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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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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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To own one’s home is the vision of every Indian. It gives a sense of comfort for some. For others, it’s a sense of achievement and growth..The number of home loan borrowers has risen enormously in past years. This boost is the result of a few metrics, the first is to top up the benefits of taking a home loan. The home loan can be used not only for the property’s purchase, but also for the house’s development or renovation.

We Dealsofloan , Comes with a friendly or attractive Home Loan schemes like simple eligibility criteria, 12 EMI Free Offer , lower interest rates for womens, 0% GST,Transfer your existing home loan @ 8% *, No EMI till possession and several concessions in the offer span.Buying a home is a huge step forward. It is a source of stress, frustration .. and an enormous sense of satisfaction. With a the rising property prices it is hard to buy a home completely from our savings. Actually every one of us has a home loan to use.

A home loan is usually one of the most important assets. Nonetheless, given the enormous amount involved and the long tenure, your home loan always gives you some advantages. The written down below highlights the benefits of taking a home loan

You Get an Asset :

It is not an easy task to buy a home, it is one of the biggest financial responsibilities of one’s life. You have to compensate for EMIs that are potentially heavy for your wallet.Buying a home is one of the largest financial investments that you can make in your long life; and this is not just because of the personal significance. The sum most of us sinking into our home makes it the largest part of our holdings of assets.Buying a home is also counted as an opportunity that can also protect your future.

The promise of mouth-watering capital growth is the main argument for buying a home for each of us who’ve seen property prices rise over the last five years.It is secure to conclude that prices will not drop near future. Property rates will only rise in the longer term. They will never depreciate severely.

Home Loan Transfer Facility: In a the scenario of home loan, if he offers you a loan at a lower interest rate, you have the facility to transfer your home loan to specific lender.

To Improves Your Credit Score:

It is a great way to improve your credit score and ability to repay by paying off your EMIs on a home loan. If you have a good track record on your home loan, financing other purchases such as car loans or personal loan or other loans becomes easy.

Lowest interest rate:

Home loans are secured loans with a low interest rate payable relative to other unsecured loans.Buying a home is a long-term decision of over a 10-year period; the interest rates may go through several up and down cycles. If you can be sure at some point in the phase that you’ll benefit from dropping prices.

Tax Benefits:

The main benefit of taking a home loan is tax benefits. These are of two forms — one on repaying the principal amount, and the other on interest payment.With good tax incentives a home loan comes with. Accordance to section 24 of the Income Tax Act (ITA), homeowners may demand a deduction on their home loan interest for a self-occupied property until a limit of Rs. 2 Lakh. Beyond this, under section 80C of the ITA, a deduction of Rs. 1,50,000/- may also be sought in respect of principal repayment.

We Dealsofloan supports you to secure home loans with competitive interest rates and lowest EMI. Dealsofloan’s expert team will support you to get an instant home loan with minimum documentation and hassle-free digital process.

Register today in at our website to complete your home loan demand and take advantage of the lowest interest rates.

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Personal loan

When you apply for an personal loan or home loan from a bank or NBFC Partners, they consider your capacity to reimburse the loan. This consideration depends upon different variables, deciding your trustworthy. A portion of those components contains borrower’s age, income, profession,credit history and record without a doubt.In some case, a few people face rejection with regards to their loan application process. To stay away from such conditions, you should need to refer these basic reasons why your Loan application may get rejected.

Reasons for loan rejections

Too many loans:

Banks are doubtful to allow a loan to borrowers who as of now have an excessive number of loans. allowing a loan to such a applicant builds the individual credit obligation and can likewise prompt defaults. Thus, it ends up unsafe to loan to such a candidate.The Bank can verify your financial profile and if you have availed loans , then bank checks your timely payment of instalments.Too many loans can also affect your CIBIL Score.

Co-applicant has a Low CIBIL Record:

It is very crucial to have a good credit score for each loan applicants.But, for unknown purposes, the loan application may be refused. And, the co-applicant’s CIBIL Rating may be one of those factors.Therefore, even if you have a very solid credit record and your co-applicant doesn’t have it, your loan application may be refused.

Job Unpredictability:

While applying for a loan application, the job security plays a major role.Security of the job gives the borrower an assurance about the repayment.

When you often switch jobs or do uncertain freelance work, there is a high likelihood of your loan application being refused.

Your loan application was previously dismissed:

One should not regularly apply for a loan if it is rejected from another or do you want a joint loan with your sister or friends: although some banks may consider providing a joint loan to brothers who are co-applicants, banks generally do not offer loans to sisters or brothers and sisters or friends who want to be co-applicants.

CIBIL also tracks rejections of loans. But you started to apply with other banks until your loan application was denied. Try to know the cause for the denial and work on it to develop.

Submission of incomplete documentation:

Fail to provide the appropriate documents to prove your eligibility for your loan that result in a refused. When sending your papers, please pay attention to the instructions for the loan application.

Not meeting eligibility criteria:

Besides your identification and earnings, certain eligibility criteria set by the borrower, such as the right age, must be met.You will have to be in a town where the borrower works to get the loan.

Low Income:

One of the eligibility criteria needed when processing your Loan application is to have a sufficient regular income through a work, occupation, or company. If your income is lower than the requirements or if it is unpredictable, you may lose your chances of receiving a Loan.

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However, with the latest developments in the financial aspects of the country, buying a home has become easier than it ever was. With the affordable housing and home for all concepts and government’s push and motivation to the people of buying a home of their own, have turned things in favor of Home Buyers. The Home Loans have become a savior for those who need additional funds to buy a home. Let’s have a discussion on how these Home Loans are acting as a boon to the needy people.

What are Home Loans?

The Home Loans are the secured Loan Types, which are being offered to the people by the lenders (Banks and NBFCs) to buy a home. Since, these are the secured ones, the Property to be bought acts as collateral. In case the borrowers fail to repay the Home Loans, the lender reserves the right to recover the Money through the sale of the property.

Features of Home Loans

• The Home Loans are the long term loans, and the Loan tenure varies from 5 years up to 20 years. However in some cases, it extends up to 30 years.
• The Home Loan is the Cheapest Loan type in India as the Home Loan Interest Rate is least as compared to other Loan types.
• The Low Interest Home Loans can be availed by almost all Major Banks like SBI, HDFC, etc.
• The Home Loan Interest Rate is of two types; floating rate of interest and fixed rate of interest!
• Around 80% of the property’s value can be availed as Home Loans, providing that all other conditions are met!

What are the Major Factors in Home Loans?

There are certain major factors which play deciding role in the Home Loans. These are mentioned below:

• High CIBIL Score allows borrowers to avail Low Interest Home Loans
• The more is the eligibility of the borrowers on all other aspects, the better the Home Loan Interest Rate
• Home Loan insurance allows more security to your home, by getting it insured
• The Home Loans also comes with the processing charge, which may range from 1% to 2%
• The Home Loan Interest Rates which are of two types are the deciding factor in the Home Loans. While, in the floating rate of interest, the foreclosure is completely free of cost, the fixed rate of interest attracts the foreclosure charges

As the Home Loans are the long term responsibility, which needs to be carried on your shoulders for quite a long time, you must evaluate the complete scenario and then should decide whether to opt for Home Loans or nor! However, remember that a Home of own offers happiness and sense of security to the whole family. It’s the heavenly feeling to have a home of own, a dream Home, where you can relax and spend memorable moments with your loved ones.

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