Housing Loan

Owning a home is in every Indian’s bucket list. A home is where everyone’s dream is woven. If you are a salaried person or a business person, getting a home loan was never easy before. Based on

your income, legal papers of your to be owned home, loan is sanctioned. Typically you have to
contribute 15-25% as down payment.

Home Loan eligibility depends upon various factors. A few of them are listed here –

Income – Your income determines the amount of home loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45 to 0.50.

Tenure – The longer tenure you opt for, the more is your home loan eligibility and the lesser is your EMI.

Age – Your age will determine your home loan tenure and hence your eligibility.

Interest Rate offered – Banks offer Fixed and Floating Rates of Interest. If your interest rates are on a lower side, then the loan eligibility will be higher..

CIBIL Score – Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.