Getting a home loan in India isn't easy; there are lot of criteria we have to satisfy in order to get a home loan
. So we have cracked down on various factors that determine the eligibility for getting a home loan, here follows -
* Financial Profile of the Applicants - This determines the loan limit for the applicant and co-applicant. Financial profile consists of other assets details, past loan records which determines your loan payback potential and investment details that you have made.
* Monthly income of the Applicants - Monthly income plays a significant role in getting a home loan because it determines your installments payment capacity. Usually installment limit are calculated as 30 to 40% of the monthly income. This percentage may even reduce if you have other loans or installments as the total installment capacity is worked out to be 40% for banks; so if you got to pay vehicle loan or TV installments, your home loan eligibility decreases.
* Profession of the Applicants - Professional details of the applicant and co-applicant is also taken into account. The bank will study what profession the applicants are into as it determines the installment payment strength. They prefer people working in an organization over the business people.
* Age of the Applicants - Age of the applicant is also taken into consideration in getting a home loan. The applicant should neither be very young nor very old, i.e the applicant or co-applicant shouldn't be a minor or he or she shouldn't be at their retirement ages.
* Total Property Value - The property value is the most influential factor in getting house loan. It determines the maximum loan amount a particular property can have regardless to the loan limit eligible for the person. It is usually worked out between 70 to 90% of the property value.
As you have gone through this article, to get a home loan you have to prepared with all your investment papers, salary slips and other things that we have mentioned above and then search for a bank that has the least loan rate and that suites you. Soon I will be writing more about the loan rates and bank criterias in giving out home loans and real estate properties once I finish my research on it. I hope you get the right home loan for your dream home...