If you are considering buying a house and want to avail of a home loan for the purchase you make, it is important to consider your eligibility before applying for such a loan. Since the quotient of risk involved in sanctioning of home loans is high, Bank considers various factors before granting sanction to the application. Thus, for the purpose of availing a home loan, the applicants must fulfill certain eligibility criteria before applying for a loan.
The term Home Loan eligibility signifies whether the applicant qualifies to avail of a loan for the purpose of purchase of property and the extent to which (the sanctioned amount) the loan can be availed. The Banks determine the home loan eligibility and the sanctioned amount based on certain factors such as the age of the applicant, credit score, income, employment or type of employment, employer of the applicant, etc.
The eligibility criteria for availing the home loan are determined based on the following factors:
The loan eligibility of the applicants is determined based on the following factors
The applicants can take the following measures to increase their loan eligibility