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South Indian Bank follows eligibility criteria before considering home loan applications from various borrowers. If you are unable to qualify for a home loan from the bank because of the eligibility criteria, here is how you can increase your eligibility for the same:
- Maintain a credit score above 750 - A credit score above 750 can boost your home loan eligibility from South Indian bank. Having a high credit score can also mean a lower interest rate from the bank. Check your credit score regularly to take corrective steps for enhancing your score.
- Apply with a co-applicant - You can improve your eligibility for a home loan from South Indian Bank by adding an earning family member who has a good credit score, as a co-applicant for the home loan. This will also help in increasing the maximum loan amount that can be borrowed.
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- Timely debt repayment - Paying your debts on time can help in building a good credit score and this can enhance your home loan eligibility. Focus on having savings and investments to increase your home loan eligibility.
- Longer loan tenure – If you opt for a longer loan tenure can improve your eligibility since it allows you a longer time period for debt repayment. This also indicates better chances of timely repayment.
Always declare all your income sources while applying for a home loan from South Indian Bank. This way, the bank will know your total income and gauge your repayment capability before granting you a home loan.