Investing in a home/house is an expensive affair, but a dream many esteem. However, realising this dream has become easier in the last 10-15 years due to the aggressive home loan schemes and open-minded financing options available. Income tax incentives also act as a channel and come in handy while repaying home loan EMIs.
Always check major factors who playing key roles when you apply home loan
Age
Age is one of the most important factors for the consideration of a loan application. Typically, financial institutions try to restrict the home loan tenure to a person's retirement age.
Therefore, younger people can get a loan with a tenure of 20 to 25 years easily, while older people (45 years and above) find it difficult to get a longer term loan.
Source of income
Source of income, stability of income and quality of income are important factors that decide the outcome of a loan application.
Even among salaried employees, the financial institutions consider certain sectors as stable and less risky, and therefore the loan eligibility of people working in these stable sectors will be higher as against those working in other sectors.
Other running loans
Other running loans impact eligibility unfavorably because an existing loan repayment is considered a drain on the repaying capacity to service a new EMI. Those planning to avail a home loan should consider closing other smaller loans such as soft loans, credit card loans, car loan etc in order to increase their home loan eligibility.
On the other hand, if the repayment history is good on other loans, it becomes a positive factor while considering the home loan application.
Co-borrower
Adding a co-borrower for the loan adds to the eligibility, especially in cases where the borrower is of a higher age or where the quantum of loan is high. Usually, banks have a higher cut-off limit for age in case there is a co borrower for the loan. Hence, there is a good chance of getting a longer tenure loan.
This post is very helpful in getting familiar with the basic information on home loans. People must know them well in advance so that they know what they are going to get.
ICICI Home Loans
Posted by: Account Deleted | 07/26/2012 at 02:41 AM
I have been gaining a lot of usable and exemplifying stuff in your website.
http://payday-loan-instant.info/?page_id=16
Posted by: Sir King | 08/07/2012 at 12:48 AM
You completely match our expectation and the variety of our information.
http://www.badcreditshorttermloans.info/
Posted by: Account Deleted | 09/06/2012 at 04:28 AM
This is definitely a great write-up. Home loan is really blessing in certain personal finance scenarios and that is why they are becoming so popular nowadays. But don’t take chances with home loans. Always check the registration number of the company. In addition it is essential to search for at least 5 or 6 lenders with the help of internet it helps to compare rates and offers from different lenders.
http://www.kwikcash.co.uk
Posted by: Tisha | 09/10/2012 at 05:24 AM
This is definitely a great write-up about loans.
http://www.personalloanscarloans.com.au/
Posted by: Amber Sayon | 09/17/2012 at 11:08 PM
The eligibly criteria for home loans are already very typical and difficult. The source of income must be good, and stability of the income also must be good. The credit score must be very good for getting this home loan.
http://www.kwikpayday.co.uk
Posted by: John Martin | 09/19/2012 at 04:37 AM
I also would like to tell you some good and most effective steps to increase eligibility of home loan. You must have good credit score and your source of income must be good and strong.
http://www.12monthloans.co.uk
Posted by: Teena Reed | 09/20/2012 at 06:11 AM