In India, the status quo of home loan/housing finance is such that it is one of the most indispensable financial assistance during the time when an individual needs to finance a new home. But there are many factors involved with housing loan that have somewhat made the loan sanctioning procedures a never ending task for prospective borrowers.
Although, housing finance has its significance in the time when a home buyer needs urgent financial assistance, some procedures involved with this require borrowers systematically comply with them to facilitate sanctioning procedures.
Most financial institutions in India have their respective home loan eligibility criteria and terms and conditions that are mandatory to follow by any prospective borrowers. The article mentions some conspicuous eligibility criteria that borrowers normally come across during the time of applying for housing finance.
Eligibility
As said before, most financial institutions in India have their mandatory set of norms over housing loan. Borrowers are supposed to confirm their repayment capacity, income and credit score by showing relevant financial documents and other documents pertaining to availability of home finance.
More so, borrowers with bad credit score are not considered for housing finance by top notch banks like HDFC, SBI, ICICI and LIC. Even SBI home loan or standard chartered bank home loan involves the same and identical eligibility criteria and requires borrowers comply with them to facilitate loan sanctioning procedures from LIC bank.
In addition, repayment capacity is determined to ascertain that borrowers may or may not repay the outstanding loans in time. In this context, borrowers should club income of kindred like parents/children/parents in order to increase eligibility for housing loan. This also increases your repayment capacity and helps your bank or financial institution consider you an eligible applicant on the basis of the combined income.
For the first time borrowers, using home loan emi calculator is an optimal choice to calculate possible equated monthly incomes against the housing loan applied. Most banks or financial institutions have their online emi calculator facilities to help potential borrowers quickly know about payable emi without wasting much time in this regard. More so, the emi calculator is handy and can be operated easily. Just enter the loan amount and its tenure plus interest rate and hit the command button.
After initial process, the calculator machine pops out result showing the detail of emi. This way, you can also determine whether or not you can pay for emi against the finance borrowed. In addition, you should be careful about some hidden charges including processing fees and lawyer’s fees imposed by various bank over their housing finance scheme.
In home loan, there are various criteria that need to be taken into account. Most financial institutions in India have their respective criteria in this regard. You have to follow eligibility criteria of your bank to get home loan. Moreover, you can also use home loan emi calculator to get an exact detail of your emi.
Although, housing finance has its significance in the time when a home buyer needs urgent financial assistance, some procedures involved with this require borrowers systematically comply with them to facilitate sanctioning procedures.
Most financial institutions in India have their respective home loan eligibility criteria and terms and conditions that are mandatory to follow by any prospective borrowers. The article mentions some conspicuous eligibility criteria that borrowers normally come across during the time of applying for housing finance.
Eligibility
As said before, most financial institutions in India have their mandatory set of norms over housing loan. Borrowers are supposed to confirm their repayment capacity, income and credit score by showing relevant financial documents and other documents pertaining to availability of home finance.
More so, borrowers with bad credit score are not considered for housing finance by top notch banks like HDFC, SBI, ICICI and LIC. Even SBI home loan or standard chartered bank home loan involves the same and identical eligibility criteria and requires borrowers comply with them to facilitate loan sanctioning procedures from LIC bank.
In addition, repayment capacity is determined to ascertain that borrowers may or may not repay the outstanding loans in time. In this context, borrowers should club income of kindred like parents/children/parents in order to increase eligibility for housing loan. This also increases your repayment capacity and helps your bank or financial institution consider you an eligible applicant on the basis of the combined income.
For the first time borrowers, using home loan emi calculator is an optimal choice to calculate possible equated monthly incomes against the housing loan applied. Most banks or financial institutions have their online emi calculator facilities to help potential borrowers quickly know about payable emi without wasting much time in this regard. More so, the emi calculator is handy and can be operated easily. Just enter the loan amount and its tenure plus interest rate and hit the command button.
After initial process, the calculator machine pops out result showing the detail of emi. This way, you can also determine whether or not you can pay for emi against the finance borrowed. In addition, you should be careful about some hidden charges including processing fees and lawyer’s fees imposed by various bank over their housing finance scheme.
In home loan, there are various criteria that need to be taken into account. Most financial institutions in India have their respective criteria in this regard. You have to follow eligibility criteria of your bank to get home loan. Moreover, you can also use home loan emi calculator to get an exact detail of your emi.
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