How to Become Eligible for a Home Loan in Thane?

If you are planning to shift to Thane or you are already from Thane, you may be eager to settle down at Thane after purchasing your own house. It is a thriving city and one of the fastest growing cities of Maharashtra, India. The popularity of the place is increasing day by day as more people want to shift to Thane. Thus, the prices of properties are also increasing, making it tough for the aspirants to purchase the houses on their own. So, a Home Loan is the best solution to buy a home of your choice. It makes the financing easier.

But, before you apply for a Home Loan in Thane, you must be aware of the eligibility criteria set by the lenders. Different lenders have different eligibility criteria, but there are some basic criteria that you need to fulfil to get a loan sanction. Those are:

Age of the Applicant- There is a set limit of age when you can apply for a Home Loan. The younger you are, and have more time to repay the loan, you are more likely to get easy loan approval.

Property Specifications- The property or the house is one more factor of your loan eligibility. On the basis of the age, location and nature of your house, your eligibility is determined. If you choose an old property, inspection becomes tougher. So, avoid an old property.

Credit History and CIBIL Score- You must maintain a good credit history and have a decent CIBIL score of above 750. This reveals you had a good transactional history and credit activity.

Work Experience and Monthly Income- You have to be a steady salaried employee for certain years. More work experience, the more monthly income you have. You need to submit pay slips and bank statements to reveal your actual monthly income.

Dependents- Lenders want to know how many dependents you have. It can be kids, spouse, parents, etc. This is one more factor to determine your capability for a Home Loan.

To know about the other factors, read:

Factors that Influence your Eligibility for Home Loan in Thane