| 10 Ways to maximize your Home Loan amount |
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| Written by Site Administrator |
| Tuesday, 27 October 2009 16:30 |
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You can maximize the home loan amount for which you are eligible by following the steps listed below: 1. A brand new property does not have any depreciation on it. So the bank’s assessment of the loan amount for such property is very close to the market value. Try to select a new property to get higher loan amount. 2. Not all banks pay registration charges. Apply for a loan with a bank that includes registration charges as well. This way, you can increase the loan amount easily by 1 or 2 lakhs. 3. You must always try to select a property whose value is likely to close to or a bit greater than the amount for which you are eligible based on your salary, etc. This way, you can get maximum amount as loan. 4. You can increase your eligible loan amount by adding a salaried co-applicant. Only spouse or a child is allowed (in case of child, he/she should be the only child). 5. You can increase your eligible loan amount by declaring your alternate sources of income, such as income generating assets, private business, etc. 6. You can also maximize the loan amount by a direct interaction with the loan evaluator from the bank who is going to evaluate your property. You can give them more details about the quality of the construction, the credibility of the developers, etc so that they do a favourable evaluation of your property. 7. You eligible loan amount will reduce if you have any other existing loans running on your account. For example, vehicle loan, personal loan etc. It is recommended that you pre close these loans well in advance before approaching for a personal loan. 8. Keeping a clean credit history will also help. If there are too many bounced checks showing in your bank statement, you will lose your repayment credibility. It is best to make sure that your checks don’t bounce and that you have adequate balance in your savings account for any automatic payments (ECS) you are liable to pay. 9. Wait for a salary hike before applying for a loan. You will get a higher loan amount if higher salary is being credited into your salary account. 10. Jump to a company where you can get a higher salary. This may sound like going a little too far, but it is true. At least 3 to 6 months before you plan to go for a home loan AND if you really desperately need a higher loan amount than consider shifting your job to an employer who can pay you much more than your existing salary. Make sure that the company is of good repute. This also counts for a home loan. Comments (0) |