What banks look at before they lend

0:00Hi, Sumit Joshi from RyRo Loan Centre. I'm here to talk about the three most important factors when you're looking to buy your first house ever. The first one is the total income. That's what the banks look at. How much is your annual gross income? If you're single or you're married, how much is a combined total income? That also includes things like overtime,

0:21bonuses, any commissions or anything like that. That's the first factor. The second factor is, yes, you have a fantastic income. How many loans do you have at the moment?

0:33Credit cards, car loans, personal loans, after pay, zip pay. Because the more those loans, the lower will be your borrowing capacity for that loan. And last, not the least, is how much savings do you have saved up to contribute towards the purchase? You have to pay stamp duty. You have to pay a minimum deposit.

0:54There are some first home buyer schemes available, which only requires you to have 5% deposit. However, there is an eligibility criteria and we'll talk about that in a separate video. But these are the three main factors which decide how much loan you can get and how much should be the purchase price of the property. One without the other is not going to help because, for example,

1:19you can have a lot of income or you can have a lot of savings. However, if the other part is not picked, then the goal is not reached. Follow me for more videos, like it, share it with your friends and DM me if you have any questions.