It is a general and compulsory criteria which needs to be fulfilled. If you do not meet the age requirement, you will need to wait until you turn 21 legally. The age criteria are strictly followed in housing loans because they are high-value loans that include a lot of financial commitment. Apart from age, when you apply for a home loan in India, there are other eligibility criteria as well.
Housing loan eligibility criteria
Credit score
The three-digit credit score is an important way to check home loan eligibility. It represents the entire credit health and financial stability of an individual. Individuals with a good credit score may qualify for a housing loan with a better rate of interest. This is because there is no risk present in individuals with a good credit history. Therefore, loan providers offered the best rates of interest and approval on housing loans.
Income
Income is an important criteria that makes you eligible or non-eligible for a housing loan. The EMI amount of the housing loan will be a high one because it is a high-value loan. Without a handsome salary every month, it will not be possible to maintain the repayment within the loan tenure. Individuals without a sufficient income find it difficult and often default or delay loan payments. If you want home loan approval, you need to increase your source of income. Without stability and income, getting a housing loan can be a forever dream.
The debt-to-income ratio
If you choose to take a housing loan, it is important that you finish all your existing loans. It becomes a burden for individuals to pay more than one EMI every month. Therefore, if you have existing loans, you need to finish them off before applying for a new housing loan. You text loans. The loan provider will never approve your loan application.
Wrapping up
Apply for a home loan only by using a home loan calculator. Check home loan eligibility before applying to reduce the possibility of getting the loan rejected.
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