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Most homebuyers in India have to rely on home loans in order to purchase houses. This is because real estate is quite expensive, and simply relying on savings is not possible. But there is nothing to worry about; there are a lot of home loan plans that a borrower can go through and pick one that suits them. However, before applying for a home loan, a borrower first needs to learn about the home loan eligibility criteria set by lenders. When financial institutions are evaluating a loan application, they take into account several factors based on which they take the final decision of either approving or rejecting it. These factors include the applicant’s age, income, employment history, credit score, location and type of the property that is being pledged as collateral, and so on. If you ar

Excited to buy a new home with the help of a house loan? Then make sure to avoid these 5 mistakes when applying for the loan to successfully finance your property purchase. Mistake 1: Not Reviewing Your Credit Report and Score When you apply for a house loan, the lender checks your credit report and score to determine your creditworthiness. Before that, consider checking them yourself and improving them if needed. If your credit report has any errors, request the credit bureau to rectify them. Then go for a home loan with a clean report for a quick approval. Also, see if your credit score is between 700 and 900. This will boost the chances of your loan approval since the lender will assume that you have a good repayment capacity. Plus you can get the best home loan interest rates in