Have a Stable Job

Finding a good job these days is hard enough, let alone getting a stable one. So, if you fall in this disappointing category, then start rethinking your career path. Banks prefer loan applicants with steady jobs as they have a steady source of income. People, who like hopping from one job to another, need to be cautious here. Moreover, if you can’t hold onto a steady job, your chances of paying back the loan amount and interest drastically fall down. Keeping the U.S. housing bubble fiasco in mind, Indian banks have become more cautious with their lending policies. If you do not earn enough, you might not be able to pay the EMIs (Equated Monthly Installments) as well. A minimum period of 1 year is regarded as being stable in a job. If you have a valid reason for shifting jobs, then have the adequate reasons in place. If you are planning to hop jobs but also want a home loan, keep shifting jobs after getting the loan. But get a better job then.