Home loan eligibility criteria

Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin-top:0in; mso-para-margin-right:0in; mso-para-margin-bottom:10.0pt; mso-para-margin-left:0in; line-height:115%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;}   There are a number of factors thatare taken into consideration by a bank or housing finance institution while assessing your eligibility to get a home loan. Below are someof the basic criteria you are required to meet to be eligible for a home loan. Theapplicant must be at least 21 years of age. The maximum age to avail of a homeloan is 58 years for salaried people, and 60 years for self-employed persons. Againthis might vary with different financial institutions. The applicant should have a stablesource of income. Banks calculate the amount they can give to you primarily onyour net monthly earnings. They take into account their previous experiencesand your current track record, which would indicate whether you have taken anyother loan or you have had a bad credit history and things like your savingshistory and your current investments before making a decision as to how much they will lend to you. Finally, theywould place you in a certain category of customers which they believe will beable to contribute a certain percentage of their monthly earnings towards theirloan repayment. In many cases, an individual's income level is not sufficientfor him/her to be eligible for a high loan amount . In such instances, a viable option is to club the incomeof another person such as a spouse or a relative in order to boost eligibility.If your spouse is earning, put him/her as a co-applicant. The additional incomeshall be included to enhance your loan amount. Even your fiancé's/ fiancée's incomecan be considered for sanctioning the loan on your combined income. Thedisbursement of the loan, however, will be done only after you submit proof ofyour marriage. You can also club incomes of parents or children. Clubbing withother relatives is discouraged as banks don't want to take risks onrelationships lasting long-term. Providing additional security like bonds,fixed deposits and LIC policies may also help enhance eligibility. While there is no need for aguarantor, it could be that having one might enhance your credibility with thebank.   Courtesy: HT Estates 20 th Feb 2010 For more information regarding apartmentin gurgaon, bedroom apartments, buy property in india, commercial complex inindia, commercial real estate, commercial space in gurgaon, dealers, flats forsale, indian real estate investment, investment options in real estate,luxurious flats, malls, office space, office space in gurgaon, online realestate, penthouses gurgaon, plots, property consultants, property in gurgaon, propertyindia, property investment, real estate company, real estate developer, realestate gurgaon, real estate in india, real estate investment strategies, realestate market, real estate news, real estate portals, realtors, realty,residence, residential real estate, sell property, shop, villas, ResidentialApartment   Visit www.zameen-zaidad.com          www.propertycafeteria.com

Was this helpful? 0 0 Comments

Did this article Home loan eligibility criteria solve your question / problem? If not, read following similar tutorials & articles or ask a new question.

• Home Loan Eligibility Calculator hdfc India?

  MoneyLaxmi – an online finance portal to get small and sizable Home Loan from 10 lakh to 50 crores,get the latest buzz on home loans,interest rates, latest home loan...

• Home Loan Tips – How To Improve Eligibility For Home Loan?

  It is quite a good idea to comply with home loan eligibility criteria of a bank. This is to ensure you don’t experience any hassle to acquire your preferred home loan.

• Latest Home Loan Rates, Home Loan EMI Calculator?

  MoneyLaxmi – an online finance portal to get small and sizable Home Loan from 10 lakh to 50 crores,get the latest buzz on home loans, interest rates, latest home loan...

• Home Loan and EMI Calculator on Moneylaxmi?

  MoneyLaxmi – an online finance portal to get small and sizable Home Loan from 10 lakh to 50 crores,get the latest buzz on home loans,interest rates, latest home loan...

• Latest Home Loan Interest Rates India?

  MoneyLaxmi – an online finance portal to get small and sizable Home Loan from 10 lakh to 50 crores,get the latest buzz on home loans,interest rates, latest home loan...

You're reading Home loan eligibility criteria.