A home is social and financial security. It ismuch more than a brick and mortar layout that one can physically see. Owning ahome has been taken as financial stability and often regarded in terms ofsocial status. A home loan has been a savior helping out with a huge chunk ofthe fund to avail a home instantly with just a down payment and eligibility.However, the eligibility criteria of a home loan are high as the number of funds involved in a home loan is huge. There are a lot of risks. If you want a smooth and hassle-free and fast home loan experience,you need to meet the eligibility criteria right.
● Considering that housing loans are secured advances, lenders are comparatively less stringent about the home loan eligibility criteria. The latter is subjected to variations considering that they are dependent on a prospective borrower’s source of income
● An applicant’s age has to be between 23-62 years at the time of application.
● The borrower should be a citizen of India.
● Income should be Rs.30,000 for metro cities and Rs.25,000 for other cities. Note that such minimum salary requirements vary between lenders.
● The applicant must have a minimum of 3 years of working experience and a minimum of 6 months at the current company.
● For self-employed individuals: For self-employed individuals
● Applicant’s age has to be in the bracket of 25-70 years.
● He must have a business vintage of at least 5 years.
Tips to get an easy approval
● Arrange the down payment for the home loan. It is not a small amount, so start early so that you save a good amount of money at the time of buying a house. This will help in the eligibility meeting.
● Increase the source of income. Income stability will matter a lot in a home loan. The home loan EMI is a good amount that you need to pay from your income. If you do not have a good income your loan provider cannot trust your repayment ability.
● Keep checking your credit score and take up all the measures to take it to an excellent spot. It will help you in easy approval and this will ensure a smooth process.
Wrapping up
If you need an easy and fast home loan process, you need to maintain your eligibility right. It will approve your loan easily and also gives you the best rate of interest.
