Home Loan Eligibility
A definite method has been channelized by lenders to calculate the ability and willingness of a customer to be authorized for a home loan. All people who are having a regular and steady income can qualify for a house loan easily, hence a salaried or a businessman is eligible to get a house loan. Some areas and facts that banks take into consideration before sanctioning a bank loan to and individual are:-
- Age: – Tenure of a house loan depends on his/her age as your age, like a person above 60 years of age can’t qualify for a home loan for which tenure can be of more than 10 years.
- LifeStyle: – Banks do take into account one’s lifestyle as in if one is earning 50,000, how much he requires to bear his household and personal expenses per month will be deducted from his monthly income, and the remaining amount which comes is considered as his surplus or the amount that he can pay an EMI or installment.
- Cibil Score: – The most important thing that banks take into consideration is your CIBIL score. If you have been found guilty of not paying your credit limits or loan installments properly in past recent, in that case, the bank will straightaway deny your loan application.
- Loan Records: – Last but not least, banks check all your past and current records of loans & credits. Have you paid your previous loans on time and currently how many loans are due from you on accounts?
If one passes all these criteria, he/she as per his income and depending on the banks gets his/her desirable amount of home loan at ease.