Get the Best Home Loan for Your Dream Home

1. Benefit of Government Schemes like Pradhan Mantri Awas Yojna (PMAY 2.0)

This Government scheme is specifically designed for clients falling in low-income categories, which are LIG (Low Income Groups) or EWS (Economically Weaker Section).

• •LIG – Annual family income between INR 3 and 6 lakh
• •EWS – Annual family income less than INR 3 lakh

The government offers subsidies and benefits in terms of interest savings or credit guarantees, which helps clients lower their monthly EMI burden to meet daily needs along with availing a housing loan.

2. Co-applicant / Co-borrower

Adding a co-applicant or co-borrower is one of the most easy and effective ways to increase loan eligibility. You can add any blood relative, i.e., father, mother, spouse, brother, or son, as a co-borrower / co-applicant in the loan application, and the combined income will be considered while calculating loan eligibility, which helps increase your eligibility substantially. Some Government banks even allow friends or non-blood relatives to join as co-borrowers as well if they are buying property in a joint name.

3. Long Tenure Option

If you are looking for a larger loan amount, a longer tenure option can also help. Banks offer loan tenures up to 25 or 30 years depending upon the current age of loan applicants. While this costs more interest being a longer period, this helps in reducing the monthly EMI burden. And, as per RBI guidelines, banks offer the option for pre-payment / part-payment in the home loan free of cost so you can pay any partial loan amount during the loan tenure and reduce your tenure or EMI accordingly.

4. Closure of All Existing Running Loans

While calculating eligibility, lenders look for all existing obligations as per the credit report and deduct the current EMIs from the net take-home income to assess exact eligibility. So, while applying for a home loan, ensure you close all current small running loans, like loans for the purchase of electronics, mobiles, etc., and any personal loans and credit card dues to get the maximum loan amount sanctioned.