Do I have bank loan eligibility to buy a house in Porur?
Hello Sir, I am looking for a house in Porur for my family. I am a government employee and my husband is working in a private company. Can we get bank loans or can you arrange for our loan requirements.
Yes sir, we can arrange you for the loan.
The basic criteria for loan eligibility,
The applicant should be either a salaried person or a self-employed with the regular income earnings. A salaried applicant must have at least two years of work experience. Maximum age limit is 70 years at the time of maturity of the loan.
Most lenders require 10-20% of the home's purchase price as a down payment from you. The rest, which is 80-90% of the property value, is financed by the lender. The total financed amount also includes registration, transfer and stamp duty charges. Your Home Loan Eligibility will be calculated after deductions of the EMIs that you are paying. Therefore, if you want a home loan for buying a property of Rs. 50 lakhs, the maximum amount you can get is 85% of that ie 42.50 lakhs.