Possessing a dream home in this era is not at all an easy one that can be realized. There are several factors leading to this kind of situation. The swiftly growing price of landed property has induced a great deal of concern to all those who were/are yearning to purchase their dream home. In case it is only high rates that are bothering you, then there is no need not to worry at all. You can at all times go in for a home loan to buy your dream home. Nevertheless, you must be qualified in order to get the home loan sanctioned. This article will explain all the eligibility criteria that one needs to possess when seeking a home loan.
The first and the most important Home Loan eligibility criteria require that you fall into any one of the following categories:
- An individual with monthly salary
- You are self employed with monthly income
All the above says the same thing and that is you must have a regular monthly income source so that you can fall into the Home Loan Eligibility Criteria. A regular source of income is very vital because a bank or for that matter whoever provides you with a home loan will expect for you to repay the loan. In other words every lender finds it easy and risk free to lend to people with steady income.
Let us find out how these categories are eligible:
1. An individual with monthly salary
This category specifies that you have to be a stable worker of either a private company or even a government company. In case you are employed by a private company then the condition is that it has to be a reputed company. Details of your bank account along with salary slips can be used as documents. If you belong to this category then you can directly seek for the home loan or in case your spouse falls into this category then the loan can be sought for in his/her name.
Engineers, doctors, architects, dentists, charted accountants, company secretary, etc., are professionals and they can seek home loan. Most of the lenders prefer professionals to business people; hence professionals have to specify their details.
3. Self Employed:
If you are a business man and also have a different source of income apart from regular filing of your tax returns then you also fall into the home loan eligibility criteria.
Apart from the above lenders will also look into other Home Loan Eligibility standards like income, age, the rate of interest, tenure of the loan, any existing loans and the most important that is the credit history of the borrower.