May 03, 2017 04:42 AM
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Credit Institutions help individuals to apply for housing loans. However, there is certain eligibility criteria that determines as to how much home loan an applicant can have. This criteria is important to be understood because it depends upon the gross annual earning and repayment capacity. Moreover, after deduction of home loan installment from the monthly income, some amount like certain percentage of monthly gross income has to be left in hand as for survival like household expenses, education, medicines etc.
Besides, the purpose for which home loan is needed like buying a new house, renovation or home improvement is also a point of consideration and the margin requirement to be mixed by intending the borrower.
My suggestion to each desirous applicants is to find out the criteria from financing institutions, compare their norms and find out the best suitable offer before deciding the home loan. Best wishes.
