restbettwin bahiscasino sitelerideneme bonusu veren sitelerataşehir escortescortsultanbethttp://www.escortbayanlariz.netbetmatikvipdevushki.comcasino siteleribetandyouligobetstarzbetbetbeydinamobetromabetakcebetistanbul escortPorno Film izledeneme bonusuküçükçekmece escortbesiktas escortbankobetsatılık köpekKocaeli escortİzmir escort bayanankara escortbetmabet üyelikbetman üyelikmatadorbet1xbetmostbetroketbet twitterroketbet girişmatadorbet üyelik1xbet üyelikroketbet üyelikotobet üyelikpin up üyelikJojobetcasibom girişmaslakcasinobetvigo girişsheratonbetmakrobet üyelikbakırköy escortantalya escluckyland slotsglobal poker loginglobal poker loginglobal pokerholiganbetstakepulsz casino real moneyfortune coins casinowow vegas online casinomcluck casino loginsupertotobet girisfixbet giriscasinomega guncel girisdeneme bonusu veren sitelercasibomçorlu escortonwinonwin giriş1xbet1xbetmatbet girişjackpot party casinocashman casinocasino siteleriplayfame social casinofirespin casino bonuschanced casinovegas gemsvegas gemscash frenzy free slotsclub vegasbig fish casinoGrandpashabetgrandpashabetgrandpashabetcratosroyalbetGrandpashabetbetwooncrown coinskickr casino loginpop slotsjackpotafortune wheelzslots eracarnival citi casinocarnival citi sweepstakesnolimitcoins casinoplayfame casinoyay casinofixbetfixbetsweeps casinonew sweeps cash casinosweep coins casinosjojobet girişTokyobethttps://www.bakirkoyfal.com/free sc coinsfree sweeps coinsonline sweepssweeps casinossocial casino no depositnew sweeps cash casinosc casinossweepstakes casino real moneysweep coins casinossc casinofree sc coinslist of sweepstakes casinosCasibom Casino Sitelericasibomcasibom güncel girişimajbetcasibom mobilextrabetnakitbahiscasibomcasibom girişcasibom bonuslarcasibom mobil girişbedava bonus veren sitelerPusulabet güncel girişjustin tvbetebetcasibomjojobetAnadolu Yakası Escortanime defenders scripthaartransplantatieGoldbahisPerabetinstagram takipçi satın alcasibom 726BetzoneLimanbetPalacebetspincoKolaybetCasibomcasibom girişsakarya escortcasibomportobet güncel girişcasibomextrabet girişbetsatnyescorts.netcasibomcasinolevant girişcasibommatbetmatadorbet girişmatadorbetsekabetBets10https://verylol.com/casibombetzulabetzula girişnakitbahis güncel girişdumanbet güncel girişbetebet girişkralbet güncel girişbetkanyon güncel girişvaycasino güncel girişdinamobet güncel girişartemisbet güncel girişpinbahis güncel girişbetcio güncel girişmeritbet güncel girişpinbahis güncel girişjojobet güncel girişjojobet güncel girişmatadorbet güncel girişholiganbet güncel girişmarsbahis güncel girişonwin güncel girişsahabet güncel girişsekabet güncel girişmatbet güncel girişimajbet güncel girişmarsbahis girişsekabet girişimajbet girişjojobet girişmatadorbetmarsbahiscasibom güncel girişmarsbahisjojobetcasibommarsbahisjojobet girişcasibomcasibommarsbahiscasibompusulabetcasibom girişcasibom girişpusulabetultrabet güncel girişfixbet girişmarsbahis girişjojobetmavibethttps://meritkingtelegram.com/parabetdeneme bonusu veren sitelerrkingroyalbetsmovegoldenbahisbetnanobetparksuperbetinvevobahisparibahiskingroyal güncel girişotobet güncel girişbetturkey güncel girişmadridbet güncel girişmadridbet giriştrendbet güncel giriştipobet güncel girişgalabetbetwoonkulisbet güncel girişmavibetcasibompusulabetcasibom girişcasibom girişimajbet girişcasibom girişcasibom girişcasibom girişonwintipobet güncel girişfixbet güncel girişotobet girişmarsbahis girişjustin tvextrabetimajbet güncel girişcasibom güncel girişsahabetdeneme bonusu veren sitelerjojobet giriştoy poodlepadişahbettipobet güncel girişmatbetotobetotobetJojobet Girişjojobethttps://eumamae.com/betturkey girişjojobetcasibomcasibom girişbets10casibompusulabetpusulabet girişpusulabetpusulabet girişmatadorbet güncel girişmarsbahis girişcasibom girişsweet bonanzabetst güncel girişimajbetcratosslotmatadorbet twitterMadridbetmadridbetpusulabetpusulabetCasibomCasibomsahabetSahabetbetebetbetebetJokerbet güncel girişcasibom girişcasibommarsbahiscasibomcasibomcasibommarsbahisimajbet güncel girişmatbet güncel girişonwin güncel girişsekabet güncel girişsahabet güncel girişmatadorbet girişgrandpashabet girişholiganbet güncel girişholiganbet güncel girişcasibom girişmarsbahis güncel girişkingroyal güncel girişbetturkeystarzbetxslotcasibom girişbets10deneme bonusu veren sitelercasibommaldives casinocasibom yeni girişcasibom güncel girişcasibom girişsahabetcratosroyalbetsahabetbets10sekabetCASİBOMfatih eskortnetsporcasibomcasibom girişcasibomholiganbetcasibom girişnakitbahisgrandpashabet girişbetsat giriş
Finance

What are the Factors Affecting Home Loan Eligiblity?

Owning a house of your own is a dream, that most of us strive to fulfil. In this process, people often head toward the banks to seek loans. It has become a common and well-known phenomenon in today’s day and age. There is a variety of loan schemes available both online and offline. The list goes as home loans, personal loans, car loans and even gold loans. Differentiated into two kinds secured loans and unsecured loans. In this article, out of all the options available, we are going to discuss in detail home loans.

Home loans or house loans are where the applicant pledges their residential or commercial property as collateral to the lender. The interest rate of this loan can be changed or adjusted according to the borrower’s needs. You as a borrower can estimate the loan amount by using a home loan calculator available online. The particular tool requires information, like income, age and credit history. Also, the home loan eligiblity calculator helps with adequate fund collection and helps you avoid last-minute changes. 

Eligibility criteria for a home loan

Before we check and understand the factors that make you eligible for a home loan, let us dive deep into the regular eligibility criteria. Which are as follows: 

  • Both Indian and Non-residential Indians can apply. 
  • 18 to 70 years is the required age. 
  • Both salaried employees and self-employed can apply.
  • Salaried employees need to earn Rs. 25,000/month.
  • You need to have at least 2 years of experience at your current job. 
  • Your LTV (Land to Value) ratio should be 90%. 
  • You can pledge any kind of property, residential, commercial or even under construction. 

Also Read: How to Get Online Personal Loan from Aadhar Card?

Factors affecting home loan eligibility

Now that we have understood the general points that derive home loan eligibility, let us now dive into further details.

Income of the applicant

The income of the applicant is a very important factor in making him/her home loan eligible. The bank checks your income to ensure whether or not you have the capacity to repay in time. They check your monthly salary. Usually, EMIs, which are more than 40 – 45% of your monthly income, do not get approved. Hence, do check your capacity to repay the loan beforehand, using a home loan eligiblity calculator.

Credit score

A credit score or CIBIL score is granted by lenders. Your credit score shows your discipline when it comes to repaying the EMI amount within a scheduled tenure. A credit score of above 700 points is an ideal one. And banks usually look forward to granting quick loan amounts to applicants alike. Maintaining a good credit score only helps you more since this shows your worthiness for the loan.

Employment status of the applicant

No restriction is issued on what kind of employee you should be. You need to have at least 2-3 years of working experience in your current job. Whether you are self-employed or a salaried employee, the conditions are the same. If you constantly keep changing your occupation that can make you seem unworthy of the home loan. Your job profile shows the lender your state of financial stability. You need to be careful with your employment status during the tenure of your loan. 

Age of the applicant

The age of the applicant is also an important factor taken into consideration. The lender takes into consideration of your age to check for how long will you be able to pay the EMIs. If you are 18 or above, then you will have a benefit over those who are now in their old or retirement age. The older you get, the more the lender starts to wonder if you have the repayment capacity. However, there are certain banks that offer home loans or regular loans to pensioners and senior citizens as well. Here, you need to have an account with the bank prior. 

More than one loan

Having issued more than one loan or even having previous unpaid debts can cause problems. Hence, being disciplined in the sense of paying timely EMI’s is beneficial in the long term. Avoid taking multiple loans at once. It will not only hamper your credibility as a lender but also cause an unwanted financial burden in the long run.  

LTV Ratio

The property in concern is also taken into consideration. If the property is worth more, the loan amount is high and vice versa. Make sure to use a property that has the potential to increase in value over time. 

Home loans are the best option if you are looking or waiting for a dream property of yours. They provide low-interest rates of 6.40% p.a and can give you a tenure of 2 to 30 years, depending on the lender. Also, they are affordable and adjustable according to the applicant’s needs. Hopefully, this article gave you a good summary of home loans and their application ways.

Sakshi884

Sakshi is a Financial Advisor who helps people with investments and help them to get more out of their investment.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
casino siteleri canlı casino siteleri
koi finance
sosabetatesiseviyor sosabetgiris5 sosabetgiriskacoldu sosabetgiris777 sosabetgirisyap sosabetgiris666 2025betloves betlovesgiris2025 sowinbet666 enzabetgiris 666kibrisescort 777betmatik 777matadorbet 777sahabet 777betmatik 777betmatik 777betmatik 777betmatik İstanbul Travesti İstanbul travestileri Ankara Escort Beylikdüzü Travesti bettipwin