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Factors Which Affect Your Eligibility For The Home Loan

Purchasing a house is the dream of many people; however, most of the people are not able to live their dream due to the non-availability of the funds. If you are also falling short of money to get your dream house, then apply for a home loan and get instant funds. Although the home loan rate of interest is quite affordable but it is widely dependent upon various factor. Here are some of the major factors which affect your eligibility for the loan; take a look:-

  • Age of the applicant – Age is one of the major factors in deciding your eligibility for the home loan. If your age is near retirement then your chances for the approval of your loan decreases to a great extent while if you are younger in age then you are considered as an ideal applicant for the loan.
  • Monthly Income and profession of the applicant – Banks and NBFCs also judge your repayment capacity before approving your loan. Thus, your monthly income and the profession are of vital importance for the approval of the loan. You must have a consistent source of income and if you have worked with companies for longer tenure then your eligibility increases as it shows your capability to hold a job.
  • Credit score – In order to analyze your credit behavior as well as to check your creditworthiness, banks and other lenders check the credit score. If you do not have any pre-existing loan as well as a good credit score then chances for the approval of the loan increases manifolds. Thus, it is advisable to maintain a good credit score for the instant approval of the loan and low rate of interest.
  • Location of Home – Many loan lenders and the bank also consider the location of your home for the approval of the home loan. The rate of interest also gets affected on the basis of the location of the home.
  • Down payment – Bank does not provide the entire value of the home as a loan amount, you only get around 80% to 90% of the value of your house as a loan amount. However, the higher the down payment you make, the higher are the chances of your eligibility, and lower is the rate of interest.
  • Dependents on applicant – If you are applying for the home loan then your eligibility will also be affected by the number of dependents on you as it affects your repayment capacity. If you have more dependents then your repayment capacity decreases. 

So, you must check your eligibility, if you need to apply for a Home Loan. However, if you want an instant and low-interest loan with minimum eligibility criteria then apply at Rupee Station which is an online marketplace for different types of loans. The eligibility criteria to apply for the loan at Rupee Station are very basic as well as the documentation process are quite an easy one. Thus, at Rupee Station, you can easily get a high quantum loan in just clicks.

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