Getting a home loan is very much necessary if you are planning to build a new house for you and your family. Especially, if you are facing short of fund, a home loan will help you out from the problem. But before you apply for a home loan to either a bank or an NBFC, you should know about the eligibility.
Every bank and NBFC has its own set of housing loan eligibility criteria. But some basic and common eligibility are as follows:
- Your age should not be less than 21 years and more than 65 years. The lender needs to know if your age to understand whether or not you are capable to repay the loan by the time frame.
- Your credit score should be more than 700 in order to get quick approval of the loan. Your lender will always go through your credit history to learn if you are creditworthy. With poor credit score, it is very impossible to get a loan from the lender. So make sure you have paid all your dues and maintained a good record so that your score gets higher.
- Your monthly or annual income is very important for a lender to know. It is an essential part of the housing loan eligibility criteria because depending upon your income scale a bank or an NBFC can trust you with the loan amount. You will need to submit last 6 months bank statement and salary slip (for salaried persons).
Talk to your lender today and learn in details about all the necessary eligibility criteria you have to fulfill.