The Home Loan has surfaced as one of the most popular credit schemes in India post the launch of “Housing for all” by Mr. Narendra Modi. In contrast to the previous decade, it will be available more readily for the eligible candidates having the required creditworthiness. So, if you need a housing loan, there is no point delaying the process! Go ahead and apply for the same. However, before you generate a credit request, it would be wise to calculate your Home Loan eligibility and improve your loan approval chances. You can use the eligibility calculator to calculate your eligibility. But to do that, you need to follow the below-mentioned steps.
Step 1: Select the City
Every lender has different eligibility criteria for different cities and states. Therefore, to make sure you get precise results from the eligibility calculator, you must enter the name of the city where you live.
Step 2: Share your Date of Birth
There is a minimum age requirement that differs from one lender to another, and the same plays a major role in determining your eligibility. So, you have to share your D.O.B to proceed further.
Step 3: Enter your Monthly Salary
Your monthly salary is a measure of how much you can afford to borrow. Basically, that will be used to determine your repayment capability.
Step 4: Fix your Desired Tenor
When you plan a Home Loan, you always have a repayment tenor in mind. If you don’t have one, use the online Home Loan calculator to come up with a viable repayment tenor and use that while calculating your eligibility.
Step 5: Share your Current Financial Obligations
Lastly, it is very important to share accurate amount of financial obligations you have at present. This will be used to determine how much you can save every month to pay the EMI for the loan you are going to take.
In the end, all you have to do is hit the submit button and the calculator will show an amount, based on the details, that you are eligible to borrow.
Well, to avoid any repayment hassle regarding your creditworthiness, it is better to use the Home Loan eligibility calculator to decide the loan amount before availing one.
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.