123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL » Investing---Finance >> View Article

The 3 Factors Affecting Your Home Loan Eligibility

By Expert Author: Aishwarya Mahurkar

There are several online home loan eligibility calculators that focus on two crucial points: the amount you need and your repayment ability. The amount you need depends upon the property and the repayment ability depends upon your past credit history and income. Though your home loan eligibility gets measured through several factors, they have been clubbed into three aspects of your home loan application.

The property:

When you apply for a home loan, the first and foremost consideration is the property and it’s pricing. When you opt for a house loan from a housing finance company or a bank in India, the first asset of the lender will be the property. If the lender deems it as a good investment that a borrower can afford, then the home loan processing is much easier. However, if you are gunning for a property that is barely within your current financial means, the lenders will test and vet every facet of your repayment ability to ensure that you can repay the said loan comfortably.

Your credit history:

Your credit history will reveal the footprint of your upcoming credit behaviour as you take on this huge home loan. It will take approximately 15 to 30 years to repay it. So, they take a look at few crucial facets of your credit history such as:

• Utilities and other bill payments
• Credit card debt and repayment
• Recent personal loans
• Recent loan applications, approvals and rejections
• Your assets and liabilities

This offers a decent understanding of your credit management skills. It will enable the organization to evaluate you as a home loan borrower. Though all the home loan eligibility calculators do not ask for this kind of information up front, some do. But, most lenders run a background check to discover the necessary details.

Your professional credibility:

Though credit history is very important, a source of income will be important just as well. If you cannot continue to earn, you will fail to repay the housing loan EMIs. So, you should be able to prove that you have a dependable source of income. This is one of the reasons the best home loan eligibility calculators ask for the type of employer . Government employees are perceived to have the most secure jobs as well as PSUs and big corporate organizations. However, private contractors, freelancers, entrepreneurs, private organization employees have relatively unsecure jobs and need to prove their mantle. So, if the housing loan eligibility calculators are not responding positively to your loan application, you can consider adding a co-applicant with a secure job or by approaching the branch personally where you can display your professional credibility.

Author Bio :

The author is a seasoned writer on finance topics and she articulates aspects that are important to people availing the home loan facility. She writes about a variety of topics covering the home loan documents, rates & the uses of online home loan eligibility calculators & best home loan eligibility calculators that help to make the best decision.

Total Views : 81Word Count Appx. : 495See All articles From Author

Investing / Finance Articles

1. Direct Payday Loans –the Fastest & Easiest Way To Get A Loan
Author: stephenking

2. 12 Month Loans – Help You Finding Sufficient Cash Asap
Author: Justin Beber

3. Same Day Loans–prolific Way To Acquire Suitable Cash
Author: Justin Beber

4. Payday Loans No Debit Card –way To Find The Best Loan You Need
Author: Justin Beber

5. Payday Loans For People On Benefits – Fast Help For Uk Borrowers
Author: Justin Beber

6. Frank Owens Limited Advisory Services Tokyo Japan On Terms And Conditions Of Use
Author: Erina Akari

7. Role Of Trading Tips In Stock Market
Author: wasim rizwan

8. How To Become A Stockbroker
Author: wasim rizwan

9. How To Make Forex Give The Lifestyle You Want
Author: John Arnold

10. Careers Of Frank Owens Limited Advisory Services Tokyo Japan
Author: Erina Akari

11. How To Make A Successful Career In Finance?
Author: Oswin

12. Frank Owens Limited Advisory Services Tokyo Japan On Capital Raising Services
Author: Erina Akari

13. Tips To Remember When Buying Indian Master Franchisee
Author: International Franchise Law

14. Faqs About Lawsuit Loans
Author: John

15. A Brief Overview On Duties Of Credit Repair Specialists
Author: Adam Mhrez

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: