If your income is not enough to support a housing loan application, do not despair. This is where you, the borrower, can apply for longer loan tenure for lower monthly instalments. A professional or graduate can stretch the loan tenure up to 65 and 70 years old. When your income improves, extra pre-payments can be made to reduce the loan’s principal amount. It is important to find out if there is any penalty for extra pre-payments.
Another alternative is to apply the loan under a joint name. The bank will assess the income from all borrowers in the loan application.