Usually when you apply for a home loan, banks look at your credit history and other loans that you have taken. If you have active loans; say another home loan, an automobile loan, a joint loan, etc, a bank will look at it and assess your repayment capabilities.
Banks usually prefer that you clear out all the loans prior to assigning a home loan. If you can’t then your loan amount can be reduced. An interesting fact about credit card assessment by banks before offering home loans is that your credit limit is taken into consideration. Your credit score will be a secondary factor in this case as the bank will analyse your ability to spend basis your credit limit.
Some of the loans that can have impact on your home loan are:
- Automobile loans such as car loan, two-wheeler loan, etc.
- Pre-existing home loan
- Joint loan
- Credit card limits
Hope I could give you a brief idea of how different kinds of debts are assessed by banks before giving home loans.
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How are different kinds of debts assessed by lenders when it comes to home loans?
Anonymous
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3 Year
2021-04-21T14:33:13+00:00 2021-04-21T18:48:22+00:00Comment
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