If you are confused how much I can get home loan, let me tell you, there is no legal limit. You can take multiple home loans as long as you satisfy the lender’s eligibility criteria and demonstrate repayment capacity. You must also be financially stable for that and afford to repay.
How many Home Loans can a Person Take in India?
There is no fixed number. If you already have one home loan and wish to take another, you can apply for it. Lenders will scrutinise factors such as your credit score (typically 725 or higher for multiple loans) and your debt-to-income ratio (existing EMIs plus the new one must be manageable).
Even though you can take several home loans, lenders remain cautious. Each loan application will be assessed on your income, property value, loan tenure, existing obligations, and property risk. Simply having a loan already does not guarantee approval for another.
But practically, if you see, taking multiple home loans means higher monthly obligations, possibly shorter remaining tenure, greater risk of default, and more scrutiny by banks.
Even though multiple loans are permitted, the tax benefits of each loan (interest deduction, etc) depend on the usage of the property (self-occupied or let out) and other conditions prescribed under the Income Tax Act.
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- Home loans are provided by banks on the basis of repayment capacity.
- You should have a good CIBIL score to secure home loans from different banks. A score between 650 and 749 is considered as a good CIBIL score. If your score is somewhere between 300 and 549 it will be difficult to get a home loan from any banks. For a good CIBIL score you should have a good credit history.
- In case you have been a credit monger and secured many loans before you have a poor credit score.
- The bank verifies everything and checks that you are an authentic investor, investing in a property.
- You should have a good track record, otherwise a lender cannot sanction your loan.
- You should have a clear transaction history.
How many home loans can one person have?
Arohi
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2021-12-28T09:25:58+00:00 2022-01-03T14:15:27+00:00Comment
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