Can You Get a Home Loan if You ALREADY HAVE a PERSONAL LOAN? #shorts

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Low financial literacy means most people applying for loans, mortgages or credit cards have never checked, nor heard of, their credit scores. By this time, the damage has often been done
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Meet Geetha, who has just recently availed a personal loan to fund her son’s education abroad, which she plans to repay over the next 3 years. However, she has now also come across a house she really likes in a great location, and at a very reasonable price. Geetha has enough for a 30% down payment, and needs to take out a loan for the remaining amount. However, as she has just taken a personal loan, she is worried whether she is eligible for a home loan. Will her loan application be rejected because of the additional loan? Will she have a hard time finding a lender willing to help her? Let’s find out in this video.

Geetha comes to learn that if she satisfies a few requirements, she can indeed qualify for a home loan. In fact, if she pays off her personal loan EMIs consistently, it can boost credit score, thereby increasing chances of getting the Home Loan! However, one factor that could stand in the way is Debt to Income ratio, which is the amount of income that already goes towards loan repayment. If the DTI ratio is over 40%, either the HL application could be rejected, or Geetha would get only a lower loan amount, as the bank may only provide a lower LTV ratio.
Geetha also learns that for someone planning to get a personal loan and home loan at the same time, it would have been a better decision to get the Home Loan first, as terms for a personal loan are much easier.

As she still feels confused about the entire process, Geetha decides to apply for a home loan through mymoneykarma, where she is guaranteed to get the best loan offer that matches profile the most. Mymoneykarma does just that - getting Geetha the loan amount she needed at the lowest possible interest rate from among the top lenders in the market, while also making sure EMI payments and DTI ratio are well within means. What more? A hassle-free, 100% online process meant that Geetha had every step completed - from application to disbursement - from the comfort of her home!
Need a home loan for yourself? What are you waiting for? Get started right away by following the link below!