123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

The 3 Factors Affecting Your Home Loan Eligibility

By Author: Aishwarya Mahurkar
Total Articles: 33

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: 101Word Count: 495See All articles From Author

Investing / Finance Articles

1. Reliable Forex Robot Can Enhance Your Success Rate In The Forex Market
Author: johnsyanol

2. Donate To Ngo And Save Tax – Know How
Author: kanan james

3. The Asquith Group Tips On How To Get Out Of Debt
Author: Ava Kraegen

4. 5 Mistakes You Must Avoid In Sip
Author: Hetal Pandya

5. Taking A Loan On Property Is Now A Piece Of Cake!
Author: Hero FinCorp

6. What To Expect From A Credit Union Vancouver Wa
Author: Brian Miller

7. Top Reasons To Rely On An Oregon Credit Union
Author: Brian Miller

8. Credit Union Vancouver Wa Advantages
Author: Brian Miller

9. Auto Insurance Tips
Author: a plus auto insurance

10. Genuine Forex Robot Can Help You Make Good Profits Within No Time
Author: johnsyanol

11. Current Home Loan Interest Rates | Home Loans In Chennai
Author: Loansa Assis

12. Home Loans Scheme For Low Income Earners In Nsw
Author: Declan Murphy

13. Low Deposit Home Loans – Options Are Still There When You Search For Campbelltown Home Loans!
Author: Mc Cutcheon

14. House Construction Contractors In Bangalore - 9739667778
Author: citadilconstruction

15. The Southbourne Tax Group Review: The State Of Play On Tax Evasion And Avoidance
Author: Jae Fomby


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