Basic Criteria to Take a Housing Loan in Jamnagar
Mr. Ahmad Patel, an inhabitant of Jamnagar, Gujarat wanted to purchase a home of his dream. He was to apply for a Home Loan in Jamnagar as many banks and non-banking finance companies (NBFCs) were offering home finance.
However, he could apply for a Home Loan, and he wanted to be sure that he was aware of vital elements that must be considered before availing a Home Loan in Jamnagar.
If you are also ready to apply for a Home Loan, but want to be sure of knowing all criteria, go through this post!
5 Criteria to Look for Before Availing a Home Loan
- The CIBIL Score
Be it a housing loan or a personal loan, the first things that borrowers need to be very sure about is their CIBIL Score. Why? It’s because it’s the first and foremost thing that lenders will surely pull out to determine the creditworthiness of the borrowers. Anything above 750 or more is an ideal Credit Score that lenders love to see while approving a Home Loan and at a lower rate. If you still don’t have a healthy Credit Score, you can improve it by paying all existing loan EMIs and credit card outstanding on time.
- Your Age
If you are young professional who is availing a Home Loan, could expect a speedy loan approval with a longer tenor. It’s because a young borrower has more years left in his career to manage and repay a loan without hassles compared to people near to their retirements.
- Your Income and Employment History
Do you have a consistent employment history and are you earning an income that’s on the higher side? Well, your lender may sanction your housing loan request. Yes, lenders considers loan applicants having at least 3 years of professional expertise working for a company earning decent income. If you want to avail a Home Loan, and hop jobs to get salary increment, watch out, your request will not be approved!
- Your Existing Financial Obligations
Are you servicing many loans or paying many EMIs each month? It is not a very good thing on the part of a borrower to have many ongoing financial obligations and yet applying for a Home Loan. Borrowers with such records are not expected get loan sanctioning. Lenders assume that when they are having so many loan and EMIs to pay which must be coughing up their monthly income, how will they afford one more? Thus, in their own interest, lenders do not approve such Home Loan request.
- Applying for more than your Capacity
Some borrowers do not check their Home Loan eligibility and apply for an amount more than what they could repay. Hence, even such applications stand cancelled from lenders. As a result, it is always better to know if you have the required eligibility or not. For this, you can use the Home Loan eligibility calculator free on a lender’s website. You can also know an exact EMI that you will pay against a desired housing loan amount by utilizing the Home Loan EMI calculator available on lender’s website. Thus, be always sure to apply for an amount that fits your needs and affordability. Applying for an amount meeting your affordability will see a loan approval without hassles.
The Bottom Line
Home Loan in Jamnagar or other city is waiting to help you fund your needs to purchase a dream house only if you are well-versed with discussed criteria. Now that you are aware of all, it’s time to prepare well and then apply for a Home Loan with confidence!