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Six Features That Determines Your Admissibility For A Home Loan

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By Author: Finway Capital
Total Articles: 155
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Having a home for themselves is everyone’s dream. So if you are trying to avail a home loan in Delhi then you will have many banks, NBFCs, financial institutions and online money lending portals to give you loan. But are you eligible for the loan? Well, if you are of the age of twenty one years or above, a citizen of India and have financial stability then you can easily apply for a home loan or any other loan for that matter. But the lenders and the lending platforms tend to add a few more extra parameters to judge you character, measure the collaterals and ensure your capability to repay the debt in due time. Therefore, to get a lucrative home loan with a nominal rate of interest and a quick approval process, you will need to satisfactorily fulfill the criteria of age, income, residential proof, employment details and credit history.
The six factors that directly or indirectly effects your home loan eligibility are
1. Credit Score – A 750 credit score is plenty good enough to get you a home loan at best interest rate with minimal down payment. To get ...
... a score as high as this you need to have good debt repayment history, nominal number of loan & credit card outstanding, regular old debt report and good testimonials.
2. Existing Debts – It will not matter much if you have a long list of already taken debts. The matter of concern is the unpaid dues. If the amount is too much then your chance of getting the home loan sanctioned will look slim. So in case you need to avail immediate loan then do opt for Instant Personal Loan as this do not affect credit score or history.
3. Income – You will be given a home loan as quickly as possible if you have a steady source of income. For every monthly income range there is a limit of home loan disbursal amount. Furthermore, the EMI also depends on the income and consequently the tenure of repayment too.
4. Employment Status – It is not a mandatory parameter but a popular one none the less. Lenders prefer to sanction the home loan request of the people in public & private sector employment than the ones in small business and in self-employment. In case of the later availing personal loan in Delhi is the best choice.
5. You Age – if you are young and employed then you will be sanctioned a huge amount than a person who is nearing his retirement. Because in case of the former the longterm loan will be taxing and a risk of defaulting always remain. For such case emergency loan online is a better option.
6. Property Details – If the property is objectionable then no lender will financially back your purchase.

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