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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

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