Applying for a home loan is a stressful task. I remember when I started working towards my dream of owning a house, it was a huge hassle. I wanted the best home loan deal which could get me the maximum amount of home loan. I asked the bank manager how much house loan can I get. He explained a few things to me and told me what they look for when they decide on the percentage of loan amount. I can share with you those details maybe it will help you in your home loan and home buying journey.
How much percentage of home loan can I get?Okay so to answer this question we have to take a step back and see which factors contribute to this decision. My bank manager started by explaining this part first too. Here are the things considered while disbursing loan amount:
A good credit score: If you have a higher credit score the chances of getting a higher home loan amount become huge. If you have a score above 650 your home loan application will improve
Income: Of course, before deciding on the loan amount, the banks will look at your income and analyze the expenses.
Your income source: this directly correlates with your employment status. If you are a salaried employee or a self employed individual, your income and job stability will be weighed in too
Age: The lower your age, the better home loan disbursal amount. As you grow older the home loan amount will decrease and interest rate will increase
Now that we have looked at the major factors let us understand how much home loan can a person get.
Generally, banks offer home loans of up to 75% to 80% of the property value. In exceptional cases where the loan applicant holds strong credit and income reports, the loan amount can be disbursed for up to 90% of the property value.
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I hope this clarifies how much house loan can I get.
Read more: What is home loan interest rate in SBI How much home loan interest is exempt from tax How to calculate home loan interest rateYour Feedback Matters! How was this Answer?
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How much percentage of home loan can I get?
Ishaan
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4 Year
2021-12-23T10:42:11+00:00 2021-12-23T10:44:31+00:00Comment
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