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Home Loan - Know Your Eligibility
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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As a home buyer, we often research on the type of home which we are looking for, the area, the builder or developer developing the property, the number of amenities offered, and then finalise our budget. Though we are somewhat sure about applying for a home loan, we sometimes forget to check our eligibility.
It is imperative to be aware of all the criteria before applying for a housing loan. Irrespective of your occupation or profession, you should check your eligibility before approaching a bank. Checking your home loan eligibility can be done with the help of few clicks. Do remember, when you apply for a home loan, the eligibility features varies from bank to bank. As a potential home loan applicant, you may have to go through numerous credit verification process.
Availing a home loan is a great decision, and you must make informed choices. Banks and financial institutions look into many factors before deeming you are an eligible applicant.
Here are a few points you must consider before applying for a home loan:
Credit Score: Popularly known as CIBIL Score, the score governs your eligibility for availing the housing loan. Ensure that your CIBIL Score is 650 and above to have a hassle-free disbursement of your home loan. Paying bills & loan EMIs on time and early clearance of dues, if any, earns you a better score.
Employment History: It is another aspect which a bank considers while assessing your home loan application. As a home loan applicant and if you are salaried, though not a mandatory condition by banks, it is preferable you have a minimum of 2 years of total work experience. And if you are self-employed, then you should have a minimum of 3 years of business vintage.
Age of the Applicant: Your age and remaining working years also plays a role in determining your home loan eligibility. You should be above a certain age (typically 25 years) to be eligible for home loan.
Nature of Property: Banks have set certain regulations to which the property should comply with. If the property you are planning to buy doesn’t fit in the set specifications of the bank, then your housing loan may not get processed.
Apart from these few points, it is always recommended to have a good financial track record. When you apply with Kotak Mahindra Bank for home loan, we provide you step-by-step guidance in making you understand your housing loan eligibility by considering all of your requirements and the life stage you are at. Our team of professionals are always poised to help you make informed decisions apart from making you understand the nitty gritties with a clear focus on your eligibility. We will make sure that you enjoy a warm experience with us.
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