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One of the most important products of a financial company is Home Loan. They try to keep the process as simple as possible for the customers. Rising income levels, various schemes from the government, affordable prices have made this time more convenient for the buyers. A home loan is the easiest way for someone to arrange funds to buy the home of their dreams. However, before sanctioning a home loan to a borrower, some expectations of the lender has to be fulfilled.
It means that the borrower has to go through some financial checks before the home loan application is passed. The most important of all is the Credit Score. It is a score that denotes how genuine a borrower is in terms of regular monthly repayment. The higher the score the higher are the chances of getting a loan approved. Apart from the credit score, there are other crucial factors on which the eligibility is decided.
Income: A steady income is very much important for the lender to approve your home loan application. It is more preferred by the lenders when compared to more income from risky sources. Having a stable job also falls under the consideration of the lender.
Age: Youngsters have higher chances of getting a loan over the peoples aged 40-50. It means that young people in their 20s and 30s can have a maturity of up to 30 years for the repayment of the loan.
Relation with the bank: Although this is not as important, the relationship with the bank also impacts the eligibility in some ways. The bank does check your habit of saving and maintaining a proper balance in the accounts. You must follow a disciplined financial life and start saving funds.
The borrower must pay 20% of the property price as the Down Payment and the rest 80% will be the home loan.
HomeCapital provides 50% assistance on your down payment as an interest-free credit to the first time buyers.