Here’s How Borrowers Can Qualify For A Mortgage Loan

While applying for a mortgage loan has become a cakewalk in the modern era with the emergence of digitization in the financial sphere, getting your loan sanctioned still needs your attention. 

Although the lenders usually provide or approve the loan which is based on your eligibility criteria, you must be aware of all the tips and tricks to acquire the loan without any hassle. There are some eligibility criteria you must have to follow before availing the mortgage loan. Scroll down to know about the ways to qualify for a mortgage loan.

Tips to Qualify For A Mortgage Loan:

  • Long repayment tenures

Opting for a long tenure also helps in getting the mortgage loan approved as it helps in minimizing the EMI amount. The longest tenure offered for a loan against property by PNB Housing is 20 years.

  • Age of the borrower

An important parameter to get the loan sanctioned, the age of the applicant determines their remaining years of service which in turn decides the loan repayment tenure and ability of the borrower. The lesser the applicant’s age, the higher are the chances of loan approval. 

  • Nature of employment

Producing legitimate documents for your steady source of income i.e. job or business-related proof is an essential aspect of qualifying for your mortgage loan. If the borrower is a government employee or works in an MNC or operates his/her enterprise while generating considerable yearly revenues, it increases the chances of getting your loan approved.

  • Work history

Having a stable work history that does not demonstrate frequent job-hopping or business losses also helps in gaining an upper hand while applying for a mortgage loan.

  • Healthy credit history

A credit or CIBIL score demonstrates the debt-handling and repayment capacity of an individual. An efficient way to achieve a good credit score of 750 and above is payments of credit card bills and existing EMI bills on time and in full. While it is beneficial in getting a mortgage loan approved, healthy credit history also helps in getting a loan against property lowest interest rate. You can also improve your CIBIL score by checking your credit report and reporting the discrepancies to the authority regularly.

  • Property information

All the particulars about the property to be pledged as collateral are also key parameters in getting your mortgage loan sanctioned. Detailed information about the property’s age, size, location, amenities available, and occupancy status could greatly help you in convincing the lender to sanction the loan.

  • Add a co-applicant

Another way to increase the odds of getting the loan approved is by adding a co-applicant to your application. The applicant could be your spouse, sibling, friend, or any other family member. A key benefit of applying jointly is that the lender will combine the income of all the applicants which could help in obtaining a larger loan amount.

  • Multiple income sources

To improve the chances of loan approval, the borrower must mention all the income sources in the loan application. The more the monthly earnings of the applicant, the higher the EMI amount he/she will be able to submit. Hence, the lender is easily persuaded to provide the loan.

  • Pre-approved offers

Many banks usually offer pre-approved schemes on loan against property or home loans to the customers with optimal eligibility requirements and low-interest rates. You could opt for such an offer to get qualified for a mortgage loan.


Hence, now we know that what are the tips and tricks for getting a quick approval on the mortgage loan. Most of the lenders have eligibility calculator on their websites such that borrowers can check their eligibility if they are eligibile or not.