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Worried about getting the home loan for your dream home? Here are some tips to make the process simpler and easier.

Save money for a down payment

A good amount as down payment lessens the financial burden on you. It also shows the lenders that you have good financial discipline and this can work in your favour. Pay at least 20% of the cost as down payment.

Stable employment history

Borrowers with a stable employment history would be preferred by lenders. As far as possible, try to maintain a steady job for a good period before you apply for your home loan.

Clear Documents

Make sure that you have all the essential documents in order. Proper submission of all the required documents to the bank will ensure smooth processing. These documents include your

(1) Identity (or ID) proof preferably Aadhaar
(2) Age proof
(3) Educational proof (School/Diploma/Degree Certificates)
(4) Address proof
(5) Employment details & Office Address
(6) Income proof
(7) Bank statements (latest 6 months mandatory)
(8) Details of the property to be purchased

Go for a co-borrower or guarantor

Having a co-borrower increases your chances of securing the loan, better still get a younger co-borrower. This can also result in a greater loan amount and better interest rates.

Importance of a good CIBIL score

A good CIBIL score betters your chances of getting a home loan. Paying credit card bills on time and paying loans without defaults increases your score.

Check what loans you are already paying and ensure that collective EMIs you are paying are not over 40%-50% of your income. Calculate your home loan EMI and make sure that this won’t be more than 40% – 50% of your income. This is important to facilitate home loan approval.

Income

Income determines your eligibility for a home loan and the higher your income, the greater your chances of eligibility for a home loan. The simple reason is that this automatically increases your repayment capability. Your maximum loan amount and tenure allowed will be longer too.

Buying from a reputed builder

Buying from a reputable developer betters the chances of loan approval. For one, many of them have tie-ups with banks. They also hold proper credentials and permissions for construction and this eases the process.

Silversky Builders is a trusted builder with a wide range of properties. With our experience and bank tie-ups, we help you easily secure your home loan.