It’s a dream for everyone to own a home. Most are dependent on loans to pay for this dream. So do you have a home loan? If yes, a good portion of the monthly salary will deduct to its repayment. It must be paid for years.
Once you have planned to take a home loan, you need to take into account many things. The most imporntant thing is that the eligible amount of money that you will be paid in particular loan. It is determined on the basis of current income and repayment capacity. This is also based on the size of the loan, repayment period and interest rate. Most financial institutions do not have to pay 60% of the monthly salaries to pay a monthly payout (EMI).
Age, prior loans, loan history, track record of repayment, current loan liability and retirement age also determine the eligibility of your total amount. In this case, you will get more credit if you take some precautions.
Apply joint loan
If you are sure that you do not get enough credit on your own salary, add a living partner and apply for a loan together.
Settle other loan presently you have
If you have any of the existing loans (especially short term loans) should have settled before apply homeloan. You will have the opportunity to get more money.
Increase the period
If you increase your installment period, you will get more credit.