Income

The third important factor to adjudicate a mortgage application is “Income”. Lender is very much anxious to verify if the borrower(s) have sufficient income to service the loan or to make the mortgage payments on a timely basis.

They may look at different kinds and source of incomes to determine if the borrower has the financial ability to repay the loan. The most common sources of income are : employment income , self-employment income , rental and other sort of investments income as well as overseas income.

For the commercial properties approval , besides personal income ,lenders may use other criteria.