What you mean by home construction loan Eligibility Criteria?
This facility is specially designed to those borrowers who need fund to construct home at convenient interest rates, even there are several benefits included like low processing fee, maximum loan amount, flexible tenure & easy to apply. You are only required to ensure that you meet mandatory criteria.
Home construction loan Eligibility Criteria
Eligibility Criteria depends on several factors like repayment history, business sales/turnover& Creditworthiness ...etc.
- • Applicant age should be in-between 18 - 60 years of age
- • Applicant can be salaried or self-employed
- • Minimum 3 years of work experience & current 1 year in one organization
- • Applicant must have credit score above 750
- • Resident of Indian
Note: - You can get up to 90% of property value as a maximum loan amount.
What are the factors generally affecting home construction loan Eligibility Criteria?
There are top factors that generally affects eligibility criteria as given below: -
Low credit score: - Credit score plays a critical role in determining your past financial creditworthiness, credit score ranging below 650 known as low which means you were unable to pay bill or EMI on time & this type of financial behavior not acceptable by lenders.
Lack of work experience: - Lender will look forward to checking your work experience as to measure the stability to pay monthly EMI & payback principal amount, due to lack of work experience your chances of getting loan become lower.
What are the ways to increase home construction loan eligibility?
To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level: -
Clear existing debts: - If you are paying EMI for existing loan & planning to avail new loan, then make sure you clear existing debts as it will rebalance your financial stability & increase your eligibility as well.
Show additional income: -Apart from your fixed monthly salary or business income, additionally you can add up other sources of income like rental income, part- time income, interest generating through fixed deposit & other incentives, consider these point it will boost your eligibility.