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To be eligible for a home loan, the applicant must have a regular source of income from employment or self-employment.
The loan amount depends on a number of factors such as age, income, number of dependents, qualifications, assets and liabilities, income stability, business profits, etc.
However, there are ways in which to increase loan eligibility and amount. If a spouse is earning, applying together as co-applicants can increase the chances of a larger loan amount. On the contrary, if there are any co-owners they must necessarily be co-applicants. However, the most important factor in sanctioning loans is repayment ability.
The loan will be sanctioned after the selection of property and submission of the required legal documents. The process might take some time as each document needs to be verified for the safety of the applicant. Once the above has been submitted and verified, and the investment of the applicant's own contribution, the loan amount will be disbursed by the bank. The disbursement will be in favor of the builder.