If we go by the statistics of the Indian Banking and Finance sector, the number of Home Loan applications rejected till now is higher than that of applications which were approved. This means, if you are planning to apply for a Home Loan now, the probabilities of it being accepted are quite rare. To be rational, the primary reason for probabilities being higher on the negative side is the lack of planning. No task which involves money should be done without proper research and planning, especially when it comes to taking a Home Loan.
No matter who you are and how much you earn every month, if you have plans to get your purchase financed, research and planning: knowing the eligibility, finding a housing finance scheme catering the desired amount, self-analysis to check whether you can qualify the eligibility criterions etc. is inescapable to ensure maximum chances of approval for the Home Loan. If the above discussion makes sense to you, below is how you should plan your loan application.
1. Use Home Loan Eligibility Calculator to Find out your Eligibility
A loan has higher chances of approval when the applicant requests are within their loan eligibility i.e. their monetary expectations are as per their loan eligibility. Loan eligibility is a measure of how much a person is eligible to borrow. The same is based on their income and expenditure.
Coming back to the point, use online Home Loan eligibility calculator to determine your exact eligibility for the loan.
2. Choose a Home Loan Accordingly
From the step 1, you know how much you are eligible for, and thus, you’ll be able to improvise your expectations as per your eligibility. The next step would be to browse Home Loan schemes accordingly, compare them using practical factors, evaluate the eligibility criterions and the documentation part thoroughly, and then apply for the most suitable Home Loan.
Reference Read: Calculate Your Home Loan Eligibility in Few Easy Steps
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.