Important Tips to Get Qualified for a Home Mortgage Loan

important-tips-to-get-qualified-for-a-home-mortgage-loan
May 18, 2017 Share

 

In search of new properties in India? Looking for a home mortgage loan? Then, you better know, you have got to act wise and smart. While purchasing a home can be exciting, getting a right home to buy can be just as tough. However, a right home loan can help you in more than one way. Most of the people wanting to buy a new home are not aware of the nitty-gritty about getting a mortgage loan. As soon as they hear about a rate-cut in the interest, they either decide to follow the trail or directly butt into the ownership. But, what they don’t know is the process of getting a home loan is not as easy as a cakewalk and thus, a greater percentage of people get thwarted when their loan application gets rejected.

This post is going to offer you a number of tips to help you with the process.

Save money- Saving money and making it ready for down payment is one of the wittiest ways how you can get qualified for a home mortgage loan and settle on the best properties in India. Provided, you have adhered to all the yardsticks set by your lender, you have to down pay a minimum amount of 3% to 20% of the purchased price and, failing to do the same will not permit you for a home loan, thereby getting your dream shattered. However, setting up a monthly financial budget will help you in more than one way. After you estimate your budget, make sure that a certain amount of money is deposited to a separate savings account, making it easy for you to start saving.

Turn out your credit score- Although it takes just a few minutes to know about a credit report, most of the investors hardly feel the necessity to do the same, as identity theft is something people don’t expect to happen every now and then. Still, being on the safe side is what a wise person would always do.  By re-evaluating your credit score before putting in an application is how you can be best aware of the possibility of your loan acceptance. On top of that, with credit activity having a major impact on home loan, a CIBIL score below 680 can stop your loan application right away. Thus, you should always check your credit report well in advance before you put in a mortgage application.

Clear all your debts- This is probably one of the most important criteria to follow if you want to get a clean chit against your home mortgage application and dig up to your desired property in India. Though you don’t need to show a zero balance to qualify for a loan application, still the less you are indebted, the more is the chance for you to be eligible for the same.

Go for what you can afford- Craving for purchasing a home that you can hardly afford is nothing but an instance of utter stupidity. Thus, before your loan application gets rebuffed by the lender and you are informed about the limit you can conjure up, opt for a loan that fits on your budget easily

Stay stick to your job- Well, it may sound quite off-the-track, but quitting a job before the closure of mortgage deal can make you lose out on the entire deal.  Sticking to the same job during the process is very important. Even a slight change in your income status can get you a rejected home loan term.  

So, what are you still contemplating over? Time has come for you to act wise and clear all of your bills on time. Being careful about not doing certain things like applying for new car loans or registering for new credit cards would always make sense.

 

 

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