Home Loan eligibility can easily be gauged using the ‘Home Loan eligibility calculator’. You simply have to key in your details in the online form and in few steps, you get to know if you qualify.
Financial institutions usually consider 30-40% of the income as savings for loan amount. If you have additional loan they are reduced from 30% and backward calculation is done to decide the loan amount.
How to increase your chances of securing a Home Loan?
Home Loan requires you to have a stable job which implies you have a consistent income source. Moreover, if your employer is listed with the lender your chances of acquiring the Home Loan increases.
For salaried professionals the age requirement is 20-60 years and for self-employed it is 24-65 years.
A credit score of 750 and above is considered good. It implies, you have paid previous loan, debts, bills on time. This implies, you do not have any bad credit card debt or loan, under your name.
Also read: How is Your Home Loan Eligibility Calculated?
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.