Eligibility Criteria for Lal Dora Home Loan
Approval of the loan is subject to the borrower’s current income and repayment capacity. However, some other factors determining home loan eligibility of the borrowers are as follows –
- Credit standing
- Financial liabilities
- Income status
- Credit score
Banks can also consider increasing eligibility of a borrower based on the following criteria:–
- Adding co-applicant
- Choosing a structured repayment plan.
- Well-maintained saving habit, regular income flow and investments.
- Details of the sources fetching extra income
- Detailing parts of the salary which are variable
- Making an effort to improve bad credit score (if any)
- Repaying all the outstanding loans and debts taken for short periods