� Debt-to-Income Ratio : Lenders assess your debt-to-income ( DTI ) ratio , which compares your monthly debt payments ( including the potential home loan EMI ) to your monthly income . A lower ratio is always better .
� Employment Stability : A stable job with a consistent income is preferred by lenders . Employment history and job security are considered when assessing your loan eligibility .
� Age and Occupation : Some lenders have specific age requirements and occupational criteria . It ' s important to look into the criteria that the lenders have in place .
� Property Value and Place : Properties in prime locations of a given city or state , or ones that have a higher market value might attract better loan terms .
The Housing Loan Application Process The housing loan application process typically involves :
1 . Research and Lender Selection : Compare different lenders to find the best deal . 2 . Document Preparation : Gather necessary documents like income proof , address proof , and property details . 3 . Loan Application : Complete the loan application form with accurate information . 4 . Loan Processing : The lender verifies your documents and assesses your application . 5 . Loan Approval or Rejection : You ' ll receive a decision from the lender . 6 . Loan Disbursement : If approved , the loan amount is transferred to the seller .