A home is dream come true. It has been a dream for the young generation with a good earning. It is more than a construction property and very special for the people living in it. Everyone desires to have their own permanent address forgetting about the rented accommodation. However, a home is not a quick or easy buy as it is a matter of lakhs. One needs to consider years of income in a home. To help make it less stressful, one can avail a housing loan. The bad news is you cannot get a 100% home loan. No bank or non-banking financial institution will offer you a 100% home loan as the need for a down payment is a compulsory prerequisite for homeowners to meet. The maximum a bank or non-banking financial institution can offer is 90%. To get a 90% of home loan you need to meet all the eligibility criteria as that is also a huge amount of money.
A home loan is a long-term commitment for the next 15-20 years. The huge amount makes it a long-time choice. The huge involvement of funds makes it prone to risk and various hurdles. The eligibility of a home loan is huge and needs to be in good shape and condition. If you have the dream to own a home, start working for it from your 20’s. In order to get a 90% of home loan from any bank or NBFC, you need to make sure you follow all the eligibility criteria and meet them in a good manner. This will not only help you get instant approval on easy home loans but also your home loan will be affordable.Â
- Down payment: The reason why a borrower does not get a 100% home loan approval is because of the down payment. The down payment is an important prerequisite to getting a home loan and buying a property. The maximum that a bank or a non-banking financial institution can offer is 90% of the property amount in a loan. The rest is taken as a down payment that one needs to arrange. The down payment is an eligibility criterion that is important for the borrower to meet. It helps the loan provider to understand that whether the borrower is financially sound to arrange the down payment or not.Â
- Your income: Income and debt repayment goes hand in hand. When an individual earns well, he can easily manage his daily expenses, obligations, loan EMI and emergencies. For the one with limited income, a home loan is next to impossible. If you want a home loan you will have to increase the source of income. Add on new ways to earn so that you are capable of taking a long-term debt burden. Before you decide on a home loan application, check on this factor.Â
- A credit score: A very important aspect of home loan approval is the credit score. A credit score is the representation or mirror image of credit background and financial record. Everything from past to present is considered and then a score is given. When you check your score you will find the score to be either good, excellent, average, or bad. This is because of your finances and credit activities in the past. Make sure you maintain a good habit and keep your credit score on track.Â
- Employer: The employer plays an important role in determining the eligibility while you go for a home loan. Government jobs and multinational companies are the sign of stability and security for loan providers. There are various ways by which an employer can put an impact on your home loan approval. A good company means job stability, growth, and security in employment.Â
- Security: When you go for security like property or a mortgage loan, you can get a better approval scope. When a loan is secured, the chances of approval are high. If you are not using any property you can use it for easy approval.Â
- Documentation: Documents are very important for a loan provider. You need to offer every piece of documents to the loan provider so that the processing can be done. If you miss out on any, it may cause some sort of limitation for the loan approval. Make sure you keep your documents ready as this will matter at the end of the day.Â
- Property type: When you choose the right property type, you can easily get hold of the right approval on time. A good property helps the loan provider to recover the property in case the borrower defaults on the loan. When the property belongs to a reputed builder, the loan is easily approved.Â
- Job and business stability: High income is important and so is the source of income. No matter you are self-employed or salaried, your source of income should be a stable and fixed one.Â
Wrapping up
Avail housing loan from Clix Capital in order to get an affordable and digital borrowing experience. The easy home loans from Clix Capital are online and affordable. In order to get approval, it is important to meet the eligibility criteria.