Top 3 Factors that Could Impact Your Eligibility for Getting a Home Loan 

Getting a home loanis not piece of cake. This is because there are plenty of checks made by a bank or any other financial institution before they could grant a home loan facility to you. These checks are made to ensure whether or not you’re eligible to take a home loan.

If you don’t have enough money upfront to pay for your dream home, there is an option that will make things an easier affair for you i.e. home loan in Gurgaon. However, there are three crucial factors that could impact your eligibility for home loan.

1.         Age of the Loan Seeker

Do you have the age factor on your side when applying for a home loan? If that’s the case, then your chances of getting an approval will increase. The tenure of the home loan is apparently based on your ability to pay up the loan within a stipulated time period.

If you are in your thirties, you can easily get the approval on the home loan application because you will have at least three decades or 30 years for repaying the loan. People in their sixties have a low chance of getting their home loan approved because they don’t have much time to repay the entire loan amount.

2.         Professional Experience

Any lender, be it a bank or financial institution, will make sure that the borrower of the home loan in Gurgaon (you) has steady income source for long. You need to convince the lender that you have been working for one particular organization for years.

Changed jobs in the past frequently? If so, it indicates that you are not reliable and may not be able to pay EMIs (Equated Monthly Installments) on or before the due date. Even if you don’t have at least one year’s pay slip to produce it to the bank as your income proof, the application of your home loan may not be processed further. Stability in the employment plays a very crucial role when it comes to applying for a home loan.

3.         Credit Score

Every loan seeker (whether personal or home is backed by credit history. The credit history of a person plays a very essential role because it is something every bank or financial institution considers before approving the loan application.

Lenders evaluate your credit behaviour from your CIBIL score or credit history. Doing so enables them to check whether or not you stand eligible for borrowing a home loan. So, if you want to be eligible for getting a home loan, make sure your CIBIL score should not be less than 750 out of 900.

If you have ever defaulted on any loan amount in the past or not maintained a decent CIBIL score, the lender will find your application for home loan in Gurgaon unacceptable. Considering this, maintaining the right CIBIL score will be the smartest move you will make.

Buying a home is one of the most important and probably the biggest decisions in one’s life. In fact, buying your own home can be considered once-in-a-lifetime affair as you don’t go about purchasing homes every other day. You must get the home loan from a reputable lender that can offer you a low rate of interest (ROI).