123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

The Magic Formula Of Home Loan Eligibility

By Author: Aishwarya Mahurkar
Total Articles: 291

Several people are trying to figure out how to qualify for a housing loan. Every one of the borrowers stumbles upon different challenges while meeting the criteria for home loan eligibility. However, there is a magic formula for everyone. It sounds too good to be true, right? It seems rather impossible. Different housing loan companies have different home loan eligibility calculator and different criteria of identifying the right applicant. But, here is the secret. They all want the same thing. Home loan organizations are looking for a reliable applicant who will pay EMIs consistently. Their housing loan eligibility calculators are looking for the same thing. So, here is your magic formula.

Right application + Must-dos during home loan process + Mustn’t dos during housing loan process = Home loan eligibility.

Right application:

Home loan application is more than necessary facts. They create a factual picture of you as a potential borrower. So, how does this picture look like? Does your credit history make you look responsible? Does your professional documentation make you look like a professional who will stay in demand for next decade or two? Does your personal documentation make you look like a responsible borrower? Housing loan companies are looking for answers to these questions with your application. You can ensure that they get to see it in your application.

4 Must-dos during home loan process:

There are few things that will improve your chances of qualifying for a home loan.

• Check your credit score and make some repairs, if necessary

• Create a nest egg to pay for house loan down payment

• Use a home loan eligibility calculator and find out the standard loan you can qualify for. But, also use a home loan EMI calculator to find out the loan you can afford to repay

• Get a responsible co-applicant for the loan

4 Mustn’t dos during home loan process:

Few things that will severely harm your chances of meeting housing loan eligibility criteria. Though, they all cannot be computed into housing loan eligibility calculator, they matter nonetheless. So, don’t do the following, if possible.

• Shift your job
• Take another loan
• Skip paying utility bills, credit card dues and other loan EMIs
• Miscalculate EMI

So, this is not as simple as entering details in home loan eligibility calculator. But, it is an effective formula that will improve your chances of getting home loan approval. All the best!

Author Bio :

The author is a seasoned writer on finance topics and she articulates aspects that are important to people availing the home loan facility. She writes about a variety of topics covering the home loan documents, rates & the uses of home loan eligibility calculator that help to make the best decision.

Total Views: 58Word Count: 444See All articles From Author

Investing / Finance Articles

1. 5 Hacks To Getting Loan Against Property Approved
Author: Atish Nayar

2. How A Claims Adviser Helps With Insurance Claims
Author: Edmund Brunetti

3. Avoid These Mistakes While Hiring A Cpa Firm
Author: Hampry Gomes

4. Top Tips For Mcx Commodity Trading
Author: Riya Jain

5. How To Claim Unclaimed Fixed Deposits From Banks
Author: Arwind Sharma

6. 12 Month Payday Loans Direct Lenders
Author: Carol Adams

7. Where To Look For Ongoing Projects In Mumbai In 2017?
Author: Mira

8. Benefits Of Hiring A Tax Accountant
Author: Karen Lee

9. Impact Of Gst On Manufacturers And Their Distribution Networks
Author: Rahul Sutraj

10. Quickly Find Ideal Program For Commercial Lending In Atlanta
Author: John Bairstow

11. Why Emv Credit Card Terminals Are Necessary For Business?
Author: Satya Nadella

12. Get Set For A Great Retirement Life
Author: Deepesh Reddy

13. Payday Loan In India, Payday Loan India, Payday Loans India
Author: Mayank Aswal

14. Mashreqpay Program To Ease Your Personal & Business Life
Author: Jeff Usman

15. Maximize Your Profitability With Trade12 Trading Services
Author: Trade12

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: