Factors affecting Bajaj Finserv Home Loan Eligibility that you must know!

Factors affecting Bajaj Finserv Home Loan Eligibility that you must know!

When any borrower wants to opt for a home loan, there are certain conditions that he or she must qualify otherwise the application may get rejected. A lot of people face this due to inconsistencies in their home loan application. You may wonder why?

Well, because of the lack of knowledge about the factors that affect these conditions known as eligible criteria because an applicant could only be eligible for a home loan on meeting these criteria successfully. Bajaj Finserv is one of the leading home loan lenders of the country that provide funds to individuals at an affordable rate of interest.

But a lot of people fail to get the benefit of this scheme due to not knowing what conditions they need to get eligible for it and how does it impact their eligibility. So, in this article, we would be telling you about the factors that affect ​Bajaj Finserv Home loan eligibility​ in detail. After knowing about them, you won’t have any doubt remain in your head about the eligibility criteria.

You can have a look at those factors below.

Credit Score of an Individual:​ As we know that lenders check eligibility just to know whether an applicant would be able to repay the loan or not. And to gauge this exact thing, there is nothing better than checking the CIBIL score of an individual. This score tells exactly about the financial behavior of an individual. It also gives the lender an idea when it comes to the prospect of regular debt repayments whether it’s the EMI payment or utility bills. This is one of the most important factors affecting Bajaj Finserv Home Loan​ Eligibility.

A person with a high CIBIL score would automatically be eligible to get a home loan at a lower rate of interest because the lender sees it as the less credit risk candidate for them. While you would have to face some difficulty with a low credit score.

Applicant’s Monthly Income:​ Bajaj Finserv has fixed a certain monthly income for applicants to be eligible for the loan. Why this factor affects the ​Bajaj Finserv Home Loan​ eligibility? Well, when a person will have sufficient or high monthly income, then he or she would be likely to pay the EMI on time. That’s why not only Bajaj Finserv check the monthly income before giving the loan, but every lender also checks it.

Existing Financial Obligations as Debt:​ A large number of ongoing obligations such as personal loans, credit cards, vehicle loan will make you a less likely candidate for a home loan. That’s where your monthly income also comes into play. Because the lender checks if it sufficient enough to give you the loan, there will be no problem. But if it would not be sufficient, you would not be eligible to get a loan. So make sure, you don’t have too many current obligations as debt.

Employment Status and Age:​ Your job type and history also affect your eligibility in a way as long job history or a long-running business will make lenders trust you based on your past. Bajaj Finserv has also fixed definite job criteria to be eligible for the home loan, so it’s important that you check it before applying for it.