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Your income is entirely dependent on your employment. You should have a stable source of income for 10-15 years to repay the home loan.
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A score of 700 and above is considered good. And you have very good chances of getting a loan.
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Adil Shetty, CEO, BankBazaar, says that as a home loan is secured, two essential conditions must be met for its approval.
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You must, firstly, have sufficient income to repay the loan, and secondly, the asset must be legal and approved by the concerned government authority.
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And when a home loan application is rejected, borrowers often apply again for it.
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If the builder is not approved by the financial institutions. So no matter how premium the project is, getting a home loan can be challenging.
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You check whether the property is approved by the authorities or not. And sometimes the housing project gets approval.
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If you are buying a resale property. And the valuation of the property from the bank is less than the required amount. Then your application may get rejected.
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A lender usually pays less than the current value of the property. It helps in mitigating the risk to the borrower in case the loan is not repaid.