Yes, a person can have a personal loan as well as a home loan. If you previously took out a personal loan and are now seeking a home loan, banks will consider your application as long as your debt-to-income ratio does not exceed 50%.
Things to consider before getting a home loan and a personal loan at the same time
1. It will lead to higher EMIs and a higher debt burden
2. You must have a good credit history as well as a low debt-to-income ratio
3. It can aid in the improvement of your credit score
4. Make an informed decision based on your financial situation
5. Consider taking a home loan top-up instead of a personal loan
Remember: If the EMI outgo on both the loans does not cross 50% of your income, the banks are ready to lend to you. In case your home loan eats up the majority of your income, it might become difficult to get another loan. Hence the lenders check your repaying ability and current credit rating.
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