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A home sweet house is a personal possession that you have wished to own for quite some time. When you think about buying a house, two things come to mind: a beautiful home and a not-so-beautiful but typically inescapable home loan. What matters most, though, is that you qualify for a home loan. Lenders must examine your repayment ability, which is based on your wages, expenses, savings, employment profile, financial competence, and loan and other dues repayment history.

A bad credit score, as well as the ghosts of the past, such as credit bills or a poor payment history, might make it difficult to qualify for a home loan. Define your home-buying budget, including how much money you can put down as a down payment and how much of a mortgage you’ll need. If your income appears to be sufficient, you can often borrow up to 80% of the property’s worth as a house loan. Determine the EMI range that you are comfortable with, as this will aid in determining the loan’s term. You can use online EMI calculators to experiment with different possibilities. If your salary isn’t enough, consider bringing in your parents or spouse as a co-borrower.

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