01-Jan-2020 |Home Loan Eligibility
‘Buying a home for your family’ that’s what going at the back of your mind? If yes, then this article is a must-read for you.
Buying a dream home is always a crucial decision of an Individuals life. One needs to do a lot of arrangements & adjustments in their budget & financials. Most of the time, It may happen that your dream home budget goes out of your pocket. It’s the situation when you have to make a decision, either to drop your plan or opt to apply for a home loan and make your dream come true.
Before you apply for a home loan, it is advisable to check your home loan eligibility, so that you have a clear picture of your eligibility.
When you apply for a home loan, the lender would assess your credibility to repay the loan amount within an agreed time frame based on the home loan eligibility criteria.
Home Loan eligibility is defined as the maximum loan amount that you can expect to get, based on certain criteria such as your current source of income, repayment capacity, age, credit score, and many others.
In this article, we will walk you through 6 vital steps that help you to increase your home loan eligibility without having any trouble.
All your existing unclear loans would negatively impact your home loan eligibility criteria. The previous loan dues would majorly hit your home loan eligibility. A lender would always consider your outstanding dues before sanctioning your home loan.
Before seeking for a home loan, make sure that you have cleared and closed your entire existing loans, collected no-due certificate and get it updated in your CIBIL credit score.
Your home loan eligibility criteria are determined by your repayment ability of loan amount every month which is what we called as equated monthly installments (EMIs).
If you go with longer loan tenure, you would have to pay lower EMIs every month, which fits to all middle and lower middle-class applicants’ to repay their loan amount and you are eligible for higher home loan amount to buy your dream home for your family.
But longer loan tenure means you would have to pay higher interest to the lender.
Don’t get disappointed, there is a solution to this situation as well.
Considering that your income would increase every year, the option is to increase the EMI amount every year with an increase in your income. You just need to restrict your expenditure to some extent and you would pay off the home loan amount in a lesser time period.
You can even take help of an online home loan EMI calculator which is available on Aavas Financiers website for you to quickly calculate your EMI based on your tenure, interest rate & loan amount.
Fixed Obligation to Income Ratio (FOIR) is a critical parameter for determining your loan eligibility. It is defined as the part of your source income currently being used for loan repayment.
Higher the FOIR, lower the chances for loan eligibility. Therefore, try to limit your FOIR to up to 40% in order to increase the chances of loan approval.
You can lower your FOIR either by increasing your source of income or you have cleared out all your debts.
Lower FOIR means your liabilities are less which enhances your disposal income, thereby increasing your repaying capacity.
The home loan lenders of any financial institution or banks consider your credit report to measure your repayment behavior and mark you as high-risk or a low-risk potential home loan applicant accordingly.
The CIBIL score is one of the significant factors while the lender approves your home loan. Your CIBIL score is a measure of your capability to repay the loan amount within an agreed time frame. Always maintain a credit score greater than 750 (out of 900) to increase your home loan eligibility and even helps you to avail lesser interest rate from the concerned loan provider.
Low income, low credit score and so on are common factors for the rejection of home loan applications by the lenders. You can increase your home loan eligibility by choosing joint home loan instead applying as an individual applicant.
A joint home loan means you need to consider a co-applicant who is your immediate family member (salaried or self-employed, Indian or NRI).
If your co-applicant is a woman then even better, as woman co-applicant enjoys a lower rate.
By this method, you would increase your eligibility loan amount to many folds because your co-applicants source of income is also considered by the lender in assessing your eligibility criteria. And other benefits as well such as tax benefits, share loan repayment amount and so on.
If you are failing to fulfill the home loan eligibility criteria, then you can even consider other income sources such as rental income, interest earned from fixed deposits or any bonus amount you have received from your employer or extra income earned as part of your freelancing work. All these sources of income would back you as well to enhance your home loan eligibility criteria for buying your dream home.
During the loan approval process, make sure that you have disclosed all the correct information in your application. Otherwise, you may face rejection in your home loan application.
Aavas Financiers Limited is a housing finance company helping many to fulfill dream of owning their dream home. Aavas Financiers Ltd has the vision to help 80% of India’s population which belongs to low and middle-income by offering them home loans, plot purchase loan & construction loan, loan against property and balance transfer. You can take the help of home loan eligibility calculator or home loan EMI calculator to avoid Home Loan rejections.
01-Jan-2020 |Affordable Housing
क्या आप प्रॉपर्टी खरीदने जा रहे हैं? जानिये कुछ जरुरी बातें
आज डिजिटल प्रौद्योगिकी के प्रगति युग में, अब अपने सपनो के घर को पूरा करने के लिए ऑनलाइन द्वारा होम लोन आवेदन की परिक्रिया और को भी सरल बना दिया गया है |
अपने घर का सपना सभी का होता है, हर कोई चाहता है की उसका अपना खुद का मकान हो, लेकिन घर खरीदने के लिए इतनी बड़ी राशि जुटा पाने में हर आम आदमी सक्षम नहीं होता| निराश ना होइए, इसी को ध्यान में रखते होते भारत सरकार द्वारा प्रधानमंत्री आवास योजना (PMAY) चलायी जा रही है जिसका आप भी लाभ उठा सकते है| इसमें सरकार होम लोन पर सब्सिडी देती है|
फिर भी, दो वित्तीय शब्द हैं जो हर होम लोन धारक को भयभीत करते हैं।
पहली ब्याज की दर और दूसरी ऋण राशि की अदायगी। लेकिन आपको चिंता करने की आवश्यकता नहीं है, आप निम्नलिखत तरीकों से अपने होम लोन ब्याज के बोझ को कम कर सकते है|
आइये जानते है, किस प्रकार आप अफोर्डेबल हाउसिंग लोन द्वारा अपने होम लोन के बोझ को कम कर सकते है।
PMAY (U) -
1) निम्न आय समूह (एलआईजी) / किफायती कमजोर वर्ग (ईडब्ल्यूएस) - वार्षिक आय 6,00,000 रुपये तक।
2) मिडल इनकम ग्रुप (MIG-I) - Rs.6,00,001 से Rs.12,00,000 तक की वार्षिक आय।
3) मिडिल इनकम ग्रुप (MIG- II) - Rs 12 ,00 ,001 से Rs.18, 00,000 तक की वार्षिक आय वर्ग के लोग|
PMAY (G) –
आवेदक के परिवार की आय 3 लाख रुपये और 6 लाख रुपये वार्षिक तक होनी चाहिए।
आइये जानते है की किसको कितनी सब्सिडी मिलेगी|
1) ईडब्ल्यूएस और एलआईजी श्रेणी में, व्यक्तियों को 6,00,000 रुपये की ऋण राशि पर 6.5% ब्याज अनुदान मिलेगा|
2) MIG - I श्रेणी में, व्यक्तियों को 9 लाख रुपये तक की ऋण राशि पर 4 प्रतिशत ब्याज अनुदान मिलेगा, और MIG - II स्लैब श्रेणी के व्यक्तियों को 12 लाख रुपये तक की ऋण राशि पर 3 प्रतिशत अनुदान मिलेगा ।
3) PMAY-G श्रेणी में, व्यक्तियों को 6% वार्षिक के दर से 6 लाख रुपये तक की राशि के लिए। यह योजना ग्रामीण लोगों के लिए एक नया घर बनाने या पुराने का विस्तार करने में आसान होम लोन का लाभ उठा सकते है।
होम लोन बैलेंस ट्रांसफर
होम लोन बैलेंस ट्रांसफर आपके मौजूदा होम लोन को दूसरे होम लोन ऋणदाता को स्थानांतरित करने की प्रक्रिया है, जो आपको बेहतर ब्याज दर प्रदान करता है। अपने ऋण को किसी अन्य संभावित ऋणदाता पर स्थानांतरित करके आप एक किफायती होम लोना प्राप्त कर सकते हैं। किन्तु, आपको विभिन्न उधारदाताओं से बात करने की आवश्यकता है।
अपने CIBIL स्कोर को बरक़रार रखें
सस्ते होम लोन पाने के लिए CIBIL रिपोर्ट महत्वपूर्ण है। यह एक रिपोर्ट कार्ड है, जिसमें आवेदक द्वारा ऋणों के पुनर्भुगतान का पूरा विवरण रहता है। प्रत्येक ऋणदाता CIBIL स्कोर को ही मुख्य रूप से प्राथमिकता देता है और उसके आधार पर ही आपको होम लोन के सस्ते ब्याज दर का लाभ मिल सकता है। आपको अपने सभी पिछले ऋणों का भुगतान करके, अपने सभी क्रेडिट कार्ड बकाया राशि का भुगतान करके (900 में से कम से कम 750) का एक अच्छा क्रेडिट स्कोर होना चाहिए।01-Jan-2020 |Affordable Housing
With the advancement in digital technology, applying for a home loan now days is much easier. The online method has really simplified the loan application process.
Still, there are two haunted financial terms that scare every home loan borrower.
The rate of interest and repayment of the loan amount are the two financial burdens on every loan borrower while opting for a housing loan. But no need to worry, you can minimize the burden to a greater extent with the following ways.
Please go through the ways to reduce your home loan burden by availing Affordable Home Loan.
1. Do Through Market Research
Market research is important for availing affordable home loans. It is the fundamental way by which you can avail a home loan. You need to have a fair knowledge about housing loans and the procedures. Compare housing loan schemes and offers from different financial institutions. Stay updated with current interest rates in the market. Take advice from your friends and network who has already availed affordable home loan.
Get to know your home loan eligibility as it depends on your loan repaying capacity. You can check your eligibility amount by taking help of a home loan eligibility calculator.
PMAY scheme is an initiative of Government of India launched by our Honorable Prime Minister Shri Narendra Modi, recently shared his vision of housing for all by the year 2022, through the "Credit Linked Subsidy Scheme” (CLSS) under Pradhan Mantri Awas Yojana (PMAY).
Now, Economical weaker section / Middle Income group can avail interest subsidy on purchase, construction, extension and improvement of home.
The PMAY scheme is further divided into two parts based on category.
PMAY (U)-
PMAY (G)-
The income of an applicant’s family should be in range of Rs 3 lakhs and Rs 6 lakhs p.a.
Subsidy
CIBIL report is one of the important key factors for determining the eligibility of affordable home loans. It is a report card of an applicant where complete details of repayment of debts by the applicant are recorded. A Lender monitors the CIBIL report and based on that you can either avail a home loan or face rejection. You need to have a good credit score (at least 750 out of 900) by clearing all your previous debts, paying all your credit card dues and so on.
Part-payment of a home loan refers to a lump sum amount paid by you as a loan borrower along with regular EMIs. This way of repayment brings down the EMI amount which ultimately reduces the home loan tenure. And when loan tenure gets reduced then it also brings down the interest rate. Majority of banks do not impose any penalty on making a partial payment.
Applicant’s employment stability is one of the determining factors to avail of an affordable home loan. You can’t enjoy a good interest rate if you have been sitting idle without any job in hand or switching your job frequently. The falling income graph will cost you with a higher interest rate.
So, you need to be steady with your employer for at least two consecutive years to avail of an affordable home loan.
Conclusion
For most of us buying a home is a huge one-time investment. Prepare well at your end and make sure that you are completely ready to apply and avail an affordable home loan without any hiccups. As mentioned above write up, explore all possible ways and come up with a feasible option to get an affordable home loan.
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