Onpage optimization, site design, site age and other onpage factors of my site has been done perfectly, I just want to know if I be able to link with all the backlinks my competetors has, will it help me in better ranking?
Yes absolutely it helps your ranking. But before submission, analyze your competitor's backlinks will helpful for your site promotion or not.
The links should be On Focus with your product or service, the website’s home page has higher PR, there are less that 50 links, there will be no ‘No Follow’ Tags on the links.
Yes it will help your ranking but you need to concentrate on linking back to sites that are in the same niche as yourself also