A number of factors are taken into account when assessing your repayment capacity. Your
income, age, number of dependants, qualifications, assets and liabilities, stability/
continuity of your employment/ business are some of them.
However, there are ways by which you can enhance your eligibility.
For instance, if your spouse is earning, put him/her as a co-applicant. The additional
income shall be included to enhance your loan amount. Incidentally, if there are any
co-owners they must necessarily be co-applicants.
Did you know that your fianc?e's income can also be considered for sanctioning the loan
on your combined income? The disbursement of the loan, however, will be done only after
you submit proof of your marriage.
Providing additional security like bonds, fixed deposits and LIC policies may also help to
enhance eligibility.
While there is no need for a guarantor, it could be that having one might enhance your
credibility with us. If so, the loan officer would provide you with the necessary
details.
The final amount to be sanctioned will depend on your repayment capacity. However, what
you ultimately are entitled to will have to conform within the parameters fixed for
each loan (mentioned below).
Also, when the company looks at the total cost, registration charges, transfer charges and
stamp duty costs are included.
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