| In these days, when the economy is not as good as it | | | | 1. Should be between 18 and 60. |
| used to be before, it is always very difficult to get a | | | | 2. Should have a regular, steady source of income. |
| loan. More so when the credit score is not good. But it | | | | 3. Should have a Net Monthly Income (inclusive of the |
| is not always the end of it all. People without a great | | | | liabilities to be serviced) should be at least twice the |
| credit history can still get a mortgage loan. They must | | | | Equated Monthly Instalment (EMI). In case of another |
| make sure that they satisfy the following stipulations: | | | | person standing as a guarantor, their NMI will also be |
| 1. A person - family or friend - with good credit score | | | | taken into consideration. |
| should be ready to be a co-signor to the loan. | | | | 4. Should be able to repay the loan in about 7 to 10 |
| 2. The property to be mortgaged should have a good | | | | years. |
| clear legal and marketable title. | | | | The bank/FI will satisfy itself as to the value of the |
| 3. The value of the property should be high enough to | | | | property. As the loan is for a person with bad credit |
| cover the loan amount plus interest that accrues. | | | | history, it will be lesser than what it would have been |
| These are the conditions that determine whether a | | | | for a person with a better credit record. The loan |
| person with bad credit score can get a loan in a bank | | | | value may not usually exceed 50% to 75% of the |
| or financial institution. Apart from these points, an | | | | market value of the property which is to be |
| applicant: | | | | mortgaged. |