| Who is eligible for a home loan? |
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| Written by Site Administrator |
| Tuesday, 27 October 2009 16:42 |
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Basically, any individual who is domiciled in India and is above 21 years and below 65 years of age can be termed as eligible for applying for a home loan. Additionally, there are conditions laid out based on which the banks will measure your credibility and your repayment capacity. These include that you must either be a salaried or self employed with a reasonable monthly income. NRIs and individuals with existing property who are willing to pledge their property as security for the loan may also be considered eligible to apply for a home loan. Your eligibility for a home loan is only a mere prerequisite for applying and does not automatically mean that the loan will be sanctioned. The banks will assess your credit history, your bank statements, your tax receipts, your repayment capacity, and your stability in your career or in your business before approving your request for a home loan. For example, your loan may not be sanctioned if you have too many bounced payments on checks, if you have been shifting your employer more frequently, etc. For this reason, you must try and build your credibility in the first few years before applying for a home loan. Comments (0) |