Key Points to Determine Your Housing Loan Eligibility

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Key Points to Determine Your Housing Loan
Eligibility

• Housing Loan

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Age 

• One of the most important factors lenders
  consider when deciding whether you qualify for a
  home loan is your age. Younger borrowers are
  ideally more likely to cut as they would
  generally have years of work ahead of them. Older
  borrowers are considered eligible for a home loan
  as well, but they may be provided with shorter
  loan terms.

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Employment status

• Your housing loan eligibility is also determined
  by your employment status. Home loans are easily
  sanctioned to borrowers who have stable jobs at
  reputed companies. Employment for a minimum
  period of 3 years is required to consider your
  housing loan eligibility. There is a higher
  chance of your home loan application being denied
  if there is a difference in employment status or
  if you change jobs frequently.

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Credit Scores

• The lender will ask you to provide several
  documents when applying for a home loan. The most
  important one is your credit scores document.
  This document gives lenders an idea of what your
  actions will be when repaying a loan. This
  understanding of your loan repayment behaviour,
  along with your credit rating, will help them
  assess your housing loan eligibility. To get a
  home loan, you usually need a credit rating of
  750 out of 900.

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Income to Expense Ratio

• Lenders also want to measure the
  income-to-expense ratio to make sure you have
  enough income and can repay your loan promptly.
  In this way, they will evaluate how you spend
  your income. The lender needs to know if there
  are other current loans you are repaying. To
  qualify for a loan, you should possess at least
  60 of your income after your monthly mandatory
  expenditure.

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Contact US

• Address 9th Two Horizon Center, 901b, DLF Phase
  5, Sector 43, Gurugram, Haryana 122002
• TelePhone No 18002009898
• EMail hello_at_clix.capital
• Website https//www.clix.capital/home-loan-eligib
  ility-documents/

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Contact US