A borrower will qualify for home finance if he or she meets certain baseline requirements. The parameters on which a potential borrower's eligibility for a home loan is determined include employment status, duration of current employment, personal income and credit status.
The credit history of an intending borrower is particularly important to banks, who need to verify whether there is any record of default with another financial institution. The existence of other loans, the type and age of property and overall transparency of the proposed purchase are also taken into account.
