Who is a house bought you say that the right home to find, is less than half of the strip is less than half the battle won. The real test of alcohol is your loan sanctioned housing and paid on time. When I buy my first house that was on the secondary market, I lost in the first house, which he had chosen, because the seller did not want to wait until my home loan has been processed. To be fair to him, the loan took an unimaginable amount of time. I have learned from this experience for pre approved loans disbursed loans before resuming my search for new opportunities.
The process of getting approved for your loan is very easy if you know what to expect and what is expected of you. You can download a list of documents required from different places on the Internet, but the interesting thing to note, eligibility. There are several factors that affect the overall eligibility of a borrower for a loan for housing, other than just salary. Note Considering these factors will help to speed up the process.
stable income
While admission is most important for the banks on the criteria for deciding which bankers also pay attention to the stability of their income. Banks prefer borrowers with a stable income, so they can measure the ability to pay. Industry, length of employment and the type of work are also important. If you have a stable income, which greatly improve a co-borrower your chances.
other loans
If your content is already in use a personal loan or a car loan or even a credit card to pay, the lender will consider this factor when calculating the information on your ability to pay your EDE. Remember, your credit history report is comprehensive, have a bank on your existing loan, so while paying all his EDE will be a positive factor in the time running multiple loans has not.
Your credit history
Needless to say, damage a bad credit history of your application. Your credit score is calculated by Cibil a number between 300 and 800, depending on their behavior as a borrower in the past seven years. A score below 600 is considered a concern. A score of 700 is very good. Cibil simply calculates the score and banks are allowed to accept or reject when low score interprets your application.
outgoing
If you take a home loan 20 years in the age of 50 who are not continued against your favor that you 10 years from retirement and your current income for the duration of the loan.
Co-borrower eligibility
How do you strengthen your case, is to add a strong co-borrower on the loan. Co-borrower credit history, age, salary and repayment capacity will be taken into consideration. Although it pains me to say, most banks still single women give as father co-borrower with no fixed. This practice, in my opinion, is sexist and has to change. But in the meantime, if you want to take home today, you might have to opt for a co-borrower and co-owner of his property.
Remember, in the last quarter, loans were the most lucrative for the banking portfolio, which means that they are all competing for your business. If you solid credit history and a stable income thrust at better rates and lower treatment costs. It's a buyer's market.
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