Apply for Home Loan in India for Contract Based Employees

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Apply for Home Loan in India for Contract Based
Employees
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Apply for Home loan in India is the life
force that bridges our dreams of owning a home to
reality. But to avail a home Loan, one has got
to qualify for it. All hosing financing companies
follow some certain guidelines to seek out the
creditworthiness of an applicant. Among many,
one criterion of home Loan eligibility is
employment. Lenders check the employee status of
the applicant before sanctioning a home loan.
If youre a salaried employee, getting a loan
becomes easy as youve got a hard and fast source
of income. But if youre a contract based
employee, the eligibility checking takes a couple
of more steps. The house loan applicant should ch
eck home Loan EMI before applying for a loan.
Doing this helps you propose your finances better
way. The lender takes a couple of more
measures to seek out the loan eligibility of the
applicant. Our todays article is an insight on
how lenders evaluate the creditworthiness of a
contract based employees. Contact-based
employees also can avail for Apply for Home loan
in India . But not altogether conditions.
Here weve put up some scenarios to know the
house loan availability of contract based
employees.
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Scenario 1 Joy, a young professional who has just
completed his graduation and joined employment on
a contract basis. Though its his first
job, hes earning tolerably to satisfy the
eligibility criteria of a home loan . In such
conditions getting a loan seems to be difficult
as hes in his first job. No prior work
experience may go as a negative impression on the
lender. As Joy has no work experience, the
termination of the contract may leave him
unemployed. So, in those situations,
the application has high chances of getting
rejected. Scenario 2 Jiten holds his degree in
Chartered Accountancy and joined his first job as
a contract based employee. If Jiten applies for
a home loan, theres a high chance of getting
approval on the house loan due to his high
qualification. In such situations, lenders
generally assume that albeit the contract expires
after a year or some months, getting another
job are going to be easy with such knowledgeable d
egree. So getting a home loan for Jiten are going
to be easier than Joy. Scenario 3 Ganeshanan may
be a software developer and dealing for a
multinational company on a contract based job. He
has five years of experience within the same
field and drawing a quite good amount of salary.
If Ganeshanan applies for a home loan, he
will catch on easily. The factor which supports
the approval of home loan is that the work
experience he has. The lender will assess the
creditworthiness of Ganeshanan with the
continuity of labor, the continuity of employer,
credibility of the employer, past appraisals or
profits etc.
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Scenario 4 The next scenario is of Amits, who
has 5 years of labor experience and presently
working as a contract based employee. But at the
time of applying for the loan, his age is 40
years. Though he has quite good work experience,
getting a loan are going to be challenging as
until his mid-age hes working as a contract
based employee. Such situations may make the
lender suspicious on the past work lifetime
of the applicant. This will be a negative
impression and switch to be a hindrance for the
approval of the loan. To Sum Up Being a
contract based employee, its not impossible to
urge for  Apply for Home loan in India. But the
eligibility criteria is slightly stringent as
compared to salaried employees. If youre a
contract based employee, its strongly
recommended to see the eligibility criteria
or ask the lender before you Apply for Home loan
in India . The Employee status isnt the
sole criteria to measure the creditworthiness of
an applicant. Your credit history, age,
relationship with the bank etc. also matters when
it involves getting approval on your home finance
application.
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Contact
us UGF-15 Westend Plaza,
Kapashera (17.31 km)
110030 New Delhi
Email info_at_rokdabazaar.com
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Call 011 4020 4544