Every one use to dream about his own home,people saves and invest multiple tools to grow there money for fund for there home. Nowadays there are many mobile loan apps which is providing home loan on the go. You can directly apply for the loan through the help of online mobile loan app. There are many lenders which are providing loan through app.
As we all know that home loan is a long term funding solution, lenders use to look at many multiple aspect before providing home loan. As home loan is the huge amount of sum which lender use to provide to other to built there own house. Nowadays you can avail all the loan related services through home loan app.
Following are the aspects :-
- CIBIL Score- Credit Information Bureau India Limited is the company which use to collects and maintains credit records of the particular individuals and commercial entities. CIBIL score is calculated on the behaviour of your accounts and enquiries. CIBIL score calculated between 300 to 900. 700 CIBIL score is generally considered a good CIBIL score. So, person should keep his/her credit score more then the 500.
- Age- As age is also the crucial factor for the home loan approval. Applicants more then the age of 28 are more eligible for the home loan approval.As they are having working years and can repay the loan EMIs without defaults.
- Existing Debts- It always matters that are you having any existing debts because having existing debts are also comes under the eligibility criteria. Lenders consider some home loan applicants with no pre-existing debts.
- Down Payment- Down payment also plays an important role in home loan eligibility and approval. Some times there are many other option related to the home loan down payment. If you are paying 20% as the loan down payment then your home loan may get approved
Other key factors will be define you when you apply for the home loan through loan app or bank or lender will consider while processing the loan application for the approval.
Must Read:- Home Loan Approval – Five Aspects that Lenders Look at Before
