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3 Factors Influencing Your Home Loan Eligibility

By Author: Aishwarya Mahurkar
Total Articles: 291

Home loan eligibility is a complex yet vital factor for home loan and consequently, to your dream home. It is equally important for lenders and borrowers. Housing finance companies need to verify if one is a suitable applicant for a home loan. Borrowers must match peculiar criteria of the housing finance organization to receive an offer with the lowest home loan interest rates. That’s why home loan eligibility calculator is a popular online tool for the most borrowers. Lenders cannot include all the applicable criteria in this tool. But it is the fastest way to get closer to the home loan offer for both the parties. So, let’s make most of this cool tool and get a step nearer your dream home. Here are three most important factors.


Credit history:


Your credit history is the biggest part of your financial habits. Most people perceive their credit score as the epitome of their credibility. But, they couldn’t be further from the truth. Most housing finance companies in India dig deeper than the credit score. They check the credit history of a borrower extensively for irregularities. You will be surprised to discover that even the small mishaps and issues can affect your home loan eligibility. That's why the housing loan eligibility calculator inquires about liabilities, assets, and loan repayments. It is a vital part of your applicant profile.

Repayment ability:


Any housing finance company is looking for an applicant, who can repay housing loan EMI consistently. This may seem obvious, when it is mentioned straightaway. But, it is not an easy criterion to fulfill when yon translate it into the measurable facts. For example, lenders prefer applicants who repay their current EMIs and utility bills consistently. This financial habit is expected to extend to the home loan EMIs too. There are several such minor details that highlight your behavior as a potential and current borrower. They reflect your repayment ability for the home loan. So, in most cases, you may need to consult with a personal finance expert about it, even if your current credit score is high enough.


Employer:


Businessmen have a different set of challenges when they apply for a home loan. Right from a home loan eligibility calculator to documentation, the process is different. But, when it comes to salaried individuals, your employer will play more crucial part in your home loan than you desire. Your employer will depict the security of your income. Thus, people with a job in government department or PSU are preferred to people working in private firms or as freelancers.


Research these factors well enough to submit a desirable home loan application. It is not easiest option. But, it is the best way to receive a home loan application quickly and easily.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the housing finance company and the housing loan eligibility calculator.

Total Views: 240Word Count: 491See All articles From Author

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