A home loan or housing finance is a secured loan. This loan is lent by bank to the prospective borrowers who wish to buy a new home. • The loan has also its application in home construction, home refinancing and home improvement. • Depending upon the nature of needs, the amount of home loan varies accordingly. For instance, the loan to buy pre-constructed house/flat is comparatively higher than that of home improvement or refinancing the existing home.
What Are Home Loan Eligibility Criteria? • As per the criteria for housing finance, they are involved consideration of your income and credit history as well as security for collateral. • Age and repayment capacity of yours are also considered in this regard. • What Is Credit Score? • A credit score is generally believed to be situational condition of your current financial status. Good credit score means you don't have outstanding loans or anything like pending electricity bills, credit card bills, telephone bills etc.
Factors Grounding Rejection of Home Loan Application Improper documents, poor credit score, lower income (even though it is clubbed) and bad repayment capacity, are some of factors that ground for rejection of your home loan application. • [Source: http://www.sooperarticles.com/finance-articles/loans-articles/all-about-home-loan-things-familiar-678558.html?]
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