qualifying for a home loan

1.      PropertySimplified Home AboutUs OurTeam FactorsAffectingHomeLoanOccupancy May 30,2018 RealEstate Age of property, Factors Affecting Home Loan Occupancy, LeaseholdpropertiesSrishti Chandola Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

2. Like0 Home loan tenure and the amount of home loan are positively interrelated. Thus, higher the tenure of home loan that you opt for higher eligibility for the home loan which is subject to minimum margin requirement relative to property value. It makes a lot of sense for the borrower to choose for a longer tenure, so as to be able to have some high eligibility for loan and flexibility to prepay it in the part or in full. By default, most of the home loans have a higher tenure of 20 years and in some of the cases even up to 30 years. The home loan tenure depends on several factors which one should certainly be aware of before approaching the loan lender. Age and source of income of theborrower Home loans are provided on basis of the ability of the borrower to service it and, in turn, this is determined by the income. Therefore, the complete amount of loan eligibility will depend on the age as well as the retirement age. For the salaried individuals, 60 years is usually taken as retirement age and thus, maximum tenure of the home loan you would get would actually be equal to remaining service years. In case you are self-employed, the lenders would be willing to treat 65 as the retirement age for the businessmen and professionals. Therefore, self-employed borrowers may have the higher eligibility for the home loan. The person who is about to get retired is usually eligible for a home loan unless able to prove that they have a regular source of income. Age ofproperty Building age plays an integral part in determining the eligibility of home loan. As the house is pledged as the security for the home loan, it is the recourse that lenders have, in case of the default in home loan servicing. Therefore, the lenders won’t provide the home loan for the tenure that is longer than the residual life of property that you intend topurchase. Factors affecting home loanoccupancy Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

3. The residual life of any property is determined by a civil engineer or an architect who will hold a physical audit of the property. Contrast to the retirement age, the age of the building is actually not standard and it varies from one building to another which depends on the material use of the construction, project location, etc. for the properties that are situated close to sea, the residual life may be much lower than the properties that are situated on plains due to the erosion that is caused by salty seabreeze. The home loan tenure can’t be longer than the life of the property. In case, the tenure is longer than the residual property life granted, the lender needs to carry the risk of losing the security if the property is destroyed or if it collapses. This is the reason why generally the lenders don’t finance dilapidated and oldproperties. Leaseholdproperties If the property is constructed on the leasehold land, the tenure of the home loan can’t be higher than balance period of the lease even though the property be in a good condition as lenders would definitely be unwilling to risk the possibility of the lease not being renewed. Such cases are of course rare as the property lease is granted normally for a fairly long period. This situation, however, may arise for the property if lease period of land is close to itsend. ← Holiday Homes inIndia Leave aReply Your email address will not be published. Required fields are marked* Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

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7. RecentBlogs Factors Affecting Home Loan Occupancy May 30, 2018 Holiday Homes in India May 28,2018 All you need to Know About Serviced Apartments May 25,2018 Add Small Green Space in the Vertical Garden May 23, 2018 How to Apply for the DDA Schemes May 21,2018 Favista is a Real Estate Advisory Firm based in Gurgaon, India. Favista believes in making every property transaction experience simple and successful. The aim is to bring transparency, professionalism and simplicity to the complex world of real estate. Favista takes pride in keeping the needs and concerns of the customers in highest regards. Favista Real Estate has been founded by IIT + IIM/INSEAD alumni with experience in strategy consulting, internet marketing, venture capital having been part of companies such as McKinsey, Capital One, PartyGaming and SSGCapital. Favista is a full service brokerage helping buyers/investors buy, sell, rent or lease property in India. Favista offers best realty advice for Apartments and Flats for sale in India, land/plots for sale, New Residential & Commercial Projects in India and also assists selling properties at best rates. Favista.com is the only Property Site in India that lists 100% verified properties. Favista currently operates in Gurgaon, Delhi-NCR, Noida, Mumbai and Bangalore.Those intending to sell property in India will also find this website very useful owing to the extensive reach, high brand recall and trustworthiness in the real estatespace. In order to make our customers happy and for us to reach our goals, we follow the key tenets of transparency and consistently maintain integrity in everything that we do. With this professional attitude, we are set to become your preferred choice for all real estate services inIndia. ABOUT Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

8. AboutUs OurTeam Career Contact Us Terms PrivacyPolicy Disclaimer SiteMap QUICKLINKS Post PropertyFREE EMI Calculator Blogs Compare Projects Download MobileAPP SaleProperty RentProperty CONTACTFAVISTA Toll Free - 1800 2121 000 (ALLINDIA) Gurgaon -+91-124-3378700 Noida -+91-120-4117463  Unit 235 to 240 2nd Floor, Vipul Trade Center,Sohna Road Sector 48, Gurgaon, Haryana122002. Mumbai -+91-22-40142051 Email Sales -sales@favista.com Email Enquiry -info@favista.com 1 Square meter = 10.764 Squarefeet HaveMoreQuestions?Donothesitatetocontactus! ReadourFAQ'sorLeaveafeedbackforustocontactyoushortly. © 2015 Favista Real Estate Pvt. Ltd., All RightsReserved. Create PDF in your applications with the Pdfcrowd HTML to PDFAPI PDFCROWD

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