Today home loans are not difficult to get. Many Indian banks offer such category. Factors pertaining to your income, age, number of dependants, qualifications, assets & liabilities, income stability / continuity of your employment / business, etc. are considered when banks assess your capacity for repayment.
Some important points - You must be at least 21 years of age for the loan to be sanctioned. The loan termination period should be before or when you turn 70 years of age. You should have a regular source of income through your own employment, self-employment, or holding a professional job.
But there are ways to enhance your eligibility. A spouse who is earning can be added as a co-applicant. The additional income will be of use to enhance your loan amount. Incidentally, if there are any co-owners, they must necessarily be co-applicants. In fact, even a fiancé’s income could also be considered for loan sanction. But the loan will be sanctioned only after submitting proof of your marriage to the same person. Additional security like bonds, fixed deposits and LIC policies may also help to enhance eligibility, if provided. If you have a rental Income, that too can be considered to increase eligibility. A guarantor is not strictly required, but can enhance your credibility.
We at Bavisha will help you with providing the right banking partner for you.
List of banks Bavisha properties Associated