Thursday, 7 February 2019

Can I apply for a personal loan if I have home loan?

We are bounded to have many type of loans in our lifetime. At starting phase of our life, to avail a bike you will have to opt for a bike loan and when the time proceed our need takes a different level and if we are planning to buy a car we take a car loan. Similarly your spouse asks you for an expensive mobile to be gifted, you will take a take a consumer durable loan which will help you to buy that phone. We are bounded around loans and no matter how many plans you make thinking you will not avail a loan in your lifetime, you will have to avail one.
Let’s take an example here, you are a good earner and on the basis of the same, you apply for a home loan and your purchase a home property. Seven months down the line when you are paying all your dues on time and when you think that life is sorted this way, a house emergency arrives and it demands a good amount of funds. You seek help from family and friends and learn that it is end of the year and they cannot help you. You then think of applying for a loan and the best option which lies in front of you is to avail a personal loan. Now you are in a fix, will you be provided a personal loan because you already have a home loan running? You start your research and find that you have ample number of personal loan options available in the market and axis personal loan is the best out of them. You are in two state minds if you should apply for one or not.
If you have the same question in your mind, you are at the right place.
The answer to this question is a yes! You can apply for a personal loan while having a home loan running already. There are a lot of criteria’s attached to it and if you fulfill all those criteria, you can definitely avail a loan with ease.
The criteria’s are as follows,
Income to debt ratio
Even if you have a home loan running, the EMI ratio should be less than your income and savings. For example, if you apply for a personal loan where your income is 50,000 rupees and your existing home loan EMI is 20,000 then the loan lender will consider giving you a loan on the basis of 30,000 only, he will not consider the other 20,000 which is the home loan emi.
Job stability
One of the main criteria when applying for any loan is that you must be in the same company at least for a year or two depending on what amount of loan your are availing. If you do not have a stable job and you are a job hopper, the bank will consider you instable and will not sanction you a loan.

Credit score
This can be the decider if you are eligible to get a loan or not. No matter how good you are on papers with high salary, stable job etc, if you have a low cibil score, you can kiss goodbye to your chances of getting a loan. This is the most important criteria of getting a loan and you should know your cibil score before applying for a loan so that you don’t have any surprises in the future.
You can definitely avail a loan with existing pool of loans and credit cards, but you will have to be very sure before availing one because multiple loans can lead you to bankruptcy and financial depression.

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