2. Income and Resources

The income and resources of an applicant are perhaps the most important aspect of their eligibility for financing, as they give a good indication of a person’s ability to repay the loan when it comes due. Direct salary as well as investments, inheritances and other income types are all commonly considered, and good ratings in this area can often offset lackluster evaluations in other facets.

3. Age

It determines the earning years left for the in

The age limits are set to minimize ownership disputes. The age limit also affects the tenure of the home loan, and EMIs. An applicant's retirement age is also considered.

For example, if the applicant is 45 years of age and is set to retire at 60 years, the maximum loan tenure available will be 15 years. Also, in case a bank has a 75-year age limit for a co-applicant, if the applicant is 40 years old and the co-applicant is 60 years old, the home loan will be sanctioned for a maximum period of 15 years only.