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All The Decisive Factors For Eligibility Of A Loan Applicant

The first step when applying for a loan includes checking the eligibility criteria. The loan is passed only if you match the eligibility standards. Once you are eligible for the loan, the process of application becomes very convenient and fast. The eligibility criteria vary based on whether an individual is salaried or non-salaried.

In salaried individuals, one criterion becomes the job experience Whereas, in non-salaried individuals, is business experience. Salaried applicants should be at least 18 years of age and have a minimum monthly income of Rs 25,000. The minimum work experience needed for acceptance is 2 years. In non-salaried applicants, the minimum age requirement is 25 years. The business experience should be at least 3 years. The credit score in both should be 750 or above.

Factors Increasing Or Decreasing Your Chances Of Eligibility:

There is a thorough verification process and then the application is approved or disapproved. The lender has specific criteria to ensure that he gets the repayment on time. Not everyone can meet this criterion and be able to get a home loan. To meet the criteria, there can be several factors involved in the home loan eligibility calculator affecting your chances of getting through:

If an applicant is applying for a loan at a young age, he/she can go for a longer tenure of repayment. They have an advantage that they’ll be having more working years than other applicants. The range of application age can be between 18 years(minimum age) till 70 years(maximum age).

The credit score is one decisive factor that is directly proportional to your loan’s chances to be accepted. A poor credit score is completely unacceptable and will directly lead to the rejection of the application.

As it is done in every loan, the person needs to pay a down payment. The person should be able to afford to pay the remaining ten percent to be eligible for the loan. The more the down payment, the lesser will be the loan amount and the EMIs. You can also calculate your EMIs through a home loan EMI calculator.

One should always consider and double-check these points to be sure that their application gets accepted. If you are short of any points, try and remove them and make a clean profile to double your chances for acceptance.

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