To Apply and Manage
your Home Loan.
Download our Mobile App
Indiabulls Home Loans
Apply
Online

India's 1st Completely Online Home Loan!

  • e-APPLY

  • e-SANCTION

  • `

    e-DISBURSE

Start your eHome Loans Process Now!

Apply Online
OR

Download our Mobile App

Enter Mobile Number to get app on your phone

+91
GET A
CALL NOW

Fill in the details below

  • Generate OTP

5 Factors that affect your Home Loan Eligibility

5 Factors that affect your Home Loan Eligibility
 

A home loan can make it financially comfortable for you to buy your own home. When you apply for a home loan, the lenders first ensure that you are prepared to meet the long-term financial commitment before sanctioning it.

Here are the 5 factors that affect your home loan eligibility:

  1. Age

Your chances of getting an approval for a home loan application will be higher if age is on your side. The younger you are and the farther you are from your retirement, the better the lenders will feel about granting you a home loan.

  1. Profession & income

Lenders are typically wary of those applicants who aren’t working in the traditional industries (that follow a corporate structure). This is because the repayment capacity of such applicants remains questionable due to the strong element of uncertainty that unconventional jobs involve with regards to security and/or safety. Moreover, if you’ve job hopped a lot, it’ll reflect negatively on your ability to hold down a job. On the other hand, a steady source of income will improve your home loan eligibility. You will also qualify for a higher home loan amount if you’ve held the same job for over a couple of years. Most of the online housing loan eligibility calculators take into account the monthly income to determine home loan eligibility.

  1. Property age

Avoid choosing older property if possible. If the property you are considering is very old, the lenders will carry out independent evaluations to factor in the chances of a structural collapse. Depending on the results, your home loan eligibility will be determined. The lenders may also consider the existing properties or assets that you may have. If your loan against property eligibility is high, it’ll improve your home loan eligibility too.

  1. Credit score

Before approving your home loan, lenders assess your credit behavior from your credit history or CIBIL score to check your reliability as a borrower. Your CIBIL score should be greater than 750 (out of 900) for good home loan eligibility. If you’ve got outstanding credit or pre-existing loans, or have defaulted on credit before, your credit score will be poor and your application might get rejected.

  1. Number of Dependants

Lenders will also consider the number of dependents (such as retired parents, children, or spouse) you have.  The repayment capacity and home loan eligibility are judged if you have more dependents Tip: Use a home loan eligibility calculator! A home loan eligibility calculator (aka housing loan eligibility calculator) will help you to calculate the amount of home loan that you qualify for, based on the home loan tenure and home loan interest. To calculate yours, click here – Home Loan Eligibility Calculator Related Articles:

The post 5 Factors that affect your Home Loan Eligibility appeared first on Indiabulls home loans.

Related Article
Types of Home Loan Charges

Types of Home Loan Charges

Most people fulfil their wish of becoming homeowners by taking out a home loan. It is the easiest way to afford a property as one can pay for the house in monthly instalments.

MCLR in Home Loan

MCLR in Home Loan

The interest rate is one of the most important components of a loan, especially in the case of a high-value loan that lasts for 2 decades or more; the home loan.

Home Loan Terminology

Home Loan Terminology

Each one of us, at some or the other point in life, dreams of becoming a homeowner. Having a house to call our own is the surest way of being financially secure.

Share your comments on the article
0 / 3000
Read all comments

No Comments