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.

Melonwood Greens, an amazing residential project, apartments in Kochi from one of the top-listed builders in Kochi named Melonwood Homes. The premium project, flats in Kochi, is equipped with world-class luxury and smart amenities promising you an ultra-luxury life.

To Know More Melonwood Homes

Location: Kerala, India

Comments

Post a Comment

Popular posts from this blog

4 Things that a Nuclear Family Should Consider During Home Search

Image
In India, We are breakdown of joint families into small, nuclear families, the priorities of a modern homebuyers have seen a dramatic change. Instead of size and number of rooms, the neighbourhood, social infrastructure and facilities offered in a project have now become top considerations. As against a joint family, the requirements of a nuclear family are much different when it comes to property purchase. To begin with, a nuclear family, which comprises of a husband, wife and children, requires lesser space than the joint family setup. Nuclear families do not need nearly as much space as a joint family. The criteria for the choice of a property in a nuclear family are radically different from those of a joint family. Here are five things that make a big impression with today’s homebuyer. 1. Security   In the case of a nuclear family, parents leave home early for work and return in the evening, leaving their children and the elderly behind. Security, therefore,
Read more

Make the most out of real estate investment easily

Image
Real estate investment in residential properties assure effective returns and it is highly regarded as a wealth maximizing opportunity. For a successful investment flats, apartments and residential projects, it is vital to consider certain parameters like connectivity, proximity to social infrastructure, etc. Here are a few guidelines to help make the most out of real estate investment: 1.    Learn more about the property cycle to identify the entry point in real estate sector correctly. 2.    Understand in depth about the government issues leasehold titles. 3.    Ensure the quality of development to assure that you gain healthy returns and also to refrain from bad investment options laid forward by depressed market. 4.    An investor must be aware of the gain in capital and stamp duty amount to be paid. 5.    Verify development plans and statutory approvals and do a close scrutiny throughout the investment cycle. 6.    Check on the credibility of the developer and their past tr
Read more

Reasons that make Edappally a prime location in Kochi

Image
Edappally is one of the fastest growing suburb on Kochi which is also considered as the entrance to the city of Kochi. Due to its strategic position at the intersection of highways and being an emerging retail centre, the area is considered a prime location for investment in Kochi. Here are the reasons that make Edappally a valuable destination for investment in Kochi.   Junction of highways – The 2 national highways join the Kochi bypass at Edappally.   Kochi Metro – The Kochi Metro station makes the area a prime location by making it accessible from various locations in the city.   Shopping hub – The most happening places in the city like Oberon mall LuLu mall are located at Edappally.   Close proximity to educational institutions – Amrita Institute of Medical Sciences, Amrita School of Arts and Sciences, Government Vocational and Higher Secondary School, Bhavans Elamakkara, etc. are at nearest location from Edappally. Melonwood homes one o
Read more