Loan eligibility depends primarily on income, in case a borrower doesn’t know about the particular standards that go into calculating that eligibility. If the applicant could not meet the eligibility criteria may prompt refusal of the loan application, leaving a negative imprint on the person’s credit profile.
If a person applying for a loan requires a clear idea of the parameters that are considered, they can seek help from the nearest bank or can visit their website to check. The loan lender will inspect the applicant’s income documents, credit history, CIBIL score, age, and related parameters.
Below are the 5 major parameters that determine the eligibility criteria of the borrower to avail a home loan:
1) Age
2) Income
3) Cibil Score
4) Service period
5) Occupation Type
Home loan eligibility based on age
Age is one of the most prominent determining factors when it comes to loan tenure. The maximum tenure that you can benefit is 20 years.
You will be able to avail of a longer repayment tenor if you are of a lower age. You can also avail of a home loan of higher value provided you have a high income.
You will have the option to benefit a longer repayment period in case you are younger. You can likewise benefit a home credit of higher worth gave you have high pay.
Salaried applicants have to be between the ages of 23 and 62 years to apply for a home loan. Self-employed applicants have to be within the age bracket of 25 and 70 years to avail one.
The table below explains the maximum tenure a person is eligible for based on their age:
Age
Salaried applicants – Maximum tenure
Self-employed applicants – Maximum tenure
25 Years
30 years
30 years
30 Years
30 years
30 years
35 Years
30 years
30 years
40 Years
30 years
30 years
45 Years
25 years
25 years
45 Years
20 years
20 years
Home loan eligibility based on income
Another parameter that determines the eligibility criteria of how much loan an individual can avail is the income (in-hand salary). Income is important as it assists in calculating a borrower’s repayment potential.
An individual’s salary will decide the credit sum you are qualified for. Banks will consider your in-hand salary, minus a few general deductions, for example, PF, ESI, gratuity, etc. The in-hand income will decide the EMI sum you can manage the cost of and consequently the total amount of loan one will get.
For example, if the in-hand monthly salary is Rs. 25,000, an applicant can borrow as much as Rs.18.65 Lakh as a loan to buy or build a home worth Rs. 40 Lakh (if there are no current monetary commitments.) But in case the monthly in-hand income is Rs. 50,000, you can get Rs. 37.28 Lakh for the same property. Similarly, if the take-home is Rs. 75,000 an applicant can increase the loan amount to Rs. 55.93 Lakh.
Age
Net monthly income (in Rs.)
25,000
50,000
75,000
25 Years
18.64 Lakh
37.28 Lakh
55.93 Lakh
30 Years
18.64 Lakh
37.28 Lakh
55.93 Lakh
35 Years
18.64 Lakh
37.28 Lakh
55.93 Lakh
40 Years
18.64 Lakh
37.28 Lakh
55.93 Lakh
45 Years
18.64 Lakh
37.28 Lakh
55.93 Lakh
50 Years
18.64 Lakh
37.28 Lakh
55.93 Lakh
Home loan based on Cibil Score
What CIBIL Score?
A CIBIL score is a three-digit number sum up of a borrower’s complete loan history. The value of a credit score is normally between 300- 900. The loan applicant’s CIBIL score is prepared based on their credit history. This comprises all verified as well as unbound loans and whatever other obligations that you may have or had.
It is good to always know one’s CIBIL or credit score before applying for a loan. One can get their credit report from CIBIL by paying a nominal fee. A credit report will consist of the below records:
credit benefited by the borrower
repaying loans and credit card bills
delayed payments or failure on past credit held by you
credit cards and loans that you currently hold
fresh information about loan and credit card applications submitted by the borrower
Higher the CIBIL score, the greater the chances to get a loan. A higher CIBIL score means that the individual is financially sound and has reimbursed each commitment on time. But, a lower score doesn’t really imply that the individual has not paid his/her duty on time. A new borrower may have even a zero CIBIL rating. The base CIBIL score for home loan approval is 750. Moneylenders look at the CIBIL score to decide if a person is eligible for a home credit. They inspect credit inquiry to check the same. Apart from that, a few banks may offer a home loan against a lower rating since these credits are secure.
Home loan based on Service period
The service period plays an important role in determining the eligibility for a home loan. Service period clarifies the stability of a borrower besides, in determining the capability of loan repayment.
A bank will not give loan to a person who has just started working or is under probation period. The bank will also not provide a home loan to a person who is working on a contractual basis.
Moreover, the service period to be served will be also looked upon while determining eligibility for a home loan. If a person is already in his or her 50s or 55+ and let’s say, the loan tenure is for the next 20 years. In such cases also, the possibility of getting a home loan is less to no.
Example: A person goes for a home loan of Rs. 15, 00,000 over a period of 20 years. Let’s say, the building will be completed in 3 years, during which this person thinks to pay pre-EMI. Following the completion of these 3 years and the pre-EMI payment termination, the EMI reimbursement period begins. Subsequently, the total loan tenure would be 3 years (pre-EMI period) + 20 years (loan tenure) = 23 years.
Thus, a salaried individual should have at least two years of work experience, and not more than 50 years of age in order to be eligible for a home loan. In the case of self-employed individuals, the business should run for at least 3 years.
Home loan based on Occupation type
Another important parameter to be eligible for a home loan is the occupation type. A person working in any organization must be working on a permanent post not on a project or contract basis to get a home loan.
Moreover, banks give preferences based on the type of organizations an applicant works. For example, if a salaried person is working in Navaratna companies like ONGC and OIL or in MNCs like HP, Infosys, etc. eligibility to get a home loan is more in such cases.
A warehouse is the heart of logistics. The key to a successful business is an effective and functional warehouse. Protech warehouse helps businesses that are into manufacturing, export, and import, transporting goods, etc. for safekeeping of their equipment and other perishable goods.
Let’s discuss the 6 important features of Protech warehouse one by one to understand why one should opt for Protech warehouse.
Location
Ample space
Secured facility
Fire protection
High-quality construction
Temperature control
Location
The location of your warehouse directly contributes to the efficiency of your company as well as the overall customer experience. Choosing a warehouse location is based on 3 prominent points – man, material, and cost. Protech makes sure to provide you with built-to-suit warehouses in the desired locations.
Ample Space
Protech offers ready-to-build warehouses with ample space to store equipment and perishable materials in a safe environment. Our warehouses can be given on lease to manufacturers, importers, exporters, wholesalers, etc.
Secured facility
We make sure that the warehouse space Protech Group leases to its clients is monitored by round the clock security personnel and 27/7 CCTV coverage to avoid any type of risk or theft.
Fire protection
Fire safety in any warehouse is the most challenging part, because, usually these kinds of big buildings have high fire and electricity load.
Protech takes the responsibility to safeguard the client’s goods from accidental fire hazards. Protech warehouse in Bongora is installed with the latest fire-fighting extinguishers, sensors, and water sprinklers.
High-quality construction
Protech warehouse infrastructure has been built as per international standards with high-quality materials like including VDF flooring to withstand heavy goods.
Temperature control
The equipment or products like medical and pharmaceutical supplies must be stored in a controlled temperature. Therefore, to assure right temperature for better quality control of equipment, Protech warehouse use high-quality material in the walls and separators for better insulation and ventilation for temperature control.
Conclusion
Besides meeting the needs of the customers, a warehouse helps businesses earn higher revenue. So, if you are running any type of business – merchandise, packing, moving, shifting, etc. and need a warehouse. Look no further, the Protech warehouse will provide you with the necessary facilities.
We have an existing and very well functioning Protech warehouse Bongara and are also happy to announce that there is a new warehouse coming up very soon.
5 key reasons why you should hire an interior designer
You hire an interior designer to work and play around with interior spaces of your flat. Contrary to popular belief, interior design is not just about decorating the home. In fact, interior design is much more than that. It includes –
Space planning,
Designing layout,
Functional design, and
Decoration like colors, lighting and materials
Reading bluprints, and being aware of building codes and inspection regulations, as well as universal accessibility standards.
In this blog, we have discussed 5 key reasons why you should hire an interior designer for your home and how it can benefit you in the long run.
1. Hiring an interior designer for your flat saves time
Are you thinking of decorating your new home or refurbishing your old one, and are you confused, whether you should hire an interior designer or do a Do It Yourself (DIY)? Just check whether you have the time to do all the required work. It involves a lot of research and extensive background work in regards to the structure and location of space, the different styles that are available and many more minor details.
If you hire an interior designer then there are no hassles. You might have to do just a minuscule amount of research so that you can understand what your designer is saying and approve it.
2. Access to better resources and contacts
Interior designers are have their own trusted circle of resources and contacts for executing projects. They have better access to certain things that are not available to the general public in terms of connections, resources and general merchandise. By culminating these resources designers can help to make your space look more collected, unique and pulled together.
In addition to vendor resources, designers have many home improvement industry contacts at their disposal. This can save homeowner’s time and bother trying to identify reliable contractors, plumbers and electricians for their projects.
Hiring an interior designer guarantees that the quality of all the work done will be up to your standards. There will be no hassles of finding a plumber, mason or carpenter and then ensuring that their work is good and coordinating their schedules.
3. Designers have an understanding of ergonomics
Ergonomics? What is that? Do you find your living room congested and cluttered with furniture and ? Do you feel your bedroom has very less open space to walk around? This is to do with ergonomics – Ergonomics is a type of science that focuses on ways to close the gap that exist between humans and the world in which we live.
When applied to interior design, it simply helps to make the design more user-friendly. As a result, the space becomes more useful. You’ll notice an increase in productivity and it helps to create a safer environment for everyone occupying the structure.
A good interior designer understands the connection between designing and ergonomics. They will apply ergonomic principles to all designs for proper space planning.
An ergonomic interior design provides ample space to move around freely, allows for enough furnishing to be comfortable and allows for adequate storage space.
4. A good sale price for your home
An interior decorators touch can add a great deal to the aesthetics of your home, which in makes your home appealing to potential buyers. This boost in buyer appeal sets your home above the competition and can fetch you a good sale price.
5. Helps save money by avoiding costly mistakes
Have you ever seen and bought this amazing piece of furniture that you’ve instantly fallen in love with at the shop and then once you brought it back home you found it to be too big for your room? You invested huge bucks but you are stuck with something you don’t want or does not suit your room requirements.
Hiring an interior designer for your flat will ensure that this does not happen. They are trained to look at a space creatively and spatially, and pay attention to everything from the placements of lights to furniture.
Therefore, they can get you stuff that best fits your décor style. Meanwhile, you also save money because they have a definite idea on where to get the best deals that is reasonably priced and you also avoid costly mistakes.
A saying goes “When the time is right, things will fall into place”. Many right things have fallen into place for homebuyers this year. The Indian Govt. has taken steps to revive the Indian real estate sector over the past few years, with schemes like the Pradhan Mantri Awas Yojana (PMAY), the granting of infrastructure status to affordable housing, 100 per cent tax exemption on the profits for developers building affordable homes, implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) and the subsidy schemes for first-time buyers of residential properties.
On top of it, various offers by developers and home financiers have made property purchasing today more lucrative than ever before. Recently, Protech Group a Guwahati based real estate builder and property developer gave gold coins to homebuyers on every flat booking during Diwali.
Therefore, it is not wrong to believe that this year 2019 is the right to buy a flat. Let us look at some of the reasons that make this season the right time to buy a property.
1. Repo Rate Cut, and Subsequent Linking of Home Loan to Repo Rate by RBI
RBI has reduced the repo rate by a total of 135 basis points (bps) since February this year. The present rate of 5.15% is the lowest since March 2010. This was further followed by RBI making it mandatory for all banks to link floating-rate retail loan (including home loan) and MSME (Micro, Small and Medium Enterprises) loans to an external benchmark like repo rate with effect from October 1, 2019.
The linking of repo rate and other external benchmarks to housing loans will ensure faster transmission on policy rate cuts to home loan borrowers. The reduction in the policy rate will lead to a reduction in home loan rates, leading to cheaper home loans and EMIs for borrowers.
2. Reduced GST rates
In one of our previous blogs, we have discussed how post GST regime and GST rate cuts have favoured the real estate sector, especially the homebuyers. Therefore, this is another reason why the time is right to buy a flat.
Under this scheme, the government offers an interest subsidy on home loans of up to 6.5% on purchase of new houses to all first timers, depending on their income.
If you feel, the time is right for you our current under construction project at Bhetapara, Guwahati called Protech Galaxy has 12 flats left : 2 BHK – 3 flats; 3 BHK – 8 flats; and 4 BHK – 1 flat. You may click on the link below and fill up the form for a site visit.
Easy Diwali decoration tips to beautify your home this Diwali
In the lead-up to Diwali, people prepare by cleaning, renovating, and decorating their homes. There are some traditions and rituals that typically take place for Diwali. Communities in India lit up their homes with shimmering lights and bright colours using string lights, candles, oil lamps, crafts and, of course, Rangoli; colourful floor designs made of flower petals, rice or sand.
People decorate living spaces and outsides of their homes with lights and small oil lamps (known as diya). Fireworks are also an essential part of the occasion, and again, lights and oil lamps are lit on the streets.
Meanwhile, people visit their relatives and have feasts, with an array of sweet treats and savoury snacks on offer.
If you want to decorate your own home by yourself this Diwali festival, here are some of the best Diwali home decoration and craft ideas , ranging from rangoli designs to string lights ideas.
1. Lights are the way to go
Diwali being the festival of lights, no decoration is complete without lots of lights. Diyas look very pretty, but inside flats it is safer to use LED lights. You should get lots of string lights and then be innovative in using them inside your home.
a) You can drape string lights around your doors and windows
String lights to decorate windows
b) You can drape string lights in your curtains
string lights on curtains
c) You can hang the string lights as curtain
string lights as curtain
2. Bring in the freshness of flowers
Indian festivals and pujas cannot do without flowers. They are used as offering to God and and in decorations at home. There are a lot of options in flowers for you to use from – rose, marigold, hibiscus, rajnigandha, orchid. The most commonly used flower, and most easily available is marigold.
a) You can use flowers with diyas to decorate
Diwali decoration with flowers
b) You can mix it up with balloons
Flowerswithballoon
c) You can hang flowers from chandelier
flowers from chandelier
3. Color it up with paper lanterns
Kandeel or paper lantern is another decoration item, people cannot do without in Diwali decorations. You can either use DIY kandeel, or go for the easy route – buying them. These lanterns are usually hung in front of homes. In earlier days, people set kandeel afloat high. It was a gesture to invite the spirits of their ancestors moving around to come back home and be with them during the festival time.
a) You can hang them in rows or in bunches
kandeel or paper lanterns in rows
lanterns in bunches
4. Bring your creativity out in the Rangoli design
Rangoli, meaning color is a pattern created on the floor with colored powder or rice. For Diwali, Rangoli are made near doorsteps and in the verandah.
a) You can go the eco-friendly way by using coloured flour
Rangoliwithriceflour
b) Coloured rice is also another good option to make rangoli. It will look pretty and will also be environment-friendly
Rangoli with rice
c) The most common way is to go for Rangoli colours
