Want to avail a home loan from a reliable lender that can make you enjoy plenty of benefits and features, isn’t it? If yes, all you need to do is just read the article below…
How about availing a loan from LIC housing loan? Sounds, good isn’t it? Well, of course, it is! Today, in this edition of the article, we are going to talk about factors affecting your loan journey. Yes, there are various factors that create an impact, especially on the rate. So, without wasting any time further, let’s just get into the detail and talk about the factors affecting the home loan interest rates below:
Credit Score: If we talk about the three-digit numeric summary, it would not be wrong to say that it is one of the most important factors that can affect your journey. Before offering you the credit, the lenders do check the same summary so as to know your creditworthiness. And, if your score is good, it would be easy for you to grab the best home loans deal.
Income: It is one such important factor that can influence your overall journey. If an applicant is earning a good income, it would be easy for him to repay the loan in the future. Yes, because a good income shows, a good repayment capacity, hence fewer default chances are there in the future. That actually helps an applicant to grab the lucrative deal by enjoying the lowest home loan interest rates.
Employment Type: If you are a salaried or self-employed, the same also affects a lot to your overall journey. Yes, before offering the loan, the lenders also check the profile of an applicant and then decides his eligibility. Soon after knowing the same, the lender then decide what would be the rate given to an applicant so that he/she can easily repay the loan in the future.
Category of the Employer: In which company you work that also matter a lot. Whether it’s a CAT A or CAT B firm, it is important for lenders to know the same because it is one of the prime factors that can decide the interest rates you are going to have. If you work in a fortune 500 or 100 company, it automatically grabs the attention of many lenders because they think that you can also have the high repayment capacity. Hence, these lenders favour those applicants and give them the loan at an attractive interest rate.
Relationship with a Lender: If you are someone who has maintained the fruitful terms with the lender, it would be easy for you to get the LIC HFL home loan at competitive rates. The bank after taking into account your previous or past record along with your credit history and repayment record allows you to enjoy the best deal. This advantage is enjoyed by an existing customer who has maintained the long-term with the lender. Actually, the moment, a lender checks your record, it shows your creditworthiness, which automatically grabs the attention of a lender.
How about availing a loan from LIC housing loan? Sounds, good isn’t it? Well, of course, it is! Today, in this edition of the article, we are going to talk about factors affecting your loan journey. Yes, there are various factors that create an impact, especially on the rate. So, without wasting any time further, let’s just get into the detail and talk about the factors affecting the home loan interest rates below:
Credit Score: If we talk about the three-digit numeric summary, it would not be wrong to say that it is one of the most important factors that can affect your journey. Before offering you the credit, the lenders do check the same summary so as to know your creditworthiness. And, if your score is good, it would be easy for you to grab the best home loans deal.
Income: It is one such important factor that can influence your overall journey. If an applicant is earning a good income, it would be easy for him to repay the loan in the future. Yes, because a good income shows, a good repayment capacity, hence fewer default chances are there in the future. That actually helps an applicant to grab the lucrative deal by enjoying the lowest home loan interest rates.
Employment Type: If you are a salaried or self-employed, the same also affects a lot to your overall journey. Yes, before offering the loan, the lenders also check the profile of an applicant and then decides his eligibility. Soon after knowing the same, the lender then decide what would be the rate given to an applicant so that he/she can easily repay the loan in the future.
Category of the Employer: In which company you work that also matter a lot. Whether it’s a CAT A or CAT B firm, it is important for lenders to know the same because it is one of the prime factors that can decide the interest rates you are going to have. If you work in a fortune 500 or 100 company, it automatically grabs the attention of many lenders because they think that you can also have the high repayment capacity. Hence, these lenders favour those applicants and give them the loan at an attractive interest rate.
Relationship with a Lender: If you are someone who has maintained the fruitful terms with the lender, it would be easy for you to get the LIC HFL home loan at competitive rates. The bank after taking into account your previous or past record along with your credit history and repayment record allows you to enjoy the best deal. This advantage is enjoyed by an existing customer who has maintained the long-term with the lender. Actually, the moment, a lender checks your record, it shows your creditworthiness, which automatically grabs the attention of a lender.
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