All the Banks & NBFCs have their own set of Home Loan eligibility criteria to be met by customers in order to secure a loan. Although, with the continuous efforts by these financial institutions to attract more customers and undertake expansion of their diversified base, the difficulty levels of these criteria are not as stringent as earlier. The flexibility in NBFCs is slightly higher as compared to other lenders. But even NBFCs have their own stringency levels in this matter.
Also Read: Check Necessary Home Loan Eligibility Criteria
Here are two factors that may influence your Home Loan eligibility:
This is an important factor while availing a Home Loan. Tenure for the Home Loan can go up to 30 years, thus you can repay it easily when you apply for it in your early days. Therefore, lenders will prefer customers who are young.
Professionally, it is association with a corporate structure which is highly preferred by the lenders. It is so because it provides a clear idea to the lenders about your repaying capacity.
These were just two of the many factors that are listed here. If you are already interested in a Home Loan and you want to discover more about it then please visit here:
Factors that Can Influence Your Home Loan Eligibility
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.