A home loan is the best financing option for purchasing a home. However, in order to successfully raise finance using a home loan there can be several parameters that you need to qualify for. The home loan eligibility criteria vary across lenders. However, matching the criteria for a lender of your choice will boost your chances of approval and will help you apply for your desired loan on easy loan terms.
In order to gain from simple eligibility criteria, opt for a Home Loan with lenders like Bajaj Finserv. Here, in order to apply for a home loan, you will have to be a resident citizen of India who has a regular stable income. Apart from this simple condition, the lender also weighs few other income and parameters to decide your loan terms and loan amount.
Take a look at the other parameters of home loan eligibility to get a quick sanction.
You need to fulfil the age requirement
In order to avail a loan, you need to ensure that you match the age criteria set by the lender. Theage bracket is normally set as 25-55 years by most financial institutions. Lenders do this to ensure that only individuals with a certain number of earning years ahead of them can borrow the loan. In this regard, Bajaj Finserv offers easy conditions and lets you apply for the loan at 23 years of age.
You need to be employed and have a steady income
Having steady earnings is a vital criteria in order to qualify for a Home Loan. Since this loan is a hefty and lengthy commitment, drawing a sufficient monthly income as a salaried or self-employed professional will help you get a faster sanction. Also, when you work in a reputed MNC or own a business that has a profitable image, it is easier for you to retrieve a bigger sanction on low interest rates.
You need to have a good credit score
The credit score is the ultimate measure of your creditworthiness. A good credit score will help you receive instant approvals and also get the loan on a nominal rate of interest. There are several measures that you can take in order to improve your score before applying for a home loan. You can start by settling old debts and move on to paying your credit card bills on a timely basis. This will help you add a few more points on your credit report. Scoring 750 and above will always fetch you a good home loan sanction on relaxed repayment terms.
You need to have proof of property
When borrowing a home loan, this is the most important document that needs to be submitted. The entire value of your loan will depend on the value of your chosen property. Usually, you will get a loan sanction up to 70-80% of the value of your property. Hence, it is important to be careful while selecting a property. Also ensure that the property you choose features all the right amenities and the developer is enlisted with your lender. This will help you get a faster sanction, where the lender will not have to spend time to vigilantly check your property. This reduces the time in which you get your loan approval.
Now that you know about the home loan eligibility criteria, you can easily apply for a Home Loan from Bajaj Finserv using an online application form. Here you can benefit from not only an ample loan amount, but also facilities like a 3 EMI holiday, a top-up loan to meet other financial needs, and the option to avail the Hybrid Flexi Loan, which gives you a principal holiday for up to 4 years. However, before applying be sure to know about all the documents required for the home loan and use the home loan EMI calculator to forecast your EMIs.
