Key Points to Determine Your Housing Loan Eligibility

1. Housing Loan Key Points to Determine Your Housing Loan Eligibility

2. Age • One of the most important factors lenders consider when deciding whether you qualify for a home loan is your age. Younger borrowers are ideally more likely to cut as they would generally have years of work ahead of them. Older borrowers are considered eligible for a home loan as well, but they may be provided with shorter loan terms.

3. Employment status • Your housing loan eligibility is also determined by your employment status. Home loans are easily sanctioned to borrowers who have stable jobs at reputed companies. Employment for a minimum period of 3 years is required to consider your housing loan eligibility. There is a higher chance of your home loan application being denied if there is a difference in employment status or if you change jobs frequently.

4. Credit Scores • The lender will ask you to provide several documents when applying for a home loan. The most important one is your credit scores document. This document gives lenders an idea of what your actions will be when repaying a loan. This understanding of your loan repayment behaviour, along with your credit rating, will help them assess your housing loan eligibility. To get a home loan, you usually need a credit rating of 750 out of 900.

5. Income to Expense Ratio • Lenders also want to measure the income-to-expense ratio to make sure you have enough income and can repay your loan promptly. In this way, they will evaluate how you spend your income. The lender needs to know if there are other current loans you are repaying. To qualify for a loan, you should possess at least 60% of your income after your monthly mandatory expenditure.

6. Contact US • Address: 9th Two Horizon Center, 901b, DLF Phase 5, Sector 43, Gurugram, Haryana 122002 • TelePhone No: 18002009898 • EMail: hello@clix.capital • Website: https://www.clix.capital/home-loan-eligibility-documents/

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