Comparing the present scenario with the preceding decade, applying for a home loan has become really easy. Gather the documents, draft a loan application along with ensuring creditworthiness and you are all set. Besides, a present-day applicant doesn’t even have to step out of their house in order to get the loan. They can easily manage everything from loan application to documentation and even the disbursal from the comfort of their home using the ‘online application and account management facility’. In addition to that, they can conduct all the essential calculation such as EMI calculation conveniently using the home loan EMI calculator along with finding out their monetary eligibility using the home loan eligibility calculator.
However, the approval for a home loan would depend on whether the applicant is eligible for the loan or not. Hence, ensuring eligibility becomes a foremost prerequisite condition and it would depend on several factors:-
Credit history and CIBIL score: Though a bad credit score won’t be much harm, a good one can get you best interest rate deals. Also, a good credit history has the ability to convince the lender of your good repayment capacity which is a must while applying for any loan.
Monthly income: Your monthly income should be sufficient to meet the minimum income condition and manage the EMIs smoothly.
Age: The applicant’s age matters a lot while applying for a loan. Though every lender has different minimum age criteria, the average minimum age should be 18 years for a home loan.
Work experience & stability: Lastly, the work experience should be higher than the required minimum. It is also used by the lender to determine the employment stability of the applicant.
Bottom line: Gauge the creditworthiness of a lender before applying for any particular loan. The banking & finance is an unregulated sector and thus, the chances of getting duped are the highest.