It happens that sometimes there is a sudden need for money, we get the idea of taking a loan. But which type of loan is suitable at that time is a big issue. If you live in your house and you need money for some work, then you can take a loan by mortgaging that house with financial institutions. This type of loan is known as a mortgage loan.

Factors affecting mortgage loan eligibility:

1. Applicant’s Age- One of the critical factors for a mortgage loan is age, which the lender considers before deciding your mortgage loan amount. As the mortgage loan is taken for longer periods, so it is necessary to get into the position early to pounce on the opportunity
2. Income- Income is also an important factor. While there is no specific income criteria, a reasonably good source of income will get you a mortgage loan.
3. Down Payment- Normally every lender offers a mortgage loan which is 70-80% of the property value. So, make sure you have got your down payment covered.
4. Property Location- The location of your property also determines your mortgage loan amount. A property in the positive list of lenders to get hassle-free loan approval. 

How much loan can I get?

While various factors influence the mortgage loan, however, the final loan amount will be the financial institution’s decision solely. For all the details you can call or visit the nearby financial institution’s branch and get all your queries and complaints resolved at the earliest. 

Additional Read: 4 Things to Know Before You Get a Mortgage Loan