Most people are obsessed with an idea of purchasing a home of their own. People, who are financially sound, manage to purchase their dream homes easily. But, there are also those who don’t have sufficient amount of money to purchase a dream home. Ostensibly, these people quest certain source to get financial assistance to purchase a home of their own without any hassle.
Home loan is the best source of arranging finance when it comes to purchasing a home. Fortunately, with presence of so many banks and financial institutes in the market today, people have good option to avail home loans to buy a dream home.
Home loan is one of the most important sources of managing your financial deficiency during the time of purchasing a home. People who need immediate financial assistance to ease out hassle involved in purchasing a home can fend off such problems by applying home loan at a bank or other financial institute that provide home loan services. However, availability of home loans is subject to fulfillment of certain eligibility criteria from the home loan applicants.
Banks have their respective eligibility criteria for home loan applicants. You are supposed to fulfill your eligibility criteria, failure to which may cause rejection of your application regarding home loans. The article is mentioning some eligibility criteria for home loans that will guide you how to avail home loans for your need.
The applicant should minimum be of 21 years old. The maximum age limits varies according to the applicant. The salaried person should be of 58 years old and age of 60 years is determined for government employees. Those who are self-employed must be 65 years age old.
As per the academic qualification, the applicant should be a graduate from any stream but s/he should be graduated from a recognized institute. If you have completed your master degree, that will be an added advantage to fulfill the eligibility criteria for home loans.
More so, there should be stability in source of income from the applicants. You should also state your current income, annual income and spouse’s income (if existed) and details of previous loans (if you’ve applied). You will be asked to submit a report of bank statements and details of taxes you are paying to the government.
You will be asked about the stability of your current work profiles, with information about whether or not you will stay connected with the job for almost 15 years.
Home loan is the best source of arranging finance when it comes to purchasing a home. Fortunately, with presence of so many banks and financial institutes in the market today, people have good option to avail home loans to buy a dream home.
Home loan is one of the most important sources of managing your financial deficiency during the time of purchasing a home. People who need immediate financial assistance to ease out hassle involved in purchasing a home can fend off such problems by applying home loan at a bank or other financial institute that provide home loan services. However, availability of home loans is subject to fulfillment of certain eligibility criteria from the home loan applicants.
Banks have their respective eligibility criteria for home loan applicants. You are supposed to fulfill your eligibility criteria, failure to which may cause rejection of your application regarding home loans. The article is mentioning some eligibility criteria for home loans that will guide you how to avail home loans for your need.
The applicant should minimum be of 21 years old. The maximum age limits varies according to the applicant. The salaried person should be of 58 years old and age of 60 years is determined for government employees. Those who are self-employed must be 65 years age old.
As per the academic qualification, the applicant should be a graduate from any stream but s/he should be graduated from a recognized institute. If you have completed your master degree, that will be an added advantage to fulfill the eligibility criteria for home loans.
More so, there should be stability in source of income from the applicants. You should also state your current income, annual income and spouse’s income (if existed) and details of previous loans (if you’ve applied). You will be asked to submit a report of bank statements and details of taxes you are paying to the government.
You will be asked about the stability of your current work profiles, with information about whether or not you will stay connected with the job for almost 15 years.
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