting to take advantage of the options that are available. If you’re a woman, here are some of the benefits of getting a home loan.

Interest rates are Lower: Lenders believe that women are more consistent and reliable as borrowers. Financial institutions provide lower interest rates on home loans for women to enable them to invest in different properties. This makes borrowing and repaying the principal sum very affordable for them. Even if the subsidized rate is just 0.05 to 0.1 % lower, it has a major effect on the EMI level.

Simple eligibility criteria : Women can get a home loan ranging from Rs. 30 lakh to Rs. 1 crore to buy their dream home. In order to attract female borrowers, more lenders are rising sanctions. This, combined with the straightforward eligibility requirements, makes applying for a home loan even more straightforward. A home loan can be secured by any woman between the ages of 23 and 58 who has worked for at least three years.

Stamp duty reductions and tax Benefits: The stamp duty paid to a female borrower is 2 to 3% percent lower than that charged to a male borrower. Using tax deductions, a woman borrower will save a lot of money. Interest repayment savings of around 2 lakh to3 lakh are possible.

Women’s loans have longer repayment Terms: With a repayment term of up to 25 years, a woman can comfortably repay a home loan. This also helps them to repay the loan with lower EMIs, easing financial burden. Furthermore, part-prepayments and foreclosures are not subject to any penalties.

Take advantage of schemes like the Pradhan Mantri Awas Yojana (PMAY): The PMAY home loan scheme includes co-ownership and provides a 2.67 lakh interest subsidy. Women applicants are given preference under the program. Individuals from low — income backgrounds, as well as low-income groups that aspire to own a house, will greatly benefit from this. The PMAY scheme can be particularly helpful to single women and widows.

Being a co-borrower has its Benefits: As a co-borrower, women have the option of applying for a loan. Borrowers’ mortgage payment would give them more flexibility and a better chance of getting a loan. On repayments, women also benefit from tax deductions. A co-tax borrower’s advantage is directly related to their repayment contribution.

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Most of us will need to borrow money from a bank or a financial institution at some time in life. Dreams and aspirations are valuable, but they come with a price. Typically, there are two types of risk: time and money. Purchasing a new home, a new vehicle, or planning a trip abroad all require huge amounts of money. Assume you need a loan to complete a task that you have been preparing for a long time. Unexpected expenses can throw a wrench in your financial savings plan. That’s when financial assistance comes into the picture.

To begin, you must understand that there are a few conditions that must be met before applying for a loan. Your credit score is first and foremost. We’ll explain what you need to know about your credit score to you right here.

What is a credit score?

A credit score is a number between 300 and 850 that shows a person’s creditworthiness. Your credit score is determined by factors such as the number of open accounts, debt, credit card bills, loan and repayment history, and so on. The higher your credit score, the more likely you are to be accepted for a loan with a lower interest rate and other advantages.

Why should you check your credit score?

It’s a good thing to keep track of your credit score and history on a regular basis. You’ll be able to identify your flaws and work to improve your credit score in a number of different ways this way. It will also assist you in keeping track of any inconsistencies and correcting them as soon as possible.

If you have a decent credit score and keep it within a certain range, you will certainly reap some benefits. You’ll almost always qualify for the lowest interest rates, and you’ll have no trouble having loans and credit cards accepted. Here are some of the advantages of getting a decent credit score:

Car and homeowner’s policies at the lowest available rates.

It’s easier to apply for and get a loan.

Obtain a favorable reputation among lenders.

You can request a higher credit limit on your credit cards if you have a good credit score.

Provides excellent home loan terms.

What Is a Good and Bad Credit Score?

In general, a credit score of over 670 is considered strong by the credit bureaus. You’re doing pretty good if your score is 671 or higher. 850 is the best and highest credit score that can be earned.

For example, most major credit scoring models work on a scale of 300 to 850 (the lower the score, the worse the credit score, but more on that in a minute), and anything below 600 is considered bad credit.

The basic credit ranges normally work out like this:

Outstanding Credit score : 750+

Good Credit score :700–749

Fair Credit score:650–699

Poor Credit score:600–649

Bad Credit score: below 600

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Planning to purchase the home of your dream? To buy a house, it is not always possible to have too much savings or willing funds. Thanks to a home loan facility that gives us the chance to buy our dream home. Many banks and financial institutions provide us with attractive deals to take advantage of housing loans. However, before opting for any deal for loans, one must be careful to gather all the relevant details. Knowing all the causes, terms and conditions of repayment is important. The next step is getting the money once you decide. It might seem a difficult task to secure a home loan, but it can be made easy by securing a few points clear in our minds.

Budget / Income: When it comes to their homes, people typically get sentimental. The decision to purchase one, however, should be realistic, plain and out. You should not make a hole in your pocket by buying your dream house. You must also verify before whether or not down payment and the EMIs are within your budget. The down payment you want to pay out should be designed in such a way that you still have the funds to cover any emergency, while according to the general rule of not reaching 45% of your total salary, the EMIs should be planned.

Choose right lender: When the loan person is the customer, the decision is in his court to select from the lenders. So, to determine the bank or the financial institution, one should do enough analysis. Remember that the deals of only one do not go by, but acknowledge at least 5–6 organizations before making your decision. Do read the terms and conditions they provide and what fits your specifications exactly. Consider both the statistical dimensions of the loan when determining the lenders. For example ,The interest rate , is significant and does not vary much between banks, but it may vary widely between customer service, internet banking facilities, and other such features.

Check your Home loan interest rate fixed or variable: Clearly, first of all, individuals look for loans that come with lower interest rates. At reduced interest rates, several banks and institutions provide home loans throughout the festival season. You must carefully review and have a decent knowledge of interest rate calculations before making any decision. The question now is whether you would go for interest rates that are fixed or variable. So, on your loan, it is often easier to go for variable or floating interest rates. Keep track of the change in interest rates. If interest rates have risen dramatically in a short period of time, you need to rethink your decision, as it can greatly increase your potential EMIs. To do this, it will be easier to have a prompt follow-up with the bank so that when the rate moves in your favour, you will save on interest.

Tenure of a loan: Usually, individuals prefer to go for the longer term to see that EMIs are more affordable. Nevertheless, that also means you end up paying more interest. Subsequently, your dream home is becoming more costly. It is desirable to select a long tenure for people who have begun working, as affordability will be a key problem. Chances are you’re paying EMIs ahead of time. It gets tough to handle long tenure loans in later years of working life.

Check Your Credit Score: Any bank or financial institution reviews your credit score before authorizing a loan. The credit score is, until now, the report card of your financial life. With this, the financial reputation and the risk associated with your loan payment are checked by the bank. You will get nothing from a poor credit score, thereby making your dreams crash. That is why check your credit score now. It will allow you to correct any errors in the score.

While home loans provide a good opportunity to purchase homes without cash available, it is up to you to understand the terms and conditions associated with it to appreciate the benefit and save money.

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Buying a house is not easy thing to do; it is a big challenge, right from finding the house of your choice to tuning on to the home loan, and if you miss something it will take out a lot of your time. Knowing the requisite documents and their details, however will relieve your extra stress.

Getting full and correct paperwork guarantees timely documentation and hassle-free Home Loan disbursement. You would need such documentation ready to be approved for a home loan, whether you are buying a home from a builder or finding home financing on your own.

You basically need identity proof, age proof, address proof, and income proof to be eligible for a home loan.

Income proof: This is the most critical document that will determine whether or not the person applying for the loan will be able to pay for it. The lender evaluates evidence of income so that they can confirm they put the amount in the proper hands. For salaried employees, the evidence of income differs from that of self-employed people.

Proof of Age: Age is another Home Loan qualifying requirement. You need to include evidence of your age to prove that you are qualified to apply for a loan or not. Driving License, Visa, Pan Card, Birth Certificate, and 10th Standard Mark Sheet are the records that can be called legal age verification.

Identification Proof: Identity checking is a mandatory move for the bank to interrupt the loan. Any document that proves your identity is recognized as an identity document, such as your name, date of birth, age, gender, caste, religion, etc. Driving License, Voter’s ID, Passport, Pan Card, Aadhaar Card, and NREGA Card are documents that are regarded as a legal Identification Proof document.

Address Proof: The bank also needs you to check that you have a permanent address where you live prior to authorizing a loan, and you will get your letters and bills at that specific address. Getting a checked address guarantees a correct address for the bank’s correspondence. Driving License, Voter ID, Passport, Ration Card, Utility Bills or a letter from a recognized government authority confirming the residence address of the borrower are included among the documents accepted as address evidence.

Self-employed: For self-employed people or those owning their own business, the income evidence includes:

1. A brief history to what type of company you are working with.

2. You need to submit your latest balance sheet, followed by documents that have all the company profit and loss details.

3. A copy of the CA authorized Income Tax Return for the last 3 years.

4. If you have made some advance tax payments, then it would also be appropriate to collect them.

5. To prove your company is registered under the Act of the Shops and Establishments Act, you need to display the registration certificate.

6. If you are a doctor, you need to present your practice certificate as a specialist.

7. If you have made some savings, you need to illustrate evidence of your investments, such as your FDs or shares.

Salaried employees:

The documents required by salaried employees are as follows:

The Form 16

If you have recently received some raise or promotion, send documents concerning that.

Next, link the organisation you’re working with to the appointment letter.

Send the pay slip of the last 3 months, together with the bank statement of the salary account.

The Income Tax Returns papers for the last three years.

Deed of Purchase: Another important document that you would need if you are planning to purchase a property is the Selling Deed of the house you are buying. It is proof that a property is being bought by you. It means the transfer to you of ownership of the land. And if after a few years you intend or need to sell the same house, then this will be the most valuable document for you, or you will not be able to show that this home belongs to you and you are not attempting to sell any property that is fake.

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One of the biggest responsibilities a person can make financially is repaying a home loan. This is mainly due to the large amount of loans involved and a significantly longer tenure period for repayment. The EMI payments can drain someone financially and have a huge effect on someone’s livelihood, in addition to other expenses.

In addition, based on the choices of RBI, there are several parameters such as loan repayment tenure, loan transfer, and adjustments in home loan rates. Such considerations also have the potential to impact one’s monthly payments. Therefore, it is very important to carefully analyse the parameters that can impact home loan EMIs in the longer term, when preparing to use a home loan.

Changing Rates of Interest:

During your loan maturity period, any improvement in the home loan interest rates can have a major substantial impact on your home loan EMI. If you have used a floating interest rate home loan, then your EMI will be impacted by the prevailing rates in the financial sector. This generally means that your home loan EMI will also be affected if the Reserve Bank of India makes any decision to make such improvements in loan rates.

This does not mean, however, that it is very expensive to use a home loan with a floating interest rate or that home loans with fixed interest rates are good.

In reality, the interest rates on home loans have dropped drastically over the last few years due to the repo rate cuts implemented by the Reserve Bank of India. A number of economic advisors recommend that home loan borrowers should go for floating rates as it does not include any pre-payment fees. Besides, a fixed home loan interest rate is not given by all lenders. You would be pleased to know that your interest rate is simply not constant for the whole loan term period, even with the fixed interest rate home loan.

Changes in the duration of Loan Term:

EMIs for home loans are greatly affected by the tenure duration of the loan. As a simple rule, if your loan repayment period is longer, your loan EMI would be lower. A majority of consumers, however, fail to understand that a longer period of time for loan repayment typically means higher interest rates. Therefore, considering smaller EMIs for home loans, a person would end up paying the financial lender a greater amount. A longer period of time for repayment of loans, however, makes much more sense if the borrower is not sure of his/her financial status and does not want to risk high monthly payments.

Step-up or Step-down plans for repayment:

A number of financial lenders, based on their earning potential, give their loan applicants a good range of repayment options. The Step-Up plan for repayment is the first repayment option. In this situation, at the beginning of the loan repayment tenure period, the loan EMIs are much lower, but rise over the remaining period of time. For people who have just begun their professional careers and are expecting a pay increase in the near future, this repayment choice is very suitable.

The Step-Down plan for repayment is the second repayment option. In this scenario, at the beginning of the loan repayment term period, the loan EMIs are much higher, but decrease over the remaining period. For people who are close to their retirement age or for those who want to cut some liabilities, this repayment choice is very acceptable.

Pre-Payment of the principal amount of the home loan:

The financial lenders would allow the home loan borrower to make pre-payments against the loan in most cases. This helps decrease the entire amount and the interest rate related with it. However a pre-payment charge of about 1-5 %of the remaining principal may be paid to you.

It is suggested that before using the home loan, you go through some pre-payment conditions with the financial lender.

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The credit score should be seen as the indicator of verifying your ability to repay any loan you have made available in a timely manner. Lenders determine, by your credit score, whether or not the loan will be extended to you. In fact, your credit score verifies your eligibility for a maximum personal loan. The credit score ranging from 300 to 900, is. The higher the credit score, the greater the chance of any loan being received. Check your credit score now.

A credit score lower than 600 is treated as a poor credit score. But the query is how to get a Low Credit Score Personal Loan? There are also several financial institutions and non-banking financial companies (NBFCs) that can provide personal loans to a person looking for a low credit score personal loan for which they can often charge comparatively higher interest rates . Usually, with a low credit score, financial institutions do not offer a personal loan. However, under the following cases, they can make allowances and have a bad credit score for a personal loan.

Applying with a guarantor:

If you apply to a guarantor, financial institutions may accept loan applications for a bad credit score. You need to make sure, though, that the guarantor has a good credit score and a strong repayment history. That’s because the lender offers a loan based on the ability to repay and eligibility of that person, which in the event of default makes him responsible for loan settlement.

Opt for collateralize on the loan:

Although personal loans are often unsecured, by collateralize an asset, you may choose to take advantage of a personal loan. The primary fear of bad score that financial institutions have is the reputation of the borrower. Therefore, this collateralize asset decreases the perceived risk and increases the likelihood of approval.

Provide Income Proof:

Showing your latest income statements is another productive way. If you have recently earned an raise or promotion, you can use it to take advantage of the advance. If you are able to provide the lender with proof of regular income, even with a low credit score, it will help you get a personal loan quickly. If you have higher monthly income, lenders are more likely to get a personal loan.

Apply with a Co-applicant:

It is often advisable for a person with a poor credit score to contact a person with a high credit score as a co-applicant. In such situations, the probability of having a loan increases a lot.

Apply for a reduced amount of loan:

With a bad credit score, the chances of loan approval are poor. That’s why you may want to consider applying for a lower amount of the loan, which stays within your ability to repay. It decreases the risk expected and increases the chances of approval.

Search for a secured personal loan:

A secured personal loan is also issued by some lenders. In order to avail the personal loan, secure personal loan means that you need to have some collateral. Even if he carries a low credit score, this form of loan can easily be taken by an individual.

It is always best to review your credit score and try to boost it while applying for a personal loan, if it is on the lower side. It is recommended not to apply with a low credit score immediately and to wait a few months, work to increase the credit score and apply again when the score has improved so that a lender can use a personal loan at a lower interest rate.

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Are you a salaried individual who feels a little tough to manage your income for certain expenses? If you have a robust credit score, repayment and employment experience, you can always go for an instant personal term loan. You will receive the best personal loan interest rate if your personal loan eligibility is strong.

As they fear the higher interest rate associated with it, most people do not apply for a personal loan. You can still follow some tips to qualify for the low interest rate for personal loans, however. Read on and know more now!

Compare interest rate  Before taking personal loan: If you looking for the perfect personal loan, a little research will assist you go a long way. You just simply need to land on our website i.e. dealsofloan.com and start  comparing all personal  loan interest rate on a single platform . This way, according to your needs, income and repayment ability, you can choose for the best personal loan offers.

Maintain a Good CIBIL Score: The very first aspect that lenders see is your credit score at the time of approving your personal loan application. It’s because it’s what demonstrates your creditworthiness, or how good or poor credit has been treated in the past. A credit  score  is between 700 to 750  is considered as good credit  score .The higher your CIBIL Score, the easier it would be for you to get your personal loan approval for a lower interest rate. In addition, a lender provides you with a loan tenor and the loan amount, depending on the CIBIL Score. Thus, by repaying your existing loan EMIs and credit card outstanding on time, you can make sure to maintain a good credit score. One more important thing  that check your credit score before applying for personal loan.

Apply at NBFCs: When it comes to processing and granting a personal loan, if you apply for a smaller amount, banking institutions are strict about offering it at a higher rate. Only when you apply for a higher loan amount will they provide an attractive rate of interest. This way, even to gain approval for a lower amount, you will have to give up a higher cost. For non-banking finance companies (NBFCs), that’s not the scenario because they have relaxed eligibility and other conditions during the review of the loan application. You may also opt for personal loans and apply to privately owned banks for online services, as they also give the loan on flexible conditions.

Job History: Before giving them a higher or acceptable interest rate, most lenders check an applicant ‘s job history. If you work for a reputable organisation, it does not take long for a lender to accept a loan request at a lower rate. This is because they want to check that you’re secure in your profession and are not going to face difficulties repaying the EMIs on time. As a result, you get a lower interest rate on a personal loan. Consistency in your work history is another thing that they see. If you have worked for a business for a long time, this can also be counted as a parameter to give you a discounted interest rate. Being reliable in jobs is an indication that without defaults, you will repay your loan quickly.

Some of the simple ways to achieve the best interest rates for personal loans are now being addressed. You should determine your condition first and then apply online for a personal loan.