Let’s provide you more inputs on Housing Loan eligibility and related factors in this post as you read on!
What is a Home Loan Eligibility?
A Home Loan eligible is the capacity of a borrower to afford a Housing Loan and pay the borrowed amount in EMIs without hassles within the pre-determined tenor. Since a housing loan involves a large amount, lenders want to be sure that you can repay it! And that’s why not all are eligible and so many formalities are put into practice while awarding a Housing Loan finally!
What Determines your Home Loan Eligibility?
Lenders want to ensure that you are the correct person to whom they can offer a Home Loan before sanctioning it. As a result, they require some information from their borrowers to help them understand if you can afford a desired loan amount or not.
Lenders require a mix of information related to your age, a city where you live, monthly income, other income, other EMIs that you are paying, and a repayment tenor.
It is required to determine your House Loan eligibility so that you are provided with a final amount that you can apply!
What is a Home Loan Eligibility Calculator?
An eligibility calculator is an online tool that helps you determine a loan amount that you will finally borrow against a desired House Loan figure. It is available at prominent lender’s websites and apps which you can use easily.
How to Use a Home Loan Eligibility Calculator?
It is quite easy to use an eligibility calculator if you follow some steps such as:
Method 1 – Select your city of residence or where you want to avail a Home Loan
Method 2 – Enter your birth date
Method 3 – Enter your net monthly salary and other income if you are receiving it
Method 4 – Select an appropriate tenor or duration that you would need to repay a Home Loan EMIs
Method 5 – Enter your existing or current total financial obligations or EMIs that you are paying towards other loans/credit card outstanding
Method 6 – Click on ‘Check Your Eligibility’ button to know your Home Loan amount that you can now apply to the lender
The Bottom Line
A Home Loan has rightly emerged as a fabulous financial tool to help you buy a home and is always available for eligible candidates. If you think that you are eligible for a desired loan amount, you can quickly check it with an eligibility calculator. Alternatively, you can also know about an exact EMI amount and payable interest on a loan amount by using a Home Loan EMI calculator at a lender’s website.
All set to apply for a Home Loan? Determine your loan eligibility today and embark on your way towards a Home Loan and buy a dream abode!