Home Loan depends on the following factors
- Your Salary or Your Business turnover
- Your age
- Your Existing Loans
- Your Credit Score.
- Last but not the least the Property you are buying & Own contribution to pay 20% of the property
- Location , approvals of the property.
Your Salary : You should be earning enough to pay the 80 lac EMI.
Your Age : Based on your age, maximum Loan tenure will be decided. Before you retire i.e 58 years you should be clearing the loan.
Existing Loans : If you have any exiting Loans, you will be paying EMI so you overall eligibility would come down for the next loan.
Credit Score : Banks/NBFC would look at your credit report and based on how you have paid will decide to go if they want to give you loan
Property : When you are asking for Rs 80 lac loan, it would mean at least the property should be Rs 1 crore. Technically the price of the property should support it and you have to pay 20% from your self funding and 80% you can take loan. It should not be like for Rs 10 Lac property you are paying Rs 1 Crore.
Approvals of the property : Based on the Location and type of approvals and amount of deviation while constructing banks would take a call if they will be giving loan or not.
So based on the property you have selected and based on your financial profile you need to select the bank and the loan product. Some not so famous banks will have better products for certain properties.
Plan your loan well, so that you will close faster and home will be fully yours.
If you are looking for Home Loans and want right home loan fit for you and to plan it well to close fast then apply on.
If you already have existing home loans then to plan it well and close faster, then manage the loan on Loanyantra for free