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Five things that matter for Home Loan Applicants

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Five things that matter for Home Loan Applicants

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  1. Housing Finance

  2. Five things that matter for Home Loan Applicants

  3. Applicant’s Age and Income Banks look beyond your salary and age. “Home loan eligibility is calculated on the basis of the income of the applicant and the number of working years left. • A person who is 50 year old and earning Rs. 105 Lacs per month could take a loan of Rs. 60 Lacs and in another case a 30 year person with same earning amt is eligible for a loan of Rs. 94 Lacs. • The latter has 20 more years to repay the loan. • As a Housing Finance is a 20-25 year-long contract, lenders need to be sure of your repayment capability. Lenders prefer applicants employed with a particular firm for at least a year.

  4. There are so many enquiries Making so many enquiries for a home loan could mar your chances of securing one. • You asking around for the best rates could be misinterpreted by prospective lenders. • If you are trying to take home loans then bank making so many enquiries. • The best rates could be misinterpreted by prospective lenders.

  5. Your Family background If you are a woman, your marital status may be creating a problem. • Despite many lenders offering women-specific housing loan products, banks can be reluctant to lend to a single working woman, as they fear the woman might stop working post marriage and put the repayment in jeopardy. • If you are a tenant of a loan defaulter or have one as your tenant/family member, you will find it difficult to secure a loan. Also, do not apply for a loan jointly with your sibling, it will be rejected. • [Source: http://www.affordablehomesindia.com/blog/things-that-matter-for-home-loan/]

  6. Click to know more on Housing Finance: https://www.hdfc.com/ Thank You…

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