Are You Pre-qualified for your Home Loan?
Nov 08, 2016 Home Loan
Mostly people think if one has a stable inflow of somewhat handsome amount of money in the form of salary, it would be a cake walk for him/her to get a loan so that he can invest in real estate. But is it the only requirement to get a loan? Though it is indeed one of the criteria, but not enough for sure! First and foremost you need to have loan pre-qualification. There are certain things that loan pre-qualification determine. Once that is done, then only you get the loan you want to take.
The first pre-qualifier is the amount you earn that is how much annually you earn from your job. This will not only help the lenders decide on the amount of loan that can be allotted for you, it will also give them an idea of how much you can repay after maintaining other financial commitments. Its will determine your overall capability. Also at this stage your other personal debts (if any) such as car loan and credit card expenses will be calculated and then your loan amount will be determined. Therefore you should always try to clear off you debts first before going for any other loan.
After all of these have been evaluated, the time span in which you can pay back the loan will be brought under consideration. This will be calculated through some pre-qualification formulas that will divide all your financial expenses in the form of ratios by keeping in mind your standard of living. This will help the lending companies assume the amount you can pay in relation to the debt and the finances that flow in and out of your pocket each month. The more young you are, the more time span you can expect to pay off the loan amount.
To conclude with, if you want to take a loan, a pre-qualification is a must. Only after this is done, you will be able to discuss your own requisites in the loan scheme.
The first pre-qualifier is the amount you earn that is how much annually you earn from your job. This will not only help the lenders decide on the amount of loan that can be allotted for you, it will also give them an idea of how much you can repay after maintaining other financial commitments. Its will determine your overall capability. Also at this stage your other personal debts (if any) such as car loan and credit card expenses will be calculated and then your loan amount will be determined. Therefore you should always try to clear off you debts first before going for any other loan.
After all of these have been evaluated, the time span in which you can pay back the loan will be brought under consideration. This will be calculated through some pre-qualification formulas that will divide all your financial expenses in the form of ratios by keeping in mind your standard of living. This will help the lending companies assume the amount you can pay in relation to the debt and the finances that flow in and out of your pocket each month. The more young you are, the more time span you can expect to pay off the loan amount.
To conclude with, if you want to take a loan, a pre-qualification is a must. Only after this is done, you will be able to discuss your own requisites in the loan scheme.
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Govindkumar
2016-11-11 08:02:37Home loan
