Factors That Impact Home Loan Eligibility 🏡
• Credit Score
• Debt
• Income
• Age
Let's discuss them in detail ⤵
#business #stocks
• Credit Score
• Debt
• Income
• Age
Let's discuss them in detail ⤵
#business #stocks
1️⃣ Credit Score
A good credit score can expedite your loan acquisition process and afford you lower interest rates.
A credit score of 750 is considered ideal, and possessing this score or higher can get you the aforementioned benefits.
A good credit score can expedite your loan acquisition process and afford you lower interest rates.
A credit score of 750 is considered ideal, and possessing this score or higher can get you the aforementioned benefits.
2️⃣ Debt
Think of your creditworthiness as a rubber band, with each debt you take stretching the band further.
Just like the band’s elasticity, your creditworthiness also has limits. Your unpaid loans reduce the principal you can borrow as a home loan.
Think of your creditworthiness as a rubber band, with each debt you take stretching the band further.
Just like the band’s elasticity, your creditworthiness also has limits. Your unpaid loans reduce the principal you can borrow as a home loan.
3️⃣ Income
Banks have a minimum income baseline according to the area of residence.
Cities like Delhi and Mumbai have Rs. 30,000 as the minimum net salary per month, but other places like Kolkata and Lucknow have a drop of Rs. 5000.
Banks have a minimum income baseline according to the area of residence.
Cities like Delhi and Mumbai have Rs. 30,000 as the minimum net salary per month, but other places like Kolkata and Lucknow have a drop of Rs. 5000.
4️⃣ Age
The borrower's age must be between 21 and 65 years. Your retirement age also impacts your home loan eligibility.
Being close to one’s retirement age reduces the amount of loan amount sanctionable or increases the interest rate imposed on the loan.
The borrower's age must be between 21 and 65 years. Your retirement age also impacts your home loan eligibility.
Being close to one’s retirement age reduces the amount of loan amount sanctionable or increases the interest rate imposed on the loan.
Find out more about home loan eligibility on:
blog.finology.in/your-money/hom…
blog.finology.in/your-money/hom…
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