Indian Stock Market News and Views.
Home Loan Eligibility Factors
All lenders have different criterion for the measurement of eligibility of a person who applied for loan.
The loan amount sanctioned depends on your income and repayment track records. Thus every lender first computes the loan eligibility. The main reason for this measurement is to ensure that the borrower have comfortable repayment option.
The repayment capacity of the loan applicant measures, the loan amount sanctioned for. Since being home is an integral part of an individual, home loan comes to an important scheme in the Housing finance companies and banking sector.
The basic parameters which decide your home loan eligibility are:
1. Your salary or Income tax return:
Higher the loan amount, greater the chances of eligibility of a loan amount.
2. Property check:
Checks whether the property furnished for loan is approved or not.
3. Academic and professional background:
Bank credit section analyses your profile, academic and professional qualifications. The long term commitment with the bank verifies your growth in the carrier graph also. Applicants with stable income and steady job are most preferred. Young generation profiles such as BPO or call centers are not treated at par with other profiles. Temporary salaried persons have to face difficulty in achieving higher loan amounts.
4. Default or credit profile:
The lender also verifies whether you have defaulting history or previous loan repayments. If you have many debts to be repaid, your chance for attaining loan will come down.
4. Family credit history:
Bank checks the financial records of your family to verify the credit details.
The preferred minimum age limit approved by most lenders is 21.The applicants with other assets and larger savings may have higher eligibility for larger loans. Most of the lenders are not willing to sanction loan for the persons who are working in the private sector even if they are highly paid. Reason is that they don’t have enough security for their job. Thus we conclude that eligibility to attain a home loan will surely dependent on the income structure of the individual. EMI repayment should be calculated, based on the monthly income of the applied person.
Related posts:
| Print article | This entry was posted by admin on November 15, 2009 at 12:07 pm, and is filed under Economy. Follow any responses to this post through RSS 2.0. You can leave a response or trackback from your own site. |
No comments yet.
No trackbacks yet.
Advantages and disadvantages of personal loan
about 7 months ago - 3 comments
At any situation you don’t have enough cash for your need; personal loans will surely help you to overcome the misery. Personal loans are most probably the fastest and easily available loan product. However compared with other loans such as home loan, property loan etc, it is more costly. From bank to bank interest rate
Mobile Banking How and What
about 7 months ago - No comments
Mobile Banking Now life styles are extremely fast as compared with the past. As the technology grows day by day, new revolution in each industry emerges and shining. We are going through the evolution of such kind of a digital world. That is everything that needs more time to handle will be available to operate
