I want a Home Loan My income is less than Rs. 200000/year

You will need to provide more details to know how much loan you should take and how much you are eligible for.

There are a number of factors that play a role in you receiving a loan. A few of those are:

-Your credit score: Banks and other non-banking finance companies prefer giving loans to individuals with a good credit score. The reason for this is that they want to ensure they give money to an individual who is more likely to repay the loaned amount. A good credit score is a reflection of an individual’s repayment track record.

- Your existing loans: Credit providing companies will prefer lending to a person who is not sitting on a huge pile of debt, because more the debt, more the liquidity crunch to service another loan.

- Your income: A person who earns a handsome salary is expected to be able to repay a loan quicker than a person who earns a relatively paltry sum.

-Tenure of your home loan: Eligibility for a home loan is directly linked to the loan tenure opted for. A longer loan tenure means the applicant will be able to service his/her loan more effectively.

- Years of employment left: Lenders prefer lending money to individuals who are young and have many years before retirement. For salaried individuals, retirement age of 60 years is considered, while for self-employed borrowers, 65 years is considered the retirement age.