The emergence of convenient home loan apps has ensured that individuals can access housing credit easily. In addition, the easy-of-use and friendly user interface of these apps help individuals to gather all necessary information.
However, individuals should be aware of the factors that lender consider before approving a home loan availed through instant loan apps. These aspects determine whether an individual qualifies for housing credits. Besides, the right knowledge of the eligibility criteria laid down by financial institutions further helps one to boost their chances of home loan approval.
Things lenders consider before home loan approval
The aspects that financial institutions take into account for such easy loan approval are as follows –
- Credit score of the applicant – Individuals applying for housing finance via an online loan app should possess a credit score of 750 and above. Higher the credit score, higher the possibility of being eligible to receive housing credit.A good CIBIL score generates a lender’s faith in applicants that they are unlikely to default on loan repayment.
- Employment status – Individuals who have had a consistent and appealing employment history find it easier to avail home loans. Financial institutions prefer applicants with a steady source of income.
- Income of the spouse – Individuals who apply for a home loan jointly with their spouse via a home loan app are offered priority for approval. As a joint source of income increases the possibility of repayment, lenders approve housing finance easily in such cases.
- Existing customer – Existing customers of a lender have easier access to home loans. They are also eligible for pre-approved offers.
- Additional source of income – Salaried or self-employed professionals with additional income from rent or side-businesses have better eligibility for home loans. Therefore, lenders consider granting such loans to these individuals quickly.
Knowing these aspects will certainly help individuals before they apply for housing credit via a home loan app like the Bajaj Finserv app - Experia.
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