A home loan can fulfill the different needs of individuals. With a home loan, individuals can not only buy a home for themselves as a future investment but also can upgrade or repair their homes. Among several options at their disposal, Tata Capital Home Loan is one of the popular options among customers for a few crucial reasons. These reasons are affordable interest rates, quick loan amount disbursal, flexible repayment methods, highest home loan eligibility, etc. But one of the best things about this home loan facility from Tata Capital is multiple application methods through which you can get this home loan. With multiple application methods, Tata Capital Home Loan provides convenience to customers, so they can choose any of the methods according to their needs. There are 4 methods - Online, Phone, Virtual Assistant and Branch. In this article, we will be discussing these application methods along with the steps in the application process so that you can understand them better.
Do you know that when you decide to opt for a Home Loan from any lender (Banks, NBFCs or Housing Finance Companies), it first checks your eligibility? No? Well, it is important to know that when you choose to go for a home loan, the lender checks a range of factors and then decides the eligible home loan amount for you. This is the case with an HDFC Home Loan too. HDFC Limited is one of the leading financial institutions that provide home loan facility to customers at an affordable rate of interest. But Home Loan eligibility is one of those factors that many people tend to ignore.
Let’s understand this in a simpler way. Suppose you want to purchase a home and for this, you are taking a home loan from HDFC. In this case, you would like to know your eligibility — What is the maximum Loan amount you can get and what are the factors that mainly affect it? That's why, in this article, we will talk about the same so that you could know what are those factors that affect your Home Loan Eligibility. So, if you want to know about it, keep reading.
What is HDFC Home Loan Eligibility and Factors that Affect it?
Consider HDFC Home Loan Eligibility is the maximum home loan amount that you can get from the lender. Home loans are considered to be big-ticket purchases and that's why lenders want to thoroughly check the eligibility. The maximum loan amount tends to vary from one individual to another based on different factors.
So, what are these factors? Well, some of the important one are Monthly Income, Age of an individual, Location & Value of the property, Credit Score, etc. We are talking about them in detail below. Please have a look.
Monthly Income of an Individual:- The first and foremost thing that you should know that your monthly income plays a crucial role in determining your Home Loan Eligibility. You must be asking how? Well, an individual with a high income can automatically have a higher repayment capacity as he or she can set off a higher portion of monthly income towards repayment of loan. On the other hand, an individual who has a low income with existing obligations cannot have a higher repayment capacity. So, if you have a higher monthly income, you can get a higher loan amount.
Location & Value of the Property:- Since this is a Home Loan, lenders always check the location and value of your property for which you are taking the loan amount. If your property has a high price and is located at a prime location (in the center of city) with all amenities nearby, lenders will be more confident of offering a higher loan amount as compared to a property which is located far from the city and doesn't have a high value. In this case, the loan amount will be higher for the property with a higher value and situated at a prime location. So, this is one of the important factors that you should keep in mind when applying for an HDFC Home Loan.
Age of an individual:- As we mentioned earlier that Home Loans are considered to be high-ticket purchases. And this is the reason people generally take these loans for a longer period that generally ranges from 15 to 20 year (up to maximum of 30 years). That’s why, the age of an applicant determines the Home Loan Eligibility. The reason: an individual who has just joined a company and has substantial service years will get a higher loan amount as compared to an individual who is close to retirement age as lenders are less like to trust such individuals
Credit Score of an Individual:- This is also one of the important factors that affect your HDFC Home Loan Eligibility. Individuals with a good credit score (750 or above) can get a higher loan amount as compared to people with poor credit score (below 650).Through credit score, lenders check the repayment history of an individual to see whether you will be able to repay on time or not.
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