Your home loan application is like a resume. It needs to be factual. But at a same time, it must impress the readers too. Moreover, home loan application is an important document too. You cannot consider it as a collection of documents and application. But, it is a defining factor. It will decide whether you receive home loan approval or rejection. Housing finance in India is not as obvious. House loan approval from every housing finance company is decided by too many factors to be standardized.

But, to a certain extent, they are similar. Because all housing finance organizations in India are looking for a same thing. They want a customer who will meet home loan eligibility criteria, complete home loan process satisfactorily and repay EMI consistently. So, here are few techniques you can use to improve your chances.

Technique #1: Include what works

There are a lot of factors that a housing finance company in India will want to see in your house loan application. So, you need to include them. Do you know someone that you can consider as a co-applicant? Then, include their name. But, ensure that your co-applicant has a great credit score. Consider someone with a secure job in a government organization or a PSU (Public Sector Company). That will make your house loan application more reliable. Have you received any increment, promotion or a letter of appraisal from your office? Use it. You can improve the value of the application by including the following.

* Details of your assets
* Professional achievements

Technique #2: Repair what you can

Do you know that credit history is a comprehensive record of all the financial dealings of an individual or a company? But, you don’t need just a credit report to receive a house loan approval. You need a credit score above their home loan eligibility criteria. If your credit score is below 750, you may need to repair it. Mostly, housing finance companies in India look beyond the credit score. So, it is advisable to improve your credit history regardless. You should repay your bills and EMIs before due time. You should become a responsible borrower. You will need a good assets-to-liability ratio too. Submit a duly filled application along with documents required for home loan. Then, housing finance organizations consider the most responsible borrowers for the most affordable home loans in India. So, make the best first impression with your housing loan application.

Technique #3: Avoid the mistakes

Do not seek the best home loans in India if you do not have an impeccable credit history. A home loan rejection from housing finance company will get added to your credit record. So, do not miss EMIs or utility bills. Do not go job-hopping after submitting the housing finance application. These are costly mistakes and you must avoid them.

This is how you improve your housing loan application. You can do a lot of things during this process of application. But, in a long term, these techniques improve your chance of getting a loan offer and a loan for your dream home.