In the last few years, the number of home loan applicants to buy or build a house has increased. The trend of buying houses for investment has also increased rapidly. Any bank or financial institution gives loan by looking at the income and repayment capacity of the loan customer. The loan eligibility calculator is available on the website of most banks or NBFCs. With this, the customer can find out whether he can get the loan or not. If the loan is given, then how much will be this amount on his earnings.
These things are necessary to get a home loan
Home loans are available to people in the age group of 21 to 65 years. Those applying for the loan should be earning from salary or they can be self-employed. The minimum salary or income of the home loan applicant should be Rs 25 per month. The minimum credit score required for a home loan is 750. The loan tenure ranges from 5 years to 30 years.
It is important to note here that these are general rules for a home loan. The credit history of the loan applicant also depends on the credit score. The terms and conditions of the lending banks and NBFCs are also different.
How much home loan can I get?
Usually the loan is available up to 80 percent of the value of the property. 20 percent of the amount has to be made a down payment. According to Deepika Jaikishan, Co-Founder and COO of Basis, the EMI should be less than 60 percent of the loan customer’s income. However, home loans ranging from Rs 2 to 5 lakh are also available.
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Can I get a home loan to build a house?
Customers who want to take a home loan for construction of a house should be aware that not all banks offer loans for construction of houses. They should find out about the banks that give loans for construction of houses. The banks which give loan for construction of house also do not give the full amount. Such banks give money in installments. It depends on the progress of your house construction. Some may give small loan amount to the customer. But it would be good for the customers to take a personal loan for a small amount. It is a short term loan and its terms can be more flexible.
(Article: Priyadarshini Maji)
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