1. Join hands with your better halfIf your spouse is also earning, the income of your spouse can be combined and you could apply jointly for the loan. One can also club incomes with a parent and take a joint home loan.2. Clear all previous balanceSince your eligibility is a function of your fixed monthly expenses, you could repay any previous loan to increase your eligibility.3. Go in for a longer tenure loanA longer tenure loan will increase the amount that you are eligible to borrow. Though this is not advisable since it increases the total interest that you will pay over the years.4. Have an attractive CIBIL ScoreBanks usually prefer customers with a really high CIBIL Score and they might be able to stretch the limit of your loan requirements if you demonstrate that you are a financially disciplined customers. So, make sure you always pay your bills on time and be part of that exclusive 800 + CIBIL Score club.5. Bank on relationshipsIf you have a long standing relationship with the bank, you may be able to convince them about the increase in future income. Also if you work for a large corporation, the bank may give you preferential terms including higher loan eligibility.
The author is a credit expert with 10 years of experience in personal finance and consumer banking industry and another 7 years in credit bureau sector. Rajiv was instrumental in setting up India's first credit bureau, Credit Information Bureau (India) Limited (CIBIL). He has also worked with Citibank, Canara Bank, HDFC Bank, IDBI Bank and Experian in various capacities.
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