Download the ffreedom app from the Play Store or App Store to learn more about this video - https://ffreedom.com/ytmalayalam Eligibility for Availing Home Loan - ഭവന വായ്പ എടുക്കാൻ പ്ലാനുണ്ടോ? @ffreedomappmalayalam Owning a home is a dream come true for most people. It is not only a sense of accomplishment but also provides security and stability to individuals and their families. However, purchasing a home requires a significant amount of money that may not always be available. That is where home loans come in. Home loans are a popular option for individuals who want to buy a house but do not have the funds to do so. In this video, we will discuss the eligibility criteria for availing of a home loan. Age: The minimum age requirement to apply for a home loan is 18 years. However, most banks and financial institutions prefer borrowers to be between 25-58 years of age. The maximum age limit for availing of a home loan is generally 65 years or the retirement age, whichever is earlier. Income: The income of the borrower is an essential factor that is taken into consideration when approving a home loan. The borrower should have a stable and regular source of income to repay the loan. Banks and financial institutions usually consider the borrower's net income while calculating their loan eligibility. Additionally, the borrower's credit score also plays a crucial role in determining their loan eligibility. Employment status: A borrower's employment status is a crucial factor that is taken into account while approving a home loan. A salaried individual should have a minimum of two years of work experience, while self-employed individuals should have a stable business for at least three years. Property type: The type of property that a borrower wants to purchase also plays a role in determining their loan eligibility. Banks and financial institutions generally prefer to finance properties that are legally approved and have a clear title. Loan amount: The loan amount that a borrower is eligible for depends on various factors such as income, credit score, age, and the value of the property. The loan amount is usually calculated as a percentage of the property's value, known as the loan-to-value ratio (LTV). The LTV ratio for home loans usually ranges from 75% to 90%. Other factors: Apart from the factors mentioned above, banks and financial institutions also consider other factors such as the borrower's financial liabilities, their savings, and their repayment capacity while determining their loan eligibility. In conclusion, availing of a home loan requires the borrower to meet specific eligibility criteria set by banks and financial institutions. It is essential to ensure that you meet these criteria before applying for a home loan to increase your chances of loan approval. Moreover, it is advisable to compare the interest rates, loan terms, and processing fees of various banks and financial institutions before finalizing a home loan. Personal Finance Courses https://ffreedom.com/malayalam/personal-finance-courses ffreedom App is India's No1 Livelihood Education platform featuring 960+ video courses on Personal Finance, Business & Farming taught by super successful people from respective fields. Join over 1cr+ learners from India who are on their mission to increase their income by 10 times. #carloan #autoloan #vehicleloan #carfinancing #carfinance #carpayment #carbuying #carownership #autoinsurance #homeloan #mortgage #homefinancing #homebuying #homeownership #realestate #homeinsurance #propertyloan #mortgagerates #homeequity #propertyinvestment