We are sure you’ll agree that buying your own house is one of the greatest achievements in life. Thanks to the continuous efforts of government and private finance companies who have reduced the rate of interest as low as 8.50 to 9.50% to avail a home loan and has fulfilled the dreams of millions across the nation.

However, when it comes to sanctioning the home loans banks and non-banking finance companies (NBFCs) are quite strict towards having a background verification of borrowers. They give check various qualify parameters such as income source, age, property location, job or business stability, nature of work, credit history, etc. and then suggest a suitable loan amount.

Apart from joint income source few other parameters that need to be addressed carefully before applying for home loans are as follows:

Existing Debt: Any existing debt you hold will bound to affect your credit score. It means you’ll get low loan amount against the required financial needs. Banks and firms consider your debt to income ratio when you apply for a housing loan so you need to make sure you clear off as many debts as possible in order to favor your housing loan lenders.

Savings: Ideally, the lender agrees to offer finance up to 80% of the agreement value of the home. Every bank or non-banking finance company will have its own eligibility criteria under which you need to show the margin money of 10-15% handy before you apply for home loans.

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