Ans:- The main criteria in deciding home loan eligibility is the repaying capacity of loan seeker. Repayment capacity is arrived at considering following factors :-
- Income of the applicant
- Income of spouse (where spouse is joint applicant)
- Stability & continuity of sources of income
- Assets & liabilities
- Existing loans & their EMI
- Saving History
- No. of Dependents (Essential expenses on dependents like education, medical etc.)
- Age
- Qualification
Basically the above information is used to determine the amount of EMI, loan seeker can pay comfortably for the entire tenure of loan.
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