Factors Which Are Considered By Banks For A Home Loan
Houses are costly, but then dreams are never cheap either. To fulfil your dream to own your home, you may have to take a loan from a bank. Now, they will not lend you such huge sum of money without any rhyme or reason. So, banks will consider several factors to find your eligibility for a home loan. It is not only the bank who will and can do only the picking and choosing. You can also have some checks on them to find out the best place to take your money.
Points You Must Consider
As far as you are concerned, apart from your loan eligibility there are some other factors to consider before you choose on a bank for your home loan. Before you apply and know that you are eligible for a home loan, consider conducting some research work on the lender. You can take references from your friends, or opt for the best option which is to read some reviews on the lender in the internet. You must also consider the rate of interest and compare it with other lending banks as well, along with the tenure of your home loan. Take special care to read the loan agreement thoroughly, and if possible, take hep from a professional person who is adept with legalities of such loans, if not a proper lawyer.
Credit History And Occupation
Banks generally prefer borrowers with a clean credit history and financial habits. They can adjudge it all from your proof of occupation, your bank statement and other documents which they will want you to furnish. All these documents will tell a lot about your credit score, whether or not you pay your EMIs timely and other details. Ideally, anything between seven to eight hundreds is good and anything below three hundred may mean rejection of your loan application. Your occupation also matters. If you are a government or a PSU employee you are preferred to private employees and businessmen.
Age Experience And Distance
Age is a very important factor for consideration. Banks prefer people who are from the age group of thirty to fifty years as they are most stable as well as have plenty of years left for service. The more is the age, chances of getting a loan gets bleak. Years of experience and number of years with the current company also matters in your eligibility. Another factor which some banks consider is the distance of the property from the branch and has some pre-determined geographical limits. It is basically a precautionary measure, rather than your eligibility criteria.
Age is a very important factor for consideration. Banks prefer people who are from the age group of thirty to fifty years as they are most stable as well as have plenty of years left for service. The more is the age, chances of getting a loan gets bleak. Years of experience and number of years with the current company also matters in your eligibility. Another factor which some banks consider is the distance of the property from the branch and has some pre-determined geographical limits. It is basically a precautionary measure, rather than your eligibility criteria.
Some Other Factors
Apart from the above, even your spouse’s income can be considered for your eligibility to take a Home Loan In Mumbai India(Home Loan In Mumbai India). Chances go up in case both are working as it affects the repayment schedule too. This is actually a preferable clause by the bank as you have more surpluses in the end of each month. Also, the loan tenure, previous relation with the specific bank and the condition of the house, ready to move or in wait period, matters. Therefore, it is basically a both side checking that must be done to strike the best deal.
Apart from the above, even your spouse’s income can be considered for your eligibility to take a Home Loan In Mumbai India(Home Loan In Mumbai India). Chances go up in case both are working as it affects the repayment schedule too. This is actually a preferable clause by the bank as you have more surpluses in the end of each month. Also, the loan tenure, previous relation with the specific bank and the condition of the house, ready to move or in wait period, matters. Therefore, it is basically a both side checking that must be done to strike the best deal.
To know the prospects of taking a Home Loan In Navi Mumbai India, visit Loancounsellor.com.
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