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It is always good to start preparing for a home loan a little before applying.
Responded by:Responded on25th May 2015
Applying for a home loan without proper research can lead to rejection of your application and may negatievly impact your credit score as well.
1) Keep your credit report clean: The first thing a lender looks at before start evaluation of your application is your credit report. Therefore, it is better to make all the payments for all the dues that you have and start improving your credit score.
2) Pay off existing debts: Pay off any kind of existing debts that you might have as multiple loans may impact your loan eligibility.
3) Stability of office and residence: Lenders verify your job and stability to avoid any risks of fraud or desertions during the repayment period.
4) Banking habits: Most lenders also seek your bank account statements to see how your previous repayment record have been, before approving a loan.
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