Blogs

The Deciding Factors For A Home Loan

Check out the Deciding Factors for a Home Loan | Pharande Spaces

A home loan commonly serves as an essential component of property purchase, and you can avail of many benefits against a home loan and successfully facilitate the buying process. However, your home loan eligibility is dependent on a number of factors. These parameters play an important role in getting you the home loan that is best suited to your needs and preferences.

Here are the 5 important deciding factors for a home loan:


1. Income of the applicant:
The first and foremost criterion that influences your home loan eligibility is your monthly income. Typically, lenders consider 40-50 per cent of your monthly income as the amount that you can pay towards your home loan EMI. In case you are a self-employed professional, the lenders will look at your gross receipts before ascertaining the home loan amount.

2. Credit score and existing loans:
Your credit score is an important indictor of your ability to repay loans and it is based on your credit history. If there are any existing loans that you are currently repaying, then lenders will look at how they impact your credit score and your ability to repay this home loan.

3. Age and earning potential:
Home loans are typically sanctioned for a tenure of 15-20 years, so lenders will want to make sure that you have about those many years left in service to be able to repay the loan. The default retirement age for salaried professionals is 60, whereas for self-employed professionals it is taken to be 65.

4. Availability of co-borrowers:
You can apply for a home loan of a higher amount if you can bring on board a co-borrower with a good credit score and earning potential. The lender will factor in the total income of all the co-borrowers in order to assess your eligibility. Keep in mind that a co-borrower could be anyone you trust-it need not necessarily be a joint owner of the property.

5. Tenure of the loan:
The longer the tenure of the loan that you apply for, the higher your eligibility will be. Therefore, it’s advisable to apply for a longer home loan tenure and prepay it partially or fully, as and when you have surplus funds. This can help shorten the tenure of your loan, while offering you greater flexibility and boosting your eligibility.

Looking to invest in ongoing projects in PCMC, Pune? Explore the wide range of offerings by Pharande Spaces, the leading real estate construction company in Pimpri-Chinchwad, Pune.

Privacy Policy

This Privacy Policy governs the manner in which Pharande Spaces collects, uses, maintains and discloses information collected from users (each, a "User") of the https://pharandespaces.com/ website ("Site"). This privacy policy applies to the Site and all products and services offered by Pharande Spaces.

Personal identification information

We may collect personal identification information from Users in a variety of ways, including, but not limited to, when Users visit our site, fill out a form, and in connection with other activities, services, features or resources we make available on our Site. Users may be asked for, as appropriate, name, email address, mailing address, phone number. Users may, however, visit our Site anonymously. We will collect personal identification information from Users only if they voluntarily submit such information to us. Users can always refuse to supply personally identifying information, except that it may prevent them from engaging in certain Site related activities.

Non-personal identification information

We may collect non-personal identification information about Users whenever they interact with our Site. Non-personal identification information may include the browser name, the type of computer and technical information about User's means of connection to our Site, such as the operating system and the Internet service providers utilized, and other similar information.

Web browser cookies

Our Site may use "cookies" to enhance User experience. The user's web browser places cookies on their hard drive for recordkeeping purposes and sometimes to track information about them. The user may choose to set their web browser to refuse cookies, or to alert you when cookies are being sent. If they do so, note that some parts of the Site may not function properly.

How we use collected information

Pharande Spaces may collect and use Users personal information for the following purposes:

  • To improve customer service The information you provide helps us respond to your customer service requests and support needs more efficiently.
  • To personalize the user experience We may use information in the aggregate to understand how our Users as a group use the services and resources provided on our Site.
  • To improve our Site We may use the feedback you provide to improve our products and services.
  • To send periodic emails We may use the email address to respond to their inquiries, questions, and/or other requests. If User decides to opt-in to our mailing list, they will receive emails that may include company news, updates, related product or service information, etc. If at any time the User would like to unsubscribe from receiving future emails, we include detailed unsubscribe instructions at the bottom of each email or User may contact us via our Site.

How we protect your information

We adopt appropriate data collection, storage and processing practices and security measures to protect against unauthorized access, alteration, disclosure or destruction of your personal information, username, password, transaction information and data stored on our Site.

Private and sensitive data exchange between the Site and its Users happens after an SSL secured communication channel and is encrypted and protected by digital signatures.

Sharing your personal information

We do not sell, trade, or rent Users personal identifiable information to others. We may share generic aggregated demographic information not linked to any personal identifying information regarding visitors and users with our business partners, trusted affiliates and advertisers for the purposes outlined above.We may use third party service providers to help us operate our business and the Site or administer activities on our behalf, such as sending out newsletters or surveys. We may share your information with these third parties for those limited purposes, provided that you have given us your permission.

Changes to this privacy policy

Pharande Spaces has the discretion to update this privacy policy at any time. When we do, we will revise the updated date at the bottom of this page. We encourage Users to frequently check this page for any changes to stay informed about how we are helping to protect the personal information we collect. You acknowledge and agree that it is your responsibility to review this privacy policy periodically and become aware of modifications.

Your acceptance of these terms

By using this Site, you signify your acceptance of this policy. If you do not agree to this policy, please do not use our Site. Your continued use of the Site following the posting of changes to this policy will be deemed your acceptance of those changes.

Contacting us

If you have any questions about this Privacy Policy, the practices of this site, or your dealings with this site, please contact us at:

Pharande Spaces: https://pharandespaces.com/
Pharande Spaces,
"Tarangan", 98/2,
Pune - Nashik Highway,
Guruvihar, Bhosari,
Pune: 411039. India.
Ph.no. 02027230506
Email: enquiry@pharandespaces.com

Disclaimer

The documents and graphics on this website could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Pharande Spaces may make improvements and/or changes herein at any time. Pharande Spaces make no representations about the accuracy of the information contained in the documents and graphics on this website for any purpose.

All documents and graphics are provided "as is". Pharande Spaces hereby Disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for any particular purpose, title and non-infringement. In no event shall Pharande Spaces be liable for any kind of damage resulting from any clause or reason, arising out of or in connection with the use or performance of information available from this website.