I am in my new job for 2 months? am i eligible for home loan? Will bank give me a home loan ? my net is 12k...

Question

I am wrking in a public ltd co., net sal is 12 k but i am wrking for only 2 months.. Is there any time period in the present job to get a home loan?? Am i eligible for getting home loan?

Answer 1

You do not have enough stability in your new position and your salary is pretty low-(12K a year? ) There are a lot of factors, such as your debt. The ratio on that is equally important. You should always try anyway. These days anything goes!

Answer 2

If I read your email correctly, you have earned $12,000 in two months. That is very good compensation and should allow you to begin the pre-qualification process.

If you are still within your "trial" period though, I would hold off until you have reached permanent employment status. Your HR dept can help you define these dates.

Is this a job you intend to keep for 3 yrs or more? Would you be able to handle a mortgage payment and additional expenses? Are you willing to do your research on buying a home and in what neighborhood?
If you answered yes to all, then definitely contact a reliable realtor. Probably someone within your company has some suggestions.
Go slow and do not buy at the highest amount you qualify for.
Good luck...

Answer 3

There are literally hundreds of different loan programs out there, so being only 2 months on your current job won't necessarily prevent you from qualifying for a home loan. Like the other answerers, my concern is with your income. If you make $12k per year and have no other debt, you might qualify for a $43k home loan...

Rick Lanicek
www.primelendingonline.com

Answer 4

5000 per month amounts to only 60,000 per year. so basically if u need 15lacs, then ur EMI would be approx 15k per month for 15yrs. So you can understand that you have no way of repaying this monthly and so bank will not finance your requirement. The bank will see to it that the EMI wont exceed 40% of your take home in your case which is Rs 2000/- per month. this would give you a home loan of only 2 lacs which is in no way sufficient for any homes in the current market. So basically find a way to improve your job and salary before venturing into loans.

Answer 5

There are several programs that are available to you, these programs are even better is you are in the same industry (IE) you are a architect for abc builders, but quit to go work at xyz builders because they offered something better. It would be as is you never left your old job. If you have switched careers totally there are still options but this would be more geared toward your scores and other factors. Log onto www.JustGetALoan.net, there you can get approved, for programs with competitive rate, payment, and programs within hours. For additional assitance feel free to contact me Jenold Freeman at 866 530 7300 ext 7305 or by email @[e-mail]

Answer 6

From my experience you need two years of stated income. But that is not always the case if you have good credit. Although 12k is not nearly enough to justify to a lender. I'm sorry but you may need to wait until you get a much bigger raise.

Answer 7

Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment or good credit.

Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.

http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514

As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent.

Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).

Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.

Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate.

Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!

Good luck!

Good article when you want to put in bid, negotiation.
http://biz.yahoo.com/brn/060909/19463.html

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Different perspective:

It is a myth that renting is always worst off than buying.

Rent vs. Buy as Housing Market Continues to Slump

As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor.

Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.

If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy.

For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.

Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.

And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decide how much more premium you are willing to pay.

Answer 8

As long as you have a 2 year work history. If you were a student studying the line of business you are currently in, that counts.

Answer 9

if your net is 12K a month or year? 12k a month? why do you even need a loan?

Answer 10

Bank loans are eligible for only permanent employees.,
if your life partner is also an employee and have salary and prmanent income, he/she can apply and get it