Banks and NBFCs have made it easy to take loans. With this, we have started making up our mind to buy even those things, which would have been difficult to buy due to limited income. Today, due to the facility of loan on monthly installment (EMI), things like house, car, bike can be easily taken. The question is, if you have already taken a loan, should you take another loan?
Yes, you can easily get a second home loan to buy any another property it'll be properly based on your income and repayment track record. Your income should be very sufficient to justify the timely repayment of both the home loans.
You can take as many home loans as you want. In India there is no any law prevents you from giving only one home loan at a time.
It is a good thing that we want to take as many home loans as we want or the same property but I have kept the loan completely on top of our repayment amount. The borrower must keep in mind their repayment capacity.
Since the lender has sanctioned the loan based on the repayment capacity of the borrower, it becomes the sole criterion for the borrower to avail the best home loan in large numbers.
One can take multiple home loans by fulfilling the required home loan eligibility and documents.
Required eligibility for home loan in India
Eligible Age -24 to 65 Years
Eligible Income – Minimum ₹25000p.m for Salaried Employee and ₹36000p.m for Self Employed
Loan Amount - ₹100000 to ₹350000000
Employment - minimum 2 years experience for salaried employee and minimum 5 years experience in trade business for self employed individuals.
Minimum CIBIL score - 750+
The CIBIL score for a home loan borrower should be very good as it is a measure taken by the lender to see the past financial behavior of the borrower. Your CIBIL score must be at least 750-900 to get second time loan opportunity. So you can buy as many houses as you want and take as home loans as many times as you can but this service based on your healthy monthly income.
You should take only that much loan which you can repay. which does not affect your other financial obligations and objectives.
Frequently Asked Questions
Can I have 2 home loans at the same time?
You can have as many home loans as you want in India as no law prevents you from giving only one home loan at a time. It's depends on your eligibility criteria.
Can I get 2nd home loan?
Yes, you can get a chance of second home loan to buy another property, it is based on your income and repayment track record. Your income should be sufficient to justify the repayment of your both loan timely.
Can I take housing loan from 2 banks?
Yes, it is absolutely possible to get a home loan from two different banks at the same time, provided you earn enough income to pay off the two loans. Apart from income, other factors like credit score, hard credit enquiries, fixed liabilities, if any, will also matters allot.
What is Required eligibility for taking a 2nd home loan?
Technically, any of the person can take any number of home loans from different banks or NBFCs at a same time. However, in order to do so, various eligibility factors are taken into account such as:
1) A good CIBIL score is required.
2) The property for which the loan is going to take should be a legal property and free from any legal dispute.
3) Fixed monthly income of the individual.
4) Age of the individual.
5) Past and Present Work Profile.
6) The (Loan to Value) should be around 75% to 90% depending on the loan amount that you are applying for.
With GRD India financial services Pvt. Ltd. you can get instant home loan at very low interest rates, it provides all kind of services to their client as per the banks norms. They make efforts for the clients in providing best loan price.
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For online application visit - www.grdindia.in
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