It will be the very very first and factor that is foremost loan provider/ financier considers whenever one is applicable for a housing loan. Ordinarily, financial institutions try to restrict your house loan term towards the main applicant’s chronilogical age of superannuation. This implies young specialists (20s and very very early 30s) can avail that loan with a phrase as high as 25 years without any difficulty. But older applicants specially those beyond 40 will find it a tad tough to qualify for a tenure that is extended. Numerous time, single applicant aged 50 and above were denied mortgage loans solely about this foundation.
Why don’t we categorize this into salaried, expert and self-employed. Whichever category the applicant falls into, a stable and regular income source is must. (more…)