Eligibility criteria for home loan applicant

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Own a house is the biggest dream of every person that is complex to be fulfilled. We hardly purchase 2nd house for ourselves and if we need to buy then most of the time it is used for commercial purpose or investment purpose. Our lots of dreams are associated to have own home. For a salaried person it is once in lifetime opportunity to purchase his own home. But, the EMIs for home loans are additional tensions which come along with happiness of owning a house.
Home loan is a crucial aspect of every job oriented person who wishes to purchase a house for his own. Without getting home loan, few people can’t afford to buy a home. There are Lots of banks that are offering facilities of easy home loans for their clients. But before going to apply for home loans, you need to have complete knowledge and details of the whole process of loans whether, you are eligible for load or not. If you are going to a bank to apply for loan then first thing they will appraise your profile, whether are you able to repay the loan amount fully? Also your other liabilities that are education expenses of your children, your parents and spouse’s health and medical expense, and if there is any other loans repayments etc you are able to repay or not.
After analyzing all things, if bank got your earning less than your expenses, they will reject your application. On the contrary, if after evaluating your basic salary, other loan installments and other expenses, if they found that you can pay their installments along with these other expenses easily, they will sanction your loan.
Bank never approves big loans to common salaried people. You are only eligible to get that particular amount of loan which you can easily repay. Your job stability also matters. Banks also ask for guarantee about your job stability. They mostly prefer to give big loans to those people who have no dues or very less liabilities.
A person whose is going to get retired from his job also has fewer chances to get loan than a newly joined employer. Property you are going to purchase is the other important aspect that may affect to loan provider bank.
But all this details are not enough. Bank also collects information about you from credit bureaus regarding past and running loans. If you have bright background, the chance of approval of loan is high. They check your track record and investigate if you have done any mistake or forgery with anyone. According to your old transactions they find out if you are suitable for their home loan or not.
Also go through carefully terms and conditions of each and every bank, such as-
Interest rates providing by banks are flat or floating.
In case of early loan sanction, banks will ask you to give extra interest rate.
If you do not agree with any of their condition then you should advise with experts or search another bank.

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