Home Loan Eligibility Guide India

Home Loan Eligibility Guide India

Buying a dream home is everybody’s desire. But well, Home loan eligibility criteria in India are not that much easy like western countries and that’s why you should first of all check your eligibility before applying for a Home loan. Keep in mind the following criteria before applying for a Home Loan.

Income Level

Before applying for a Home Loan, our income level must be fulfilled the minimum income level as per the guidelines of the bank. So if your income level is not so good than first of all make all the efforts to increase your income level. This is the prime criteria for getting rejected.

Credit Report

Now, a days Indian banks see your credit report before applying for the home loan. Your credit report is the score of your credit worthiness and it can be easily available with CIBIL.

Whenever you take any kind of loan from any financial institute or bank, your payment history will be stored with CIBIL for the future references. So never get default on any kind of loan if you someday in your life want to apply for the home loan.

Paperwork

This is really necessary means you MUST have clear property title and NOC certificate from your builder. There are lots of property reports that will be required before applying for the home loan. So first of all prepare all the paperwork than and only apply for the Home loan.