Basic Eligibility Criteria for Housing Loans that Everyone Should Know
Author : anil sinhaanni | Published On : 20 Sep 2021
Housing loans have gained popularity among the masses in the past few years. When you are planning to take out Housing Loans in Hyderabad, a lot of factors are there that you should take into consideration. The first and foremost thing that people should think about is to check the eligibility criteria of housing loans. Nowadays, many lending institutes are out there that first evaluate your creditworthiness and then present the loan deals according to your ability to afford them.
If you are planning to invest in real estate or willing to revamp your spaces, you should know what the basic eligibility criteria will be. Let’s have a look at some basic qualification requirements that lenders want you to meet while applying for housing loans:
Your age matters a lot when it comes to qualifying for housing loans. Generally, lenders set minimum and maximum age for loan applicants to consider them eligible for housing loans. Whether you are a business owner or a salaried person, you need to qualify the age criteria and you must be between 21 and 65 years of age.
- Net Monthly Income
Your net salary will make you eligible for the loans. Your monthly salary should be above INR 25,000. Since the loan approval process comes with an obligation, you should meet the criteria of minimum salary to be eligible for home loans.
- Company and Employment History
Providing your company and employment history will be important if you want to qualify for housing loans. To avail housing loans, you should provide proof of your employment. In fact, your age, salary and employment proof work equally here.
Adding a co-signer or co-applicant can improve your chances of qualifying for home loans. Housing loans are conveniently available for those, who have someone to guarantee the repayments in case loan application fails to do so. Therefore, arrange a co-applicant and improve your chances of qualifying housing loans in a seamless way.
- CIBIL Score
Your credit score says a lot about your financial life. When you want to apply for home loans, you need to maintain a good credit score. If you have a perfect credit score, then lenders are happy to approve you for housing loans. Even if you are pledging collateral against the loan amount, the lender keeps it as an additional condition for applicants to have a good credit score.
- Property Approval and Valuation
It matters a lot to lending institutes what property you are pledging and how much worth it has. They will check if the asset you provide holds the value equals to the loan amount you have applied for. The lenders will also approve your property whether it is worth pledging as collateral against loans or not. Therefore, make sure to provide the property that is worth the amount you borrow.
- Relevant Documents
Relevant documents are important to make your lender believe that meet all the above-mentioned criteria while applying for housing loans in Hyderabad. Provide all the documents to support the information you have provided while applying for loans.
Qualifying for housing loans is not rocket science anymore. Make sure to meet the above criteria and you are good to go. Your lender will surely consider you for housing loans and let you spend money the way you want at easy terms.