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Tech Times Pro > Blog > Home improvement, > What are the Factors that Determine Home Loan Eligibility
Home improvement,

What are the Factors that Determine Home Loan Eligibility

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Last updated: 2022/05/27 at 6:17 AM
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HOME LOAN- 

A home loan is a secured loan that is offered by various financial institutions in order to Purchase Property. Home loan offers high-value funding at economical interest rates and for loan tenors. The lender Provides Finances for the Purchase or construction of a commercial property.  

Contents
HOME LOAN- Home Loan are of various types:-What Are the Factors that Determine Home Loan Eligibility?Home Loan Eligibility:- Basic Eligibility for Home Loan:-Home Loan Eligibility Criteria:-How to enhance Home loan Eligibility:-

Home Loan are of various types:-

  • Land Purchase Loan:- A land Purchase loan is for those who want to buy land and Construct their Home on it.
  • Home Purchase Loan:– This is for those who want to buy a Home or a Flat that has already been construed.
  • Home Improvement Loan:- This loan is for those who want to redo or renovate their Homes.
  • Home Construction Loan:- A Home loan that enables those who want to build their own Homes.
  • Home Extension Loan:- A loan for those who want to expand their Homes.  

What Are the Factors that Determine Home Loan Eligibility?

Home Loan Eligibility:- 

Home Loan Eligibility is defined as a set of criteria Basis which a financial institution assesses the creditworthiness of a customer to avail and Repay a Particular loan amount.

Home loan Eligibility is Primarily dependent on the income and repayment capacity of the individual’s other factors that Determine Eligibility like:- Age, Experience, Income, Credit Score, Property details, etc.

Basic Eligibility for Home Loan:-

Firstly, you Must be a citizen of India and at least 23 years of age when Appling for a Home loan.

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  1.   AGE:-  Home loan Eligibility for a Particular Period called “TENURE” Tenure relies on age and ability to pay it off during a certain period. Bank Consider such Factors while evaluating applications by Planning and Budgeting well overcome that obstacle people’s age group face and find the simplest option.
  2.  EXPERIENCE:-  Work experience is impressive the chances of the bank sanctioning your home loan are higher. Must have a minimum of 2,3 years of work experience to be eligible for a Home loan.
  3. INCOME:- Home loan Eligibility is calculated based on Income.
  • Highly income influence the Number of Money bank and Financial Institution.
  • Higher-income greater the amount of Money Banks.
  1. CREDIT SCORE:- Credit History gives a clear picture to the lender. How you have Handled your liabilities and also How capable you are of Repaying the Home Loan.
  2. PROPERTY DETAILS:- Property that takes a Home loan is also concerned with the lender.Because Property is Security Based on which gets the loan. So, if the property is worth more, will get a higher loan amount. So, Choose the Right Property. if you want to education loan then click here.

Home Loan Eligibility Criteria:-

  • Present Age 
  • Age limit for salaried individuals 21 to 65 year
  • Minimum salary Rs10000 
  • Maximum loan term 30years
  • Minimum Business
  • Age limit for self-employed individuals 21to65 year

How to calculate Home loan Eligibility?:-

Gross income(Monthly)+ Tenure+ Interest Rate + and other EMIS (Monthly)

How to enhance Home loan Eligibility:-

  • Adding an earning family members
  • Availing of a structured repayment Plan
  • Keeping a Record of your variable salary components
  • Taking action to rectify errors in credit score
  • Repaying ongoing loans and short-term debts

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admin May 27, 2022 May 27, 2022
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