5 Factors That Impact The Home Loan Amount




Most of the home buyers depend on a home loan to finance the payment on the purchase of a new property. A home loan helps the buyer to reduce the financial risk associated with a new property purchase. Here is a short note on factors which governs the home loan amount.

1.    Income of the applicant
Income of the applicant is the prime factor which determines his loan eligibility and the home loan amount. In general, a lender considers about 40 to 50% of the applicant’s monthly income for servicing the loan increases. The percentage varies from lender to lender.

2.    Existing loans
The lender will check for the existing loans to calculate one’s home loan eligibility. The lender subtracts the EMI on existing loan from the amount available for servicing the loan. For sure, the existing loan decreases one's home loan eligibility.

3.    Remaining years of service of the applicant
The remaining years of service of the applicant determine one’s repayment capacity which in turn influences his home loan eligibility and home loan amount.

4.    Age of the applicant
Age is also an important factor.

5.    Co-borrower
One’s home loan eligibility will get increased with the availability of co-borrowers.

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