When you are planning to have new house with the help of then it is necessary that you are well-informed about the factors which play a vital role in deciding your eligibility for getting home loan. First of all, it is your salary which is taken into consideration. There is direct relation between y our salary and the amount of home loan you can be eligible for. It means that higher salary means chances of getting higher home loan amount.
Another factor is property check. A thorough inspection of the property that you are willing to buy is done by bank to ensure that it is as per the technical as well as legal norms. Above all, they make sure that the property has been sanctioned by the authorities or not. So, it is advised that you check it beforehand that the property has approved plans and it fulfills all the legal and technical property aspects.
Since are a long-term commitment, your general profile, academic as well as personal qualification will be taken into consideration so as to analyze potential evolvement in the industry you are employed in. for example, Call Center or BPO sector jobs are not considered equal to jobs in other sectors because attrition rates are comparatively higher in this field. In simple words, people with stable job are given priority over others and they are checked for their experience in their respective fields. Medical practitioners, CA, engineers etc. are able to attract the attention of bank as there are more chances of potential growth in their careers.
Your credit history is yet another important factor in deciding your eligibility for It will be verified whether you have any due loan repayments. Third party systems and internal systems are used to know this, so it has got really hard these days to have bad debts with one financial institution and get loan from other.
It is not only your financial condition which is under scrutiny but also of your blood relations. Third party system is used to get financial records of your close relatives. In case of any default, you will find yourself in a fix and you may require to involve into undesired hassles so better avoid this kind of situation by having clean record with banks or financial institutions.
You should bear it in mind beforehand that getting home loans is not a kid's play and it involves huge amount which is given on the basis of long-term commitment. So, we cannot expect banks to be negligent about all the factors that are necessary to make one eligible for getting home loans. These checks are performed by banks so that they are able to assess your ability as well as intention to pay the loan and to be sure about the safety of the property to be purchased by the borrower. So, whenever you are looking for any of home loans, it advised that y you consider pros and cons of the type of loan you are choosing and discuss is clearly with the bank.