Skip to main content

ARE YOU ELIGIBLE FOR A HOME LOAN, CHECK YOUR ELIGIBILITY?



Are you looking for a Home loan but confused about how to take it and are you eligible for it or not?
So, don’t worry here we will guide you all possible and about it.

Day by day it is becoming very easy to get a Home Loan and so many schemes have been introduced by the government and even many banks and also financial institution is giving it in very less Rate of Interest and even it is easy to apply online for Home Loan for quicker service. It is always considering a better practice to have your property rather than to be living in rented one as in that case one day you will be the owner of the property which will get added in your asset.
So, before you apply online for Home Loan, it's better suggested to research on your "Home Loan Eligibility" and understand it well.

Let us discuss a few factors which will help to enhance your Home Loan eligibility

1. CIBIL Score:
CIBIL score plays a vital loan in your Home Loan eligibility and how much will get the loan approved to you. If your CIBIL score is more than 750 so it will make the lender feel risk-free while lending you money.
A good credit score will indicate your profile in terms of your repayment history if you borrowed any loan earlier also. In case your score is low so consult with some banker or C.A. who will help you to increase the score.

2.   Good Repayment history or Repay your previous debts:
Nowadays a lender can easily verify the payment history of your previous loan and even it affects your CIBIL also, so it also suggested maintaining your good repayment history.

3.   By adding a co-borrower or co-applicant:
By adding a co-applicant and availing a joint home loan can increase your home loan eligibility and even help you to get a higher loan amount.
If that co-applicant is your spouse and that is working spouse so it will lead the bigger loan amount in less Rate of Interest and fast approval.

4.   A fixed source of income or fixed salary:
It is necessary to get a Home loan because without it lender will feel its amount in risk the time he lends you the loan amount because with fix source of income lender will get much confidence for your profile and for repayment of the loan amount.

5.   A secondary source of income:
If you have a secondary source of income then it will be like a cherry on the cake as it will also help you to look your profile strong and get eligible for the home loan amount.

6.   Choose a good real estate project:
It is always suggested going for a good real estate project which should dispute free and builder having a good reputation. It does not only assure you that you are investing in a good place even to the lender also who will lend the home loan amount.

Here are the factors to determine your eligibility for the Home Loan:
1. The age of the applicant should be between 18 years to 60 years old.
2. The applicant should have at least Rs. 25,000 per month salary or income.
3. If the applicant is salaried then he/she should have at least 3 years or above experience.
4. If the applicant is self-employed so business stability should be 5 years or above required.
5. The minimum CIBIL score required is 700, and if you have 750 or above its consider to be sufficient.
6. Maximum Loan on property value can’t be more than 90%.
7. Maximum EMI can be 65% of your income.

Nowadays it's very easy to "Apply For Home Loan Online" so if you are fulfilling all factors so take a step to build your dream home

Comments

Popular posts from this blog

HOW SHUBHBANK IS BEST FOR BUSINESS LOAN

In India, being a developing country every year many start-ups are launched and operated successfully. There are really a great number of young people who come up with an excellent business ideas every year. But most of businesses fail and the main reason behind it is the lack of funding. Nowadays, banks and other financial institutions become more stringent in the eligibility criteria to sanction a business loan. And to "Make Your Business Loan Successfulyou need to provide a stack of documents to the lender. Then the lender verifies your documents and takes 30 to 40 days to disburse the loan. So the parallel way of business funding is ShubhBank. Our aim is at funding your dying business but our way of functioning is different from other traditional lenders. We provide easy business loans for small and medium-scale enterprises with progressive vision.
ShubhBank have different process of gauging the loan eligibility than traditional banks and financing companies. Lenders d…

HOW TO APPLY FOR A CREDIT CARD

Credit Cards epitomize modern lifestyle in terms of convenience a d have emerged as one of the fastest ways of carrying out transactions. Those days are gone when having a magic plastic card and flaunting it among your relatives and friends was a symbol status. With a view to increased acceptance, many banks and NBFCs have been offering various additional rewards and benefits with credit cards. As the cashless transaction becoming more and more common, everyone has a credit card, either a middle class man or a high net worth individual. There are host of card options available in the market having variety of features linked to them. The most popular and reliable ones are entertainment credit cards, shopping cards, fuel cards, cash-back cards, premium cards and business credit cards. They provide rapid access to money anytime and anywhere, so are the handiest asset you can have. They has emerged as viable alternative to currency notes providing access to covering expenses on the go and…

HOW TO OVERCOME A MONEY CRISIS AMID COVID-19 LOCKDOWN

Nowadays, the coronavirus outbreak has affected our lives in countless ways. The deadly virus has made its presence felt in everyone’s personal and professional way such as from shopping groceries, socializing with people or commuting to workplace. It has also a negative impact on the country’s economy leading to widespread layoffs and pay cuts that have taken a toll on salaried individuals. If you are also a salaried employee and facing a loss of income then ShubhBank have stepped in with few options to guide you that how to overcome a money crisis amid "Covid-19 Lockdown". We are happy to help you over this financial crunch by offering Loan against Insurance Policy and online Personal Loan to raise funds.

Online Personal Loan:
many banks and NBFCs have rolled out many personal loan offers for existing customers and who hold salary as well as pension accounts in their financial institutions in this lockdown period. You could also take the advantage of "Online Perso…