When you apply for a home loan, the lender considers –

Your income and loan repaying capacity to determine loan eligibility

Other factors include your age, retirement age, financial position, credit history, credit score

Enhance your borrowing ability by –

• Adding an earning family member as co-applicant.
• Availing a structured repayment plan.
• Ensuring a steady income flow, regular savings and investments.
• Furnishing details of your regular additional income sources.
• Keeping a record of your variable salary components.
• Taking actions to rectify errors (if any) in your credit score.
• Repaying ongoing loans and short terms debts.

Borrowing for your home purchase is an attractive proposition

A home loan is preferable to other loans because of –

• lower interest rates
• added assurance on property documentation
• it helps in maintaining liquidity for interiors work etc.
• tax benefits

Still apprehensive?

• Take insurance to cover the outstanding loan
• Take a joint home loan

Refinancing your Home Loan makes sense when the new lender –

• offers a lower rate of interest
• offers a higher loan amount
• permits switch from fixed to floating/adjustable interest rate
• permits reduction in loan tenure
• permits reduction in EMI
• offers better terms and service

Don’t refinance if –

• costs don’t justify it
• you are nearly through with your loan repayment

Whether you are salaried or self-employed, you can get a home loan.

Terms for both kinds of applicants are the same.

Only difference usually is in the set of documents to be submitted for home loan.

Earnings and creditworthiness are the key factors to determine loan eligibility.