I want to avail a home loan of ₹ 10 lakh and my annual income is
₹ 2.4 lakh. Does work experience also play a role as I have only two years of experience?
– Avinash Bansal Most banks require two years of work experience before they consider your loan requirement, which you have. It is primarily your income and repayment track record that have an impact on your loan eligibility. If ₹ 2.4 lakh is your net income, then you should be eligible for a loan of ₹ 10 lakh, provided the agreement value of the flat is at least ₹ 11 lakh.
Can I change jobs or leave my job for self-employment during the home loan tenure?
– Manish Verma You can switch jobs during the tenure of your housing loan or leave your job for self-employment. However, you might have to keep the lending bank informed of the change as it is part of the terms and conditions agreed by you as per the loan agreement.
If your repayment happens by way of deduction against salary, you will have to arrange for alternative payment mechanism so as to ensure that you do not default on the due date.
I want a home loan for a 360 sq ft flat. My annual income is ₹ 2.2 lakh. As per information received by one of the banks, a home loan will not be given for an area less than 450 sq ft. If this is true then what do I do?
– Sparsh Sharma Banks can have their own internal criteria for loan eligibility. There are no regulatory criteria prescribed for this purpose but most regular lenders will not give loan for flats measuring less than 450 sq ft. The reason could be that smaller flats have legal issues.