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How To Calculate Your Home Loan Eligibility?By Expert Author: Aishwarya Mahurkar
As a housing finance company or a bank in India, the home loan eligibility of an applicant is crucial to the process of home loan approval. But, truth be told, it is not as simple as saying that use the home loan eligibility calculator and find out. Some people think that you can back-track the housing loan that you can afford through the home loan EMI calculations. However, it is much more complex than that. Here are the vital factors in the process of quantifying your home loan eligibility.
While repayment ability may seem equivalent to your financial credibility, it is not. It is a more complex understanding of your financial and professional excellence and dependability. In other words, an ideal housing finance company wants to anticipate if you can repay your EMIs for the next 20 to 30 years comfortably through the most likely fiscal challenges? Therefore, if you want to be eligible for a housing loan, here are the areas that you need to focus on:
• Credit history
• Current assets and liability
• Current loans
House loans are certainly more multidimensional than just gathering the necessary documents and submitting them. Your documents need to meet a certain standard set by the housing finance company as well as the industry in general. The credit report is an extremely significant document required for your home loan. You cannot overstate its importance. Most banks and lending organizations need a certain amount of credit score to approve the home loan. Though this number varies with each organization, it is approximately close to 700.
This plays an important role as you need to remain a valuable asset to the respective organization in order to repay the house loan EMIs consistently throughout the home loan tenure. Since you are looking at a period of 20 to 30 years, your professional excellence and job stability is relevant to your home loan application. You can display your job stability through year on year profits as a businessman while salaried people need to show the appraisals and preferably a stable job with a government or PSU organization for easy and quick house loan approval. Home loans have been tangibilised into these simple quantifiable criteria. So, take the efforts to meet these criteria while you are hunting for your dream home, and you will have no problem in getting your home loan application processed.
Housing finance in India has matured to a level where you can get a home loan based on few minor tweaks in your eligibility as well. For example: If you cannot get a home loan as a businessman due to the volatile nature of your business, take it in your brother’s or wife’s name, who has a governmental job and your loan application will be processed and approved far more quickly.
Author Bio :
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