Home is one of the most important things in life. Everyone wants to experience the comfort of owning a home and living without restrictions. Yet, millions of people struggle to afford their homes. It can be one of the worst feelings to see a dead end to your heartfelt wishes, especially when looking for options that align with Islamic Shariah.
However, all hope is not lost. Some effective tips can help you get the right loan for your dream home while staying within Islamic laws. It is an easy yet effective way of ensuring that your vision for a dream home does not have to wait anymore.
Here are some effective tips that can help you qualify for an Ijarah home loan application.
1. Check Your Credit Score
Whether you are looking forward to purchasing a new home or buying a new car, the first thing you may be questioned about is your credit score. After all, your credit score tells the lender if you can be trusted with a significant amount that is needed to buy a home.
Your credit score can be a determining factor in your loan request getting approved or denied. You can also discuss concerns about your dream home and credit score with trusted lenders. You can explore Ijarah Finance Solutions at Hejaz Financial Services to discover more options.
You can also adopt the right habits to improve your credit score and increase your chances of securing the needed loan. It is best to start off by paying the existing loans and maintaining a usage limit on your credit card. It is one of the best ways to show your lenders that you are a reliable candidate for a home loan application.
2. Confirm Your Existing Loans
One of the biggest mistakes people make while applying for a loan is lying about their existing debts. They may think that existing debts can reduce their chances of securing the loan. However, it would surprise you to know that it is near impossible to hide anything from your potential lenders.
All lenders go through your credit reports which can show everything about your financial history and present. Therefore, it is a better idea, to be honest. Instead, honesty about your outstanding loans can increase your chances of being helped in your endeavors and secure the best options for loans.
3. Secure a Stable Income
Whether a small loan or a hefty amount, every lender is interested in being assured of a stable source of income from the borrowers. People with a stable income have a better chance of qualifying for a loan than several other individuals.
It is best for you to share copies of your PNL, balance sheet, and tax returns with your lender. Most lenders prefer applications from individuals who have maintained continuous employment for two years or more. This way, they can have surety about their money being returned after the decided amount of time.
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