Top Factors Affecting Housing Loan Eligibility

Housing loan eligibility depends on multiple factors, including income, age, credit score, and job stability. Lenders assess the applicant’s repayment capacity before approving the loan. A good credit score (750 and above) ensures higher chances of approval and better interest rates. Employment type, whether salaried or self-employed, also affects eligibility. Moreover, the loan-to-value (LTV) ratio and existing financial commitments play a role. To enhance eligibility, maintaining a stable income, reducing outstanding debts, and ensuring accurate documentation is crucial. A higher eligibility score increases the chances of securing the desired loan amount.