When you plan to apply for a Home Loan, you must ensure that it does not affect your income and savings. A Home Loan is the brilliant way to finance the home purchase without affecting your savings. But, while applying for it, you need to check the eligibility criteria and also qualify them.
If you are looking to apply for a Home Loan, you need to determine your eligibility first by using Housing Loan eligibility calculator. You will find it on lender’s website and is easy and free to use.
The factors that are involved while calculating your eligibility are:
You are more likely to get loan approval easily if you are young and have many working years left. If you are young, you are away from retirement, so creditors will feel safe while approving a loan amount to you.
If you work in conventional industries, then you can easily get the loan approval. Lenders believe the repayment potential of those applicants are better as they have more job security. If you are a frequent job hopper, it will reflect negatively on your ability to afford a loan. So, an applicant must have consistent job history and income will be the first-choice of lenders while sanctioning a Housing Loan application.
To know the other factors in details, read:
Check Your Eligibility for Home Loan by using the Eligibility Calculator
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.