A home loan can be availed with a suitable credit score and many other requirements. Below listed are few criteria which need to be fulfilled in order to get a loan. The list can be more or less depending from lender to lender but this list is generic in nature and you will need all of them at least.
- Any individual with a regular and steady source of income can get a home loan. Yes, one of the most important criteria for a person while taking a loan is to show proof of income whether it is a salaried or a self employed person.
- Irrespective of consumer’s profession whether he/she is a salaried employee, self-employed or a business person, he/she can get a home loan. Yes, there is no biasness while giving a loan. The bank needs sufficient proof to understand your repayment capability.
- To get a loan there is an eligibility based on age too. The said person should be of minimum 21 years old. For repayments, he/she will have to complete that by the age of 60 not exceeding the maximum of 65 years old.
- The Bank/NBFC will also analyze the applicant’s savings history with bank as this plays an important role in loan approval.
- Credit history plays a very important role in getting a loan. If you have a bad credit history, especially before 3 months of applying for a home loan, it can go against your favor. Hence it’s wise to be cautious and maintain a good score.
- For any individual, a good credit score would be between the ranges of 750-900. This range is defined by CIBIL and they consider it as a good credit score. Hence if it is between these ranges, then there is no hassle in getting a loan.
- For every self employed business person, they have to present their profits and turnover history with the bank/NBFC. They will then determine the loan value which can be given.
- Residency proof also is an important factor. The applicant should be staying at the current residence for at least a minimum of 1 year. This is a proof of stability in finance and also employment.
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