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Important Factors of Housing Loan Eligibility

· homeloan eligibility

Buying a home is almost every human’s dream. People even save for most of their lives to be able to fulfill their wish. But sadly, most of them fail due to various reasons. Some fail to save enough while others don’t wish to take a home loan - which is quite necessary these days. In all the other cases, potential home buyers lack the required housing loan eligibility.

Talking about housing loan eligibility, as much as people would like to think, is not based on one’s CIBIL score. Whether someone would be approved or not for a home loan depends on how much they earn and how well they managed their previous debts i.e. their repayment record. For instance, someone would not get a housing loan if,

  • He/ she has ever defaulted EMIs of their previous loans.
  • Their monthly income is less than the minimum income condition set by lender.
  • Their debt-to-income ratio is higher than 43%.
  • Their repayment capacity is not enough to manage their EMIs.

Thus, whenever you applying for a housing loan, it is better to find out if you qualify for it. Hence, irrespective of which house loan you apply for, use a Housing Loan eligibility calculator to find out your eligibility for a particular home loan. This would give you a better idea of where you stand and you’ll be able to take an informed decision.

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