Nowadays, there are plenty of options in the field of personal loans that are provided by various banks and other financial organisations. Though the exact eligibility criteria to avail personal loans, varies from bank to bank, there are few common norms followed by many of the money lending organisations.
The basic factors that determine a person's eligibility are age, profession, annual income, credit history and outstanding liabilities at the time of applying for the loan.
Every bank has different home loan eligibility criteria, when it comes to lending money to individuals, so as to properly assess your repayment capacity which is based on your monthly income.
The main concern that banks have is whether or not you will be able to repay the loan on time. The higher the disposable monthly income you carry, the more the amount you will be eligible for. A bank typically assumes that about 55-60 % of your monthly income is available for repayment of the loan. As always, the loan amount depends on the loan interest – tenure rate. Banks normally fix an upper age limit for home loan applicants.
Almost anyone and everyone who wish to buy property and also has the means to repay the loan, is eligible to get a home loan. Every bank has a set of requirements that you need to meet before you can avail the loan. You need to have a stable source of income and have attained a minimum of 21 years of age to be eligible to apply for the loan.
The loan amount you are eligible to receive basically depends upon your net income. The bank usually provides home loans up to 60 times of the individuals gross income. If a person is to take home a salary of Rs 30,000 he may be offered a home loan of not more than Rs 18 Lakh. However, the finality of this decision is definite after weighing several factors.
Every bank has different home loan eligibility criteria, when it comes to lending money to individuals, so as to properly assess your repayment capacity which is based on your monthly income.
The main concern that banks have is whether or not you will be able to repay the loan on time. The higher the disposable monthly income you carry, the more the amount you will be eligible for. A bank typically assumes that about 55-60 % of your monthly income is available for repayment of the loan. As always, the loan amount depends on the loan interest – tenure rate. Banks normally fix an upper age limit for home loan applicants.
Almost anyone and everyone who wish to buy property and also has the means to repay the loan, is eligible to get a home loan. Every bank has a set of requirements that you need to meet before you can avail the loan. You need to have a stable source of income and have attained a minimum of 21 years of age to be eligible to apply for the loan.
The loan amount you are eligible to receive basically depends upon your net income. The bank usually provides home loans up to 60 times of the individuals gross income. If a person is to take home a salary of Rs 30,000 he may be offered a home loan of not more than Rs 18 Lakh. However, the finality of this decision is definite after weighing several factors.
