123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> General >> View Article

How To Avail A House Loan On A Limited Income?

By Author: Aishwarya Mahurkar
Total Articles: 33

Everyone wants to possess their own home. This is the biggest asset that most people will ever own. Whether it is applicable to you or not, there are quite a few people who do not have huge income to display their repayment ability and credibility. Getting a loan on a small income can be a challenge. But, it is not impossible either. You just might have to work on it a little longer than others. Here are tangible ways to get it.

1. Select the right property:

You need to select a property that fits comfortably in your income. For people with a relatively smaller income, it may mean stepping out of that comfortable neighbourhood or selecting a property with a smaller carpet area. Instead of looking for a 2BHK, you might consider a 1 BHK or a 1 RK. A smart way to identify the right property is to recognize EMIs that you can afford to pay and then reverse-calculate the price of the property that you will be able to buy.

2. Find the right lender:

If you have a small income, you cannot afford many house loan rejections on your credit report. You need the best credit score possible. Therefore, take your time to find out the right housing finance company for you rather than the lowest interest rates. You cannot be running after the best home loans in India . Their eligibility criteria will be a primary deciding factor for identifying select housing finance companies for your consideration. Then, you can compare housing loan interest rates.

3. Improve your home loan application:

Your home loan application must depict you as a great candidate. A small income will limit your options. Most nationalized banks have really high standards of income, whichdo not allow quite a few people to afford a home. But, private organizations like DHFL can be a bit more flexible. They support good clients with lower income. However, you must meet their home loan eligibility criteria. If you do, then few effective changes in your application may help you to get a home loan approval. The important details of your home loan process will be:

• Co-applicant with a good standing
• Good credit history that shows financial stability
• Professional recommendations

If you take your time to identify the right home loan package with the right housing finance company, then you will certainly have a home loan approval. You will be able to own a house. Even if you have to opt for a home loan with higher interest rates than you can easily afford, you should still consider it because you can find a lender for home loan balance transfer far more easily.

So, get ready to own a home with a limited income.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the best home loans in India and the opt for a home loan.

Total Views: 99Word Count: 486See All articles From Author

General Articles

1. All Types Of Security Provide In Pune - Omkar Outsourcing Pvt. Ltd.
Author: Gaikwad

2. Dhruva Game Development Academy
Author: Dhruva

3. Online Medical Store In Bhopal: Instant Doorstep Service
Author: Rupendra Singh Tomar

4. Free Online Games For Having The Best Time
Author: parveen kumar

5. All About Business Loans
Author: Neha Sharma

6. Sales Content Marketing Isn't Delivering
Author: Aaron Wilson

7. Your Ultimate Destination To Receive Such Earth Friendly Gifts In Reasonable Price!
Author: Jim Baldock

8. How Jmeter Training Is Beneficial For You?
Author: Multisofts

9. Reusable Cloth Nappies
Author: BEST4BUBS

10. Everything You Ought To Know About Yacht Charter Broker In Croatia
Author: Alfred Hunter

11. Waterproof Bluetooth Speaker: ‘go Wireless For The Best’
Author: Rioven Schmidt

12. Solar System Provider In Pune - Rahul Enterprises
Author: B S Joshi

13. Sissaheli – An Initiative For Empowerment And Social Support For Single Women New To A City
Author: Girija Nair

14. 5 Common Mistakes While Choosing Plumber Baulkham Hills
Author: Kate McCullough

15. Visiting Top Orthopedics In Bhopal
Author: Rupendra Singh Tomar

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