Qualifying for a refinance will depend on your eligibility criteria and mainly your credit history. The bank where you are transferring your loan to will require a few documents regarding the loan you are refinancing and the lender will check your credit score to make sure you are creditworthy. This is to check whether you will be able to make timely payments.

Having a good credit score gives you a better chance to qualify for refinancing. For example, if you had been paying your home loan EMIs on time before planning to refinance, this reflects that you are responsible for making regular EMI payments. You will also be able to get lower interest rates than what your previous lender used to provide. Qualifying for a top up loan will also become easier, if you have a good credit history. 

Eligibility criteria for a home refinance:

  • Your lender will check whether you have already paid minimum number of EMIs already

  • The property must be already occupied or ready to be occupied