Auto-fill Income Tax Preparation Software in Excel. If you are planning to buy a house, it is important for you to analyze how much money you will have in your own pocket and how much loan you will take from the bank. There is a maximum limit on how much a bank can lend you to buy the property and it varies on a case-to-case basis.
Home loan depends on some factors and this article discusses some important tips to increase your home loan eligibility.
1. Improve your CIBIL score
A CIBIL score is a score that basically indicates your credit history and how likely you are to repay your loan on time. If this score is higher than 750 - it indicates that you have a very good credit history and are likely to repay your loans on time.
However, if this score is low - it means that there is a high probability that you will not be able to pay your rep. Money security is just as important as interest rates and so they are not very keen to give higher loans to people with low CIVIL scores.
Therefore, it is advisable to have a high credit score for each person.
Don't apply for too many credit products at once because each application leads to a new credit score check that lowers your score.
Credit Try to keep the credit usage ratio about 20-30% lower than your credit card spending limit.
2. Choose a long-term home
One of the main reasons for paying your EMI is the duration of your home loan. The lower the EMI. And the lower the EMI payable, the easier it will be for you to pay.
The easier it is for you to pay, the more likely it is that the lender will recover the EMI. Therefore, if you want to increase your eligibility for a home loan, try to choose a long term home loan.
3. Take a joint home loan
One of the best ways to improve your credit score is to apply for a joint home loan, especially with a family member, such as a wife, son or parent. In the case of a joint home loan, lenders consider the income of other co-applicants which significantly increases your eligibility for a home loan. Click here to read more about the paperwork required when applying for a home loan: Eligibility for a home loan
4. Pay your existing and in short term
Home loans are long term loans of 10/20 years. However, there are some loans such as vehicles, personal etc. etc. which are 2/3 years old. Before applying for a home loan, try to pay off a smaller period of smaller size as paying it off will increase your monthly net savings and consequently increase your eligibility for a home loan.
5. Additional source of income
If you have additional sources of income such as rent or business - this can also help you increase your home loan eligibility. Home payers check your monthly cash flow before approving your home loan and so the higher the monthly cash flow - the better.
Banks cannot approve home loans in excess of your purchase price. And they will verify the purchase price through your purchase document. Therefore, make sure that your purchase price is mentioned in the contract and stamp duty is also paid at the time of property registration. In several cases, it was observed that the purchase price was not mentioned in the contract and stamp duty was not paid in the same manner resulting in lower home loans being granted.
Feature of this Excel Utility:-
1) This Excel Utility Prepare Your Income Tax as per your option U/s 115BAC perfectly.
2) This Excel Utility has all amended Income Tax Section as per Budget 2021
3) Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E from the F.Y.2000-01 to F.Y.2021-22 (Updated Version)
4) Automated Calculation Income Tax House Rent Exemption U/s 10(13A)
5) Individual Salary Structure as per the Govt and Private Concern’s Salary Pattern
6) Individual Salary Sheet
7) Individual Tax Computed Sheet
8) Automated Income Tax Revised Form 16 Part A&B for the F.Y.2021-22
9) Automated Income Tax Revised Form 16 Part B for the F.Y.2021-22
10) Automatic Convert the amount into the in-words without any Excel Formula
0 Comments