Home Loan Eligibility
編輯歷史
| 時間 | 作者 | 版本 |
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| 2022-07-13 12:12 – 12:13 | r1 – r21 | |
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+ Home Loan Eligibility
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+ Home loan eligibility criteria has common parameters across all banks and Non-Banking Financial Companies (NBFCs). However, there could also be specific criteria that is applicable for each lender according to their requirements.
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+ It is essential to understand the criteria that is required to be eligible for a home loan. It helps to ensure that the process of application becomes smoother and easier for you.
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+ Eligibility Criteria for Home Loan
+ Age 18 – 70 Years
+ Income Rs. 25,000
+ Credit Score Above 750
+ Employment Status Salaried or Non-Salaried
+ Work Experience 2 Years
+ Loan Amount Decided by the Lender
+ Residence Type Permanent resident or Non-resident Indian (NRI)
+ LTV Ratio Up to 90%
+ Property Type Completed /Under Construction Project, Land/Plot, build on own Land, Buy Land and Build Home
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+ What are the Factors Affect Home Loan Eligibility?
+ Age Limit: The limit of age foremost factor a lender/ financier considers when one applies for a housing loan. Normally, financial institutions attempt to limit the house loan term to the primary applicant's age of superannuation.
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+ Income: The applicant falls into, a steady and regular source of income is a must. Basically, there are fewer risks in loaning money if the applicant is an earning individual.
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+ Rate of Interest: Home finance eligibility is always inversely proportional to the rate of interest. If the rate is higher, eligibility will be less and vice versa.
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+ Loan Term: If you opt for a longer tenure, your eligibility will improve. EMIs too will be lesser and manageable. But the downside to this is, that you will end up paying more interest.
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| 2022-07-13 12:12 | r0 | |
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+ This pad text is synchronized as you type, so that everyone viewing this page sees the same text. This allows you to collaborate seamlessly on documents!
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