Ways to Improve Eligibility for Home loan

Having a poor credit history can close many doors in terms of getting the best deals on Home Loans, mortgages and loans. If you’ve been rejected for any form of credit, alarm bells should be ringing, and you need to stop and analyze the situation before applying again with a different lender.

A good place to start is by checking your credit history

Identify credit score reductions reason, it could be because of credit card late payments or loan EMIs defaults, etc. Defaulting and late payment is the core factor for bad credit scores thus it is essential that every individual should maintain a good track record.

Never default payments in future. Make all payments on time and keep sufficient balance in your bank account for ECS transactions.

Continuous rejection of Credit cards and personal loans will lead to a drop in the CIBIL scoring, at these situations give it a break. This will help in gradually increasing the creditworthiness of the individual. Apart from these, having a good relationship with the bank manager is an add-on. Every branch manager has discretionary rights to alter loan requirements. Strive to maintain a good financial track record, to enjoy home loan benefits. You can also get a detailed HomeCapital’s HomeBuyer Guide here.