4 Important Factors Determining Home Loan Eligibility for Salaried Persons

Buying your own dream home, premium apartments in Calicut is an accomplishment of a lifetime. But it is not an easy task. Home loans help you to purchase your dream home. The buyer gets many tax benefits of home loans. Do you know what are the factors determining your home loan eligibility, here are the

1. Credit score

Bad credit score is the most common reason for getting rejected the home loan. Your credit history gives a brief idea regarding how you handled your liabilities in the past.

2. Age

The lender is interested in getting the home loan serviced each month without any flaws. So the age of the home loan applicant is an important factor in determining his home loan eligibility. The home loan eligibility is estimated for a certain period of time called tenure and the tenure is based on the applicant's age

3. Income

The applicant’s income highly influences the lenders are willing to lend the applicant. All lenders insist the applicants should have a certain level of income to get eligible for getting the home loan.

4. Type of employment

Type of employment is a crucial factor in determining your eligibility to a home loan. Frequent job changes can affect your prospects of getting the home loan.

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