Here’s how banks determine your home loan eligibility

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Heres how banks determine your home loan
eligibility
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The Basics of Home Loan

• A home loan is a type of loan that is
  specifically taken to purchase a home. It is not
  flexible for any other expenses. The one-time
  disbursement comes with a flexible repayment
  structure. The total loan amount along with the
  rate of interest is paid in equal monthly
  installments. This makes the loan repayment easy
  and hassle-free. A home loan is a valuable loan
  and needs a lot of eligibility criteria to be
  maintained. To avoid risks, the banks will make
  sure that you are capable of repaying the amount
  within the tenure.

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What are the things considered by every bank?

• The property The property that you are
  interested in will matter a lot. If the property
  is of good value, at the right location, or by a
  reputed builder, the eligibility criteria process
  will be easy. This is because in case of your
  default, the banks will be able to recover the
  entire amount from the property.

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Credit score

• A credit score is the most essential factor that
  needs to be considered. If you have a good credit
  score your eligibility criteria will be
  fulfilled. It will be easy for you to settle up
  with a good loan option as the loan provider will
  take this into account. A credit score will be
  taken into account to get approval or rejection.

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Income

• Your income from the bank account and cash flow
  statement will be depicted. You need to work on
  your income because the banks will check your
  credit background. The income will play a vital
  role in deciding the result of your loan
  application.

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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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