majority of the people especially the emerging Indian middle and upper middle class dreams of owning a house for their living and comfort. However, due to skyrocketing property prices it becomes difficult to save enough money to buy home independently. Also, due family responsibilities and prior commitments towards other mortgages makes it difficult to save enough to deal in cash while purchasing your home. In such a situation, the most obvious route would be applying for a home loan. In India, there are various leading housing finance companies and banks that offer home loan with interest rates as low as 9.40 to 10% with a low processing fees. There are special concessions for women-oriented loan who are self-independently and working class women who wish to turn their dream into reality. Ideally your housing finance covers up to 80% of the property costs and also offers tax benefits. But, not every salaried or self-employed individual is qualified for housing loan. There are certain benchmarks set by housing finance companies and banks to make loans available to greater segment of the society known as “home loan eligibility” criteria.
Here are few aspects regarding your eligibility for housing finance:
An age of the applicant plays a decisive role in qualifying for the loan amount. The age criteria for an eligible home loan applicant might differ on the basis of whether you’re salaried for self-employed. It is relatively proven if you’re younger and free from any responsibilities than you qualify for higher loan amount at lower interest rates costs.
It is important you have a good credit score rating to avail any form of loan. Before, lending finances banks have a background check of your credit history through a Credit Information Company like CIBIL (Credit Information Bureau India Ltd.) and go through your repayment track record. You can visit the government recognized site for www.cibil.com and get your credit report. The errors or low credit score might reduce your chances of getting higher home loan eligibility. Such reports are accessed by the bank’s credit department after you apply for the housing loan for inputs on your credit history.