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How to Apply for a Home Loan with Low Income?

By IIFL Home Loans | Published On Apr 23 2016 2:45 PM 2 min read 50 views 4653 Likes
How to Apply for a Home Loan with Low Income?

Everyone dreams of a beautiful home. To finance your dream home, you search for a reliable lender and submit an application to it. The lender evaluates your income, job stability, repayment capacity, and then approves your home loan plea. In this whole mortgage financing process, one of the biggest challenges for the applicant is satisfying the specified income criteria laid down by the lender. If you have low income, your application may get rejected. Puzzled

The remedy of this problem is that you should apply to the lender, where you meet the home loan eligibility criteria. You can apply with the co-applicant and segregate your risk between you and your co-applicant. Don worry; there are schemes that can beat your home loan stress

In this context, let us have a glance on a scheme, where applicants with even bare income can fulfill their housing dreams with convenience. Here, we are talking about IIFL Home Loans New Home Loan Scheme NHLS.

New Home Loan Scheme NHLS empowers the average Indian middle-class people in building their dream homes with adequate funding at competitive interest rates. The beneficial/constructive change would enlighten the lives of unreached masses in an unprecedented way.

Know 5 Important Things about NHLS

1. Indian nationals - be it salaried or self-employed, can apply for this scheme. Resident Indians with low income can apply for this scheme, subject to terms & conditions*

2. The scheme offers freedom from structured income documents. Income proof documents along with identity documents like Aadhaar Card is required to apply for this scheme. Easy documentation Process!

3. The maximum home loan amount can be up to 20 lakh. Home Loan would be financed for maximum up to 20 years, subject to eligibility assessment by the housing finance company.

4. Co-applicant is required in the property registration and home loan structure.

5. The applicant can apply for the scheme even at 0/nil credit history. Generally, a home loan is not possible if your credit score is below 650.

The government of India aims to build 2 crore new houses under its progressive mission em>Housing for All by 2022 NHLS is a leg up to this affordable housing mission. It will empower people to purchase their home.

So, we have seen how the loan is possible even at low income. In this regard, some points need to be taken into consideration while making an application for home loans

1. While you are going through the mortgage financing process, don add up any loan.

2. If possible reduce your existing liabilities.

3. If you have to pay the E.M.I of any running loan, ensure to pay on time. By paying the installments on time, you will enhance your credit score.

4. Don change your job or profession. Sticking with a job will boost the lender confidence in your repayment capacity.

5. Keep the down payment ready with you; this will help in smooth home loan processing.

*Disclaimer Loan eligibility would be commensurate with the customer income as assessed by the housing finance company as per its credit norms.


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Disclaimer: The information contained in this post is for general information purposes only. IIFL Home Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment, etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness, or of the results, etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Given the changing nature of laws, rules, and regulations, there may be delays, omissions, or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan product specifications and information that may be stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Home/ Loan Against Property/ Secured Business Loan/ Balance Transfer/ Home Improvement Loan/ NRI Home Loan/ Home Loan for Uniformed Services) loan.