Everyone aspires to own a home of their own,
don't they? But several people are unable to realize their dream due to the
lack of financial assistance. Given this situation, the home loan option
provided by financial institutions comes across as the perfect solution to the
problem. For example the axis bank housing loan in Gurgaon has helped several
customers fulfil their wish of buying property.
A lot of people live under the misconception
that their home loan eligibility is not going to meet the bank's requirements
and they are most likely to return empty handed each time they apply. However,
this is not entirely true. Financial institutions like banks prefer to keep
their home loan eligibility rules extremely simple in order to get maximum
customers.
All you need to do is clear the basic criteria
and put together the required documents when you are applying. Once the details
are in place, the bank has no reason to refuse your application.
While the home loan eligibility rules vary
from one bank to another, there are a few basic criteria that remain valid
irrespective of the type of financial institution that you apply to:
You should have a good credit ranking
Yes! This is an important criterion which
focuses on checking your credit ranking by analysing your previous record of
loans. Even if you have taken a loan, your ranking will not drop if you have
ensured that the EMI's are given on time. Before you apply for a loan, try to
improve your credit ranking by being regular with your EMI payments.
You should have a source of income!
No bank is going to be willing to give you a
loan if you don't have a source of income that can be used to repay it. You
need to show a continuing service record or regular income coming in from a
medium of business. Even retired people find it extremely difficult to get
their loan applications approved.
You should have a net worth equivalent to or
more than the amount of loan that you are applying for.
You need not mortgage the property that you
have but you still have to show the bank that your net worth is large enough to
pull off the loan amount in case of any unfortunate event. Ideally, the bank
will want to see the property papers and so you should keep them ready when you
are planning to apply.
Lastly, be it the axis bank housing loan in Gurgaon or the regular loan
at any other financial institution, you can always look up the internet to
check eligibility conditions and avoid any regrets at a later stage.
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About the Author
priyanka
To know
more about home loans transfer or home loan eligibility, please visit our
website.(show bio)
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