Could a Person Apply For Car Loan If He Already Have Home Loan

Could a Person Apply For Car Loan If He Already Have Home Loan

Loans are the backbone for coping out with their day-to-day expenses as well as a bit of higher grade facilities. These include buying a car, home, etc. Moreover, car loans are the major demand of the public. But the question here arises whether the person already with a home loan can reach out for a car loan also? This blog will carry out a comprehensive study regarding this question posed above!

Eligibility for applying for a car loan

The answers to the question that can you apply for the car loan when you already have a home loan? Is-Yes, you can. You can reach out for both loans simultaneously. What you need to fulfill is the eligibility criteria for both of them which are discussed below.

Are you eligible for a Car loan? Check if you fulfill the prerequisites

• The defined age limit to meet the eligibility for applying car loan is between 21 years and 60 years.
• Another basic requirement that is very obvious is you either have to be a self-employed person or should be salaried by any organization.
• Besides, you should also have at least 2 years' experience of work which counts in at least one year for the current company you are working for.
• In the case of being self-employed, you need to have at least 3 years of experience.
• Also, apart from the above requisites, you must be earning 3,00,000 rupees per annum.
• Are you eligible for the Home Loan? Check if you fulfill the prerequisites.

Though most of the pre-requisites are comparable in both, they vary at some points. Verify for the eligibility status and you are set to apply for a car loan as well as a home loan.

For the home loan, the minimum limit for the age is 18 years.

• You should be either earning through salary or should be self-employed in case you want to take a loan.
• Work experience of at least 2 years is necessary for the salaried individual.
• For the self-employed, the work experience should be ranging above 3 years.
• Is it a good decision to take the two loans simultaneously?

In this case, the situation depends entirely upon you. It is not impossible to repay both loans. It is because the period of the car loan is quite shorter than that of a home loan. Besides, there is a lot of difference in the interest rates of both loans. Good planning of your EMI’s would work out to be beneficial for you.

Conclusion

Thus, concluding you can apply for a car loan even if you already have applied for the home loan. I Hope, the article has given you useful insights.