Tips to Increase Your Home Loan Eligibility

Home loans are the most easily accessible financial supplement to own your dream home. However, individuals who aspire to avail home loan are encountering the stiff situation of late. Home loan eligibility is directly linked to rate of interest (ROI). It is inversely proportional to ROI. Higher interest rate implies the tougher eligibility for home loan. For the past few years home loan interest rates are increasing but this year it is falling down. But still the there are ways out to increase you eligibility criteria for higher loan amount.
Loan Tenure
Choosing the longer tenure is one of the most important considerations and primitive way to increase the home loan eligibility. It is due to reduction in EMI with higher term of repayment period.
Outstanding Loans
Eligibility for housing loan gets adversely affected if the applicant is having outstanding loans like car loan or personal loan. As per the standards, if a borrower has 12 unpaid installments then it is going to affect the loan eligibility. In order to increase your eligibility, you should pre pay the installments fully or partly.
Clubbing Incomes  
Adding your earning family member such as spouse or mother or father or son or daughter as co-borrower will make you eligible higher loan amount. Trying to get a clear picture, take an illustration. An individual is earning Rupees 2, 000, 000 and is expecting the loan of amount Rupees 4, 000, 000. Additionally if his wife is also the same amount then adding her income he can qualify for the required loan amount.

Step Up Loans
It is another way to increase the home loan eligibility. A step up loan allows you to pay lower EMI in initial years of the loan and then higher EMIs for rest of the tenure. Housing Finance Companies (HFC) usually consider the low EMI while calculating the home loan eligibility.
Perks
Salaried individuals must take into account the variable factors of his income such as performance linked pay and other incentives while applying for the housing loan. Adding the variables of income will increase the loan eligibility.
From the above points it is clear that there are many points to increase the home loan eligibility. However the applicant should be cautious and thoughtful of his financial planning while increasing the home loan amount eligibility. For example if someone decides to pre pay his outstanding loan in order to enhance the eligibility then he or she may become fund strapped. Hence it is advisable that you check your financial strength before taking any step further.

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Right ways to find private lenders for real estate!

In this article some of the right ways to find private money lenders for real estate are discussed that can prove to be helpful to you.

Do you have too many open lines of credit? If yes, then gaining loan from traditional sources like financial institutions or banks can become difficult. In case when you need urgent money for house repairing or buying new real estate property then seek for loan from private money lenders. Finding private money lenders for real estate is not difficult if you go online.

Qualifying condition for private loans are not based on your credit score or financial situation but it is based on value of your property. Definitely they charge high rate of interest as compared to traditional loans but it is good option for real estate investor.

The terms and conditions associated with private money lending are quiet strict to follow. F9nding right lender is essential and this can be done by going online. Online is the best source to find private money lenders for real estate but for this you need to carry out proper research work.

In order to find right private money lenders you need to gain referrals. Referrals can be gained by visiting Mortgage Company. This is because many times private money lenders work with mortgage lenders in order to lend money to people with bad credit score.

Get in touch with real estate agents as they can guide you when it comes to finding private money lenders. Such agents can help you to know more about lenders and can help you to get in touch with them successfully. Search for online advertisements as many private money lenders advertise online to offer loans to real estate investors.

Now whether you need private money lenders in California or New York, online search can help you to find reliable option. Joining online network for real estate investor can also help you to gain list of lenders that can help you out in property investment by funding aptly. Such online network groups can also guide you aptly when it comes to applying for loan.

Private money lenders for real estate in California can help you with loan application process successfully. They will come at your place with application form so that you can save time against travelling. You need to gain guidance from them when it comes to arranging documents. This can save your time while carrying out loan application process.

Finding private money lenders is not difficult task if you are good at search work. Place list of your requirements and mentioned property details to get in touch with right lender.

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What will Akash do to get his Dream Car?

Akash, working in an IT Company in Bangalore was sitting upset in that Coffee Orchid. Different thoughts were playing Basketball in his mind. He was eagerly waiting for his friend, Rahul. His dream car Hyundai Active i20 was flashing in front of his eyes. He had only 7 days. What will he do to get his dream car? Will he get his Car on the desired day?
Akash was entering the Coffee Orchid. His twisted face was reflecting his tensions and worries. He went in and occupied the corner seat.
Hey Akash! How are you? Rahul waved.
I am good. What about you? Akash replied as he ordered two Coffee with snacks.
Akash and Rahul were good friends. As usual, they were here for their evening coffee.
"You are looking upset. What happened? Any problem? You are planning to buy a Car. Right?" Rahul said as he gauged his mood.
"Ya... That is the problem. I have decided to buy Hyundai Active i20, but I don't have enough cash. I want to gift it to Riya on her birthday as we are getting married this month and I have only 7 days left." Akash explained.
"7 days are enough. Why are you worrying so much? Hey Dude! Wake up! You can take a Car Loan easily."
"I know Rahul. But I am not aware of the schemes and all that and I don't have enough time to visit every bank and find out some good offer." Akash replied with more tensed expressions.
Coffee was there. Rahul took his first sip and then said, "Okay. What would you give me if I'll say that I can get your Car Loan approved within 1 day with the best offer?" He was smirking.

"I am not cracking a joke." Akash was annoyed. "Okay. I'll show you your favorite movie, Fast and Furious 7. Fine!"
"So, get ready my dear friend for this Friday." Rahul grinned. "You need to do only one thing. Finalize your car. Apply Online for HDFC Car Loan on Online Financial Portals like Dialabank.com, Loannow, MagicLoans etc. Let the bank come to your place. Submit your documents and get your loan amount within 1 day into your account." Akash was listening very carefully with his coffee.
"HDFC Bank is offering the Lowest Interest Rates for Car Loan. You can save much for your wedding and you will also get your car on the desired day". Rahul pressed a brake on his words then.
"Wow! That's great. I will get what I want. Thanks, Rahul." Akash greeted.
"No need to say Thanks. I have shared one link of the Best Loan Portal Dialabank.com on your Whatsapp. Check that and gather more information on HDFC Car loan from here. And I'll wait for my movie tickets. Don't forget." Rahul smiled.
"Yes. Sure. I'll drive my Car now and You will get your movie". Both laughed and continued with their coffee.
Akash was now happy after finding a flexible way to solve his problem. Then both friends enjoyed their coffee with soft music and the conversations drifted to other topics, "Marriage", "Office", "Fast and Furious 7", "Cars" and many more. 

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