People want to own a home. It is a dream. But, everyone does not understand housing finance well. They fail to see that home loans are unpredictable financial products. Their customized nature makes it hard to predict if you will meet home loan eligibility criteria. Whichever housing finance company in India you may approach;few factors influencing your housing loan will remain same. A finance-savvy borrower will make the best effort to improve his home loan application in these areas. Thus, he has the best chance of receiving a home loan offer with the lowest interest rates possible. Check these factors out.

Credit history

Any housing finance company will prefer an applicant with a high credit score. That is the obvious part. But, credit history is far more complicated than a “score”. It has several facets. It incorporates current loan to assets ratio, previous housing loan rejections, etc. So, a smart house loan borrower will consider his credit history. Then, consult with a credit repair expert to repair your credit. It will assist you avail the best possible home loan in India. At times, some borrowers cannot expect the best home loan in India. But, you can repay your current liabilities and continue to pay utility bills. With such consistent effort in credit repair, you can expect a better house loan offer.

Housing finance company

A focus of a housing finance company in India is crucial for any borrower. Some organizations prefer to consider government employees. But, others are more considerate. Some lenders have much stricter standards of home loan eligibility than others. These factors play a crucial role in a selection of borrowers and the quality of support. So, extend your house loan research beyond the interest rates. Home loan rate will remain primary criteria. But a housing finance organization can influence several facets of your loan repayment.

Employer

Every lender wants to lend to a borrower with a stable income. This is much easier for government and PSU employees. Nature of employment and financial status of the employer will affect house loan approval. Freelancers, private firm employees, businessmen, and self-employed professionals will need to establish their financial stability. Consult with a personal finance expert because there are several ways to do it.

Personal details of applicants

Age, gender and education seem like very basic personal details. But, they have a huge influence on housing loan approval and interest rates. Older people have fewer years of active income. Recently, women are a preferred first applicant due to their psychological need for stability. A professional education will help any individual to a job more easily. So, these factors also affect applicant’s home loan eligibility.

So, take them into account. Make the best effort to improve the ones you can. This is the surest way to your dream home. All the best!