The General Eligibility Criteria For Home Loan In India

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The General Eligibility Criteria For Home Loan In
India
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 What is a home loan?

• A home loan is a loan that you can take from any
  financial institution to get your property. The
  maximum fund is offered by them, and all you need
  to arrange is the down payment. However, to get a
  home loan, you need to meet the basic home loan
  eligibility criteria. There are some very general
  eligibility criteria given by various loan
  providers that you need to meet, to get approval.
  
•  

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What is a home loan?

• A home loan is specific to the purpose of buying
  a home or a property. It cannot be used for
  anything other than a home. The bank or financial
  institution that you borrow from gets you 90
  fund of the property price, and the rest of the
  down payment is done by the borrower. It comes
  with a lump sum amount of money at one time, and
  the repayment is done in easy monthly installment
  or EMI.

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General home loan eligibility criteria

• Credit score A good to excellent credit score is
  the first thing that you need. You must get a
  good credit record with an extensive report that
  seeks you as a responsible one with good credit
  activities. A score is of three digits and it
  helps the loan provider to understand whether you
  are capable of handling the debt or not. By
  recording the past credit activities, the score
  is given an assurance to the loan provider about
  offering you a loan. If you have a good score,
  you can easily get loan approval without many
  hurdles.

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Income of borrower

• If you are going for a home loan, you must have a
  good income. The home loan is about a high amount
  that goes on for the long term. The EMI of a home
  loan is always high and one with a good income
  can fulfill the repayment without default. You
  must go ahead only when you have met the
  eligibility for a good income. An individual that
  struggles to meet daily expenses can never be
  approved of a home loan.

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3. Issues with the Chosen Property

• The basic eligibility to get a home loan is 21
  years. One needs to be a minimum of 21 years of
  age to get a home loan. If you are not yet the
  age of eligibility, you can seek the help of an
  adult.

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Property

• The reputation of the property and builder can
  get your eligibility met. If you are buying a
  property that has a good name, you can easily get
  approval. There are fewer chances of risk as the
  loan provider can easily get a good value from
  the property if you default.

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• Take care of the home loan eligibility criteria
  properly. It is very important to get a home
  loan. If you meet the criteria you not only get
  easy approval, but also amazing rates and deals.
•  
• Read More What is a good credit score and how
  you can maintain it?

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Clix Capital Services Private Limited

• Address 4th Floor, Kailash Building, Kasturba
  Gandhi Marg, Connaught Place, New Delhi-110001
• Call us 1800 200 9898
• Email us hello_at_clix.capital
• Website www.clix.capital

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