5 Factors To Determine Your Home Loan Eligibility
by Shruti Sharma Content CuratorWhen you are looking forward to buying a house, you witness
the obvious financial upheaval in your life. A lot of homebuyers go through
this experience. The introduction of home loans has, however, unloaded the
shoulders of homebuyers, facilitating them to buy their dream house, be it a 2 BHK flat in Thane West or 1
BHK studio apartment in Mumbai, without having to go through the financial
cataclysm.
Various banks and financing companies offer home loans to
buyers. Generally, the credit history as well as the credit score of the
homebuyer is taken into account while lending him the loan. However, these are
not the only factors which determine your home loan eligibility. These factors
are discussed below:
·
Income
One of the most important factors that determine your home
loan eligibility is your income. A significant portion of your income is kept
for servicing your home loan. One of the misconceptions people have in their
minds is the static nature of the amount of their incomes that is supposed to
service their loans. As income increases, the home loan servicing amount also
increases.
·
Home Loan Tenure
Another important criterion that decides your home loan
eligibility is the time period you are taking a loan for. If you are opting for a longer home loan
tenure, your eligibility also shoots up. Experts strongly recommend longer home
loan tenure periods as there is no chance of pre-payment penalty.
·
Debt Obligations
When you will apply for a home loan, your lender will
thoroughly check the status of your unpaid debts. Moreover, they are also
deeply interested in your repayment pattern. For instance, if you have not been
regular with your EMI payments, per se, it may greatly affect your home loan
eligibility. That’s why it’s imperative to be regular with your payments, so
you don’t face any problem while procuring a home loan.
·
Age
Your age is also one of the important factors determining
your eligibility for a home loan. Your lender is interested in knowing about
the amount of time you are left with as a working professional. If you are
applying for the home loan at the starting of your career, you have better
chances of getting it.
So whether you are taking a home loan for buying a 2 BHK flat for sale in Thane, Ghodbunder
road or a 3 BHK flat in Mumbai, it is important to get acquainted with
the aforementioned factors that determine your eligibility for a home loan.
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Created on Nov 28th 2019 02:56. Viewed 484 times.