Whether you are a loan guarantor or not

Lenders also try to find out whether a person is a guarantor of any loan or not. This is because if the borrower defaults on the loan, the guarantor is the one liable to pay off the loan. The more loans a person guarantees, the lesser is his eligibility to avail a loan.

Relationship with co-applicants

A lot of people borrow jointly in order to enhance their eligibility. But there are certain relationships like brother, step brother or a recently married couple that financiers are cautious about. There have been situations where brothers have had fights or the spouse has been separated. In such cases defaults occur. Therefore lenders ask for a third co-applicant to avoid defaults on loans.

Age and remaining working years

Lenders try to restrict the term of loan to an individual's retirement age. Suppose a person is 35 years old, lenders would offer a loan with a term of 20-25 years, depending on the amount of loan. This is because they know that they a person would receive a steady income throughout his working years. However, if anybody wants to avail a loan at an age closer to retirement, his tenure as well as eligibility would be reduced.