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Guide on Home Loan Eligibility for Beginners
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Today, it’s easier to own your dream home with attractive home loan deals offered by various lenders in the market. You can purchase an apartment in a nice building or construct your own home on a plot of land. However, the first step in getting a housing loan is to be eligible for it.
Home Loan Eligibility
Home loan eligibility is essentially just a measure of how well suited you are for taking and repaying the home loan. Since homes can cost a lot, it is only obvious that a home loan involves borrowing a large amount. Now, if you are fit to repay the loan for the foreseeable future, your loan can be approved easily. Otherwise, taking a home loan can leave you in a huge financial mess. Hence, it is important to pay attention to the eligibility criteria.
Here are a few factors that affect your home loan eligibility:
One of the most crucial criteria for taking a home loan is your income. If you don’t have enough income, you may not be able to make home loan repayments. If you can’t make repayments, getting a home loan from anywhere is next to impossible. Hence, you should take a home loan when you have enough income. Secondly, you should be able to provide proof of income from authentic sources. As long as it is acquired through legal means, it does not matter where your income comes from. It could be through your salary, your business. All you have to show is that you have a regular income.
Lenders consider your age to be a crucial factor in determining your home loan eligibility. Most lenders need you to be at least 18 years of age to apply for a home loan. Moreover, there is also an upper age limit on when you can take a home loan. Different lenders can have different lower and upper limits on age. For example, Kotak Mahindra Bank sets its upper age limit at 60 years and 65 years for salaried and self-employed applicants respectively.
Many lenders look into your professional life before approving you for a home loan. They look for income and professional stability. If you are professionally stable, you will have a regular income. This means you can make repayments without any trouble. Lenders see this as a positive sign and consider approving your loan. For example, if you have been working for the same organization for at least 3 years, you will be considered professionally stable by a lender.
Make sure to consider all aspects that are required in order to be eligible for a housing loan. Enhancing home loan eligibility can improve the chances of getting a home loan approval without any hassles. So, why wait? Apply for home loan today!
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