To qualify means being entitled or eligible for any specific position, profession, privilege, benefit, and condition.
The definitions include the following:
1. Eligibility for anything including a job position, benchmark, guideline, criteria, condition, profession, benefit, etc.
2. Naming/highlighting any attribute, competence, adequacy, etc.
3. To be fit for any standard or position, or acquire suitable powers/abilities.
Qualify can mean several things in the mainstream real estate sector. Firstly, borrowers need to qualify for home loans/mortgages, on the basis of several eligibility criteria at lending institutions. They need to qualify on the basis of their monthly income, debt-to-income ratio, credit score, existing debts, and other factors, with regard to getting their desired amount.
Secondly, prospective buyers/eligible occupants often need to qualify for units offered through housing lotteries/draws in Government/authority schemes. Thirdly, qualified real estate indicates any property which is only owned by an individual with the marketable, legally-valid, and unencumbered property title, in relation to the guarantor/borrower. Hence, qualify or qualifications matter immensely in terms of eligibility for home loans, housing lotteries, and even for mortgages/guarantees of property.
