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The Quickest Way To Find Out How Much Home Loan Can You Afford
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When people buy homes, their primary focus tends to shift from affordability to dreams. Though, with the easing cost of houses and housing finance in India, it is impossible to stay in a surreal stage for a long time. However, it is possible to dream within your means. That’s why the housing companies in India have created such amazing and useful online tools to help you along the way. So, if you are a first-time borrower, here is how you find out the home and home loan you can afford.
Step 1: Use home loan eligibility calculator
This is the most basic form of home loan calculations. But, it is a useful way to identify the suitable principal amount for your housing loan. But, as you may not know it is just the first step. You are far away from identifying the home loan you can actually afford. There is another step you must take. Then you can estimate the home loan you can afford.
Step 2: Use home loan EMI calculator
You know the rough amount of home loan you can get. However, you will need to have the repayment ability to pay the applicable EMI of that loan each month. This repayment ability is measured in two vital factors. Firstly, you must be able to set aside sufficient amount to pay the housing loan EMI each month. So check out the home loan EMI calculator to calculate the approximate EMI you will need to pay. You will need to run several housing loan EMI calculations to ensure that it fits well into other monthly expenses. For example, credit card bill, utility bills, insurance premiums, etc. So, after making these calculations, you will have a decent idea about the home loan you can afford.
Step 3: Check your credit history
This is not a mandatory step. But, things can go wrong without it too. You need to know your credit score and basic credit history. This plays a crucial role in home loan approval. In simple terms, online tools are really helpful. But it does not account for the realistic state of your finances. Any housing finance company will check your credit history once you submit a housing loan application. So, it is best to find it out yourself. It will allow you to eliminate the housing finance companies that will not accept your application. Most banks and housing finance companies state their eligibility criteria on websites. Their representatives answer questions regarding the expected credit score. So, you must take a simple online credit report for s clear understanding of your finances.
These three easy steps will give you a realistic understanding of a house loan you can afford.
Author Bio :
The author is a seasoned writer on finance topics and through her writing; she articulates aspects of home loan that are important to people availing the housing loan facility. She writes about a variety of topics covering the home loan documents, rates, home loan EMI calculator that help to make the best decision.
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