Eligibility Criteria For Home Loan India
Posted by rupee on Monday, March 11, 2013 Under: Home Loans
In India the scope of getting a home loan is very wide due to emergence of many housing finance companies in the country. Hence, borrowers don’t experience problem when it comes to searching such lender regarding their housing finance needs. Moreover, they offer ample loans to borrowers to help them buy a new home property or for home construction and other housing purposes. Although, finding a home finance company in India is not a difficult task, most banks in the country adhere to their respective home loan eligibility criteria that surely a hard task to deal with for prospective borrowers. They are mandatory to follow at any cost if you want to qualify for your housing finance.
Age of the applicants should minimum be of 21 years while the maximum age should be around 65 yrs. virtually all the banks in India have the same age criteria for all home loan borrowers. Other than the age factor, repayment capacity and credit score are also two of the most important eligibility criteria to comply with. Here, repayment capacity is determined whether or not the borrowers can repay the entire loan at stipulated time. For this, bank usually assesses current income of the applicant. In this regard, the higher your yearly income, the better your chance is to avail housing finance.
Although, consideration of annual income criteria differs from bank to bank in India, however, borrowers should earn not less than Rs 1400000. Here, one of the most important things that you can do to improve your eligibility is to club income of your relatives whom you have blood relation. They may be your spouse or parents or children. If they are earning, you can club their income with yours to enhance home loan eligibility.
Bad credit score is a black spot on the credibility of an applicant. Such person is not allowed to have housing finance as they are not credible enough to win the trust of a bank. Here bad credit score stands for having huge outstanding loans incurred from previous bank. In your bank statement, the detail of pending loans is included. Hence, to make sure that your home loan application is accepted, you should clear off all your pending loans before applying for a new home finance at your bank. Remember that bank usually prefers customers with clean credit score. Such customers are apple of eyes to bank. Make sure that the next time when you apply for your housing finance, it should not go unnoticed due to having bad credit score.
When it comes to availing home loan in India, different things have to take into account. One of the most important things that people should do is to consider home loan eligibility criteria of different banks in India. They are mandatory to follow in order to qualify for the home loan.
Age of the applicants should minimum be of 21 years while the maximum age should be around 65 yrs. virtually all the banks in India have the same age criteria for all home loan borrowers. Other than the age factor, repayment capacity and credit score are also two of the most important eligibility criteria to comply with. Here, repayment capacity is determined whether or not the borrowers can repay the entire loan at stipulated time. For this, bank usually assesses current income of the applicant. In this regard, the higher your yearly income, the better your chance is to avail housing finance.
Although, consideration of annual income criteria differs from bank to bank in India, however, borrowers should earn not less than Rs 1400000. Here, one of the most important things that you can do to improve your eligibility is to club income of your relatives whom you have blood relation. They may be your spouse or parents or children. If they are earning, you can club their income with yours to enhance home loan eligibility.
Bad credit score is a black spot on the credibility of an applicant. Such person is not allowed to have housing finance as they are not credible enough to win the trust of a bank. Here bad credit score stands for having huge outstanding loans incurred from previous bank. In your bank statement, the detail of pending loans is included. Hence, to make sure that your home loan application is accepted, you should clear off all your pending loans before applying for a new home finance at your bank. Remember that bank usually prefers customers with clean credit score. Such customers are apple of eyes to bank. Make sure that the next time when you apply for your housing finance, it should not go unnoticed due to having bad credit score.
When it comes to availing home loan in India, different things have to take into account. One of the most important things that people should do is to consider home loan eligibility criteria of different banks in India. They are mandatory to follow in order to qualify for the home loan.
In : Home Loans
Tags: home loan home loan eligibility
