Home loans vary from one loan provider to another. If you have an income of 60,000, you can get a 90% property cost housing loan if you meet all other eligibility requirements. It depends upon your eligibility and the loan provider to decide the loan amount that you get. Income is not the single parameter that decides your home loan amount.
- Your credit score decides the loan amount
A home loan is a high-value loan. The amount of loan that will be sanctioned depends upon your credit eligibility. Your credit score is an important parameter in your credit eligibility. An individual with a high credit score of above 750 can easily get a high percentage of the housing loan amount. The maximum housing loan sanction amount can be as high as 90% of the property cost. Therefore, with a high credit score, it is vital and easy to negotiate with loan providers and apply for a home loan for a better sanction amount. The better you get, the burden will be less.
- A handsome salary gives you a good percentage
The idea behind taking a home loan should be to get the maximum property cost under a home loan. Therefore, a high income makes it easy to get 90% of the property's cost. Loan providers find it easy to approve a high amount due to minimal risk. Individuals with a low income will not get 90% of the loan cost. If you have an income of 60,000 per month, the loan sanction amount will vary from one loan provider to another. While one bank may offer you 60% of the property's value, others may offer you up to 80% of the property's value. Income is important, but there are other parameters and factors as well.
- Get a reputed property to get a good home loan amount
A good property from a reputed builder in a prime location makes it easy to get a good home loan amount. With a reputed property, you can actually convince your loan provider to give you 90% of the amount. This will actually decrease the burden of the down payment. In a housing loan, the property is kept as a mortgage. Therefore, it becomes security for the loan provider. Hence, a good property is always easy to recover from. Therefore, when an individual borrows to buy a good property, it becomes a safe option for a loan provider.
- Employment history
A good, long employment history makes it easy for loan providers to approve a good percentage of home loans. If you need a high percentage on your home loan amount, you need to show stability.
Wrapping up
A home loan is a convenient way to purchase an expensive property. To decrease your home loan interest rate, you need to work on eligibility criteria. Apply for a home loan online with Clix Capital today.
