Cochin is one of the major cities in the coastal state of Kerala. It is a center of mixed cultures and houses many reputed educational institutes calling students from all across. The city also houses better hospitals, eating joints, entertainment centers and what not!
These traits of Cochin makes it one of the most preferable cities in India to live and settle. If you live in Cochin or planning to move there and thinking of buying a dream home, you can count on a Home Loan in Cochin facility from many lenders.
Yes, a Home Loan can help you avail an amount as higher as Rs.20 lakh and Rs.10 crore from leading online lenders.
However, before you jump on to fill an online form for the Housing Loan, it would be good to be sure of the eligibility criteria. Why? When you are aware of the eligibility criteria, it helps you prepare for a loan strongly.
Let’s look at some of the key Home Loan eligibility criteria in brief:
- Your Age and Remaining Working Years
The age of a loan applicant determines his/her eligibility. Yes, if you are young, you can grab a Home Loan on a longer tenor as you have more working years left. A person nearing retirement may not get a longer tenor to repay a Home Loan because he/she has lesser number of working years left.
- Your Financial Position
To ensure that you manage the House Loan regularly, your existing and future income will impact on the determination of your final Housing Loan amount. Lenders also see if your income stability is good or if it has a lower value while assessing the loan request.
- Your Financial Liabilities
Lenders will also analyze your financial obligations while deciding on a Home Loan amount or whether to approve a loan request or not. Thus, it is advisable to pay off all existing liabilities such as other loans EMIs, credit card outstanding and more. Like this, you can keep yourself financially ready to service an upcoming Home Loan.
- Your CIBIL Score
Lenders will pull out your Credit Score while processing your Housing Loan application to know your creditworthiness. If you have maintained a clean repayment history, it will be higher and help you get a Home Loan or any other quickly. You can keep it healthy by paying all your bills on time and every time. A CIBIL Score of around 750+ or more out of 900 is an ideal score to acquire a Home Loan at lower rates.
- Your Overall Personal Profile
Your probable lender may also peep into your personal profile and seek details such as family, the educational background which can help you get a loan approved.
Tips to Boost your Home Loan Eligibility
Now that you are aware of the Home Loan eligibility criteria, have a look at some of the tips to boost it further:
- Extend the Tenor – Extending the tenor means spreading the loan cost into smaller EMIs and paying lower Home Loan interest rates. Lenders can approve such an application as it will earn interest rate for a longer duration.
- Combine Incomes – You can increase your Home Loan eligibility by clubbing all incomes in your family together and then applying for a Home Loan.
- Include Bonuses – Include sources of income such as yearly performance bonus while computing the loan instalments. It will help you boost the eligibility in the long run.
The Bottom Line
A Home Loan in Cochin is easy to avail if you fulfil the discussed Home Loan eligibility criteria and improve it to grab a Housing Loan quickly. We hope that this post should have helped you prepare for a Home Loan approval.