How To Be Eligible For A Home Loan

How To Be Eligible For A Home Loan

You need to meet some basic requirements to get a home loan. Here is a list or requirements that you need to get to be eligible for a home loan:

1. Applicant must be at least 21 years of age. Maximum age to avail a home loan is 58 years for salaried people and 60 years for self-employed people but this may vary with different financial institutions.

2. Banks need to know if an applicant has a stable source of income. You need to show them your current track record, credit history, savings account, current investment, tax returns, statements for stocks and mutual funds. This will help lenders decide on how much they will lend you.

3. If your income is not sufficient, you can boost your eligibility by including the income of your spouse, family relative or your children. You can put them as co-applicants to enhance your loan amount.

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