The COVID-19 pandemic and persistent lockdowns of 2020 have undoubtedly slowed down the sales of the real estate sector with most prospective homebuyers putting on hold their purchase decisions. Realtors have been offering lucrative discounts to clear their unsold home inventory and millennials with their adequate disposable incomes are ready to leverage such offers to own an affordable home.
Considering the digital needs of the millennials, the lenders too, have acted swiftly to launch digital platforms that facilitate safer and simpler home loan approval and disbursement with no or minimal physical interface. Applying for a home loan through reliable online platforms such as Finserv MARKETS is easy and requires minimal documentation upon fulfilling the basic eligibility criteria.
Eligibility Conditions and Documents Required for Home Loan
To be eligible to apply for a home loan, the following conditions need to be met by the prospective applicant:
- He/she must be a citizen residing in India with a work experience of at least 3 years.
- Individuals aged between 23 years and 70 years are eligible to apply for a home loan on Finserv MARKETS
- A recommended CIBIL score of 650 and above
Once the applicant fulfills the above eligibility conditions, he/she may proceed to submit the following necessary documents required for the home loan approval:
- Aadhaar/Passport/Driving License
- Address proof
- ID Proof
- Form 16 or the latest salary slip
- Bank account statement of last three months
While submitting the above documents required for a home loan, it would be wise to inquire about the interest rate and tenure options, so that you may choose an option that is perfectly in sync with your overall financial commitments. The home loan EMI calculator available on Finserv MARKETS gives an exact idea of the EMI to be paid based on the chosen interest rate and tenure.
How to Improve CIBIL Score
One of the most understated, yet a foremost criterion to get a home loan approval is your credit or CIBIL score. The CIBIL score is calculated based on your credit history published in the CIBIL report. A CIBIL report gives an overview of the liabilities that you might possess across lending institutions and your payment history towards systematically clearing them off.
The CIBIL score is regularly used by lenders to evaluate loans and credit card applications. It is the first impression that the lender shall have of a loan applicant. In most cases, a CIBIL score of 750 and above is recommended, but few lenders also accept a CIBIL score of 650 and above with terms and conditions.
If your credit score is not upto the mark or you may want to improve it further to strike a better deal with the lender, here’s how to improve your CIBIL score:
- Get a little more organized and pay your EMIs and credit card bills on time to avoid attracting penalties for delays or defaulting on them. Setting payment reminders and alerts on your phone might be of great help.
- Borrow wisely and make sure that your total monthly debt does not exceed more than 40 percent of your monthly income. Avoid taking too many loans at the same time.
- Do not use up your credit card limit fully. Keep the credit utilization ratio below 30 percent of your card limit to strengthen your CIBIL score.
- Continue with the old credit card, instead of availing of a new one after its expiry. Retaining a well-maintained, old credit card reflects its long repayment history that automatically boosts your credit history
- Last but not the least, review your CIBIL report regularly and check for any inconsistencies or errors in a credit activity that may pull down your credit score. If you spot any discrepancy, report it and get it rectified at the earliest. Doing so can immediately push up your CIBIL score. You can now check your CIBIL report for free on Finserv MARKETS and also access your Financial Health Check Report (FHCR) upon availing of a home loan.
Availing a Home Loan Online
Applying for a home loan through Finserv MARKETS is now as convenient as it can get. On Finserv MARKETS, you can now apply for a home loan of upto Rs. 3.5 crore at low-interest rates, repayable within a flexible tenure of 360 months. Additionally, you can enjoy exciting benefits such as balance transfer and a home loan top-up of upto 50 percent of the sanctioned home loan amount, tax exemptions under sections 80C, 24, and 80EE of the Indian Income Tax Act. In case of an unfortunate event, you can also cover your loved ones from the burden of paying the home loan through customised insurance plans.
Hey, I am Raj. I am the owner and content publisher at Financenize. I have completed my education till intermediate school and after that turn to a full-time blogger and content writer. I usually share the quality information for the readers in Financenize, which helps the small business, individuals and entrepreneurs and the information I share makes their task more manageable. I am expert in analyzing the current situation and deliver a profitable period to the extent. You can find me on various social media handles online.