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How To Calculate Your Eligibility For The Home Loan Based On Your Income?
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While availing housing loan in India, first stumbling block is home loan eligibility. It is not easy to qualify for the desired home loan. Some people receive a rejection for failing to meet their housing loan eligibility criteria. So, what is the best way to cross over this typical conventional block? This three-step process will ensure that you receive a home loan offer.
Use home loan eligibility calculator
This advanced online tool, also known as housing loan eligibility calculator, can calculate your eligibility for a home loan. Typically, anyone can qualify for an amount, which is 5 to 6 times of your annual income for home loan. Home loan eligibility calculator can accommodate several other factors that can influence your eligibility. Few factors that are taken into account are as follows:
• Current debt
• Recent home loan rejections
• Recent credit card applications
Home loan eligibility calculator can give you an estimated amount you can qualify for. However, it cannot take all factors influencing a home loan into account.
Get a right consultation
You will need additional information to fine-tune the exact amount you can receive. Some factors, which are beyond the scope of housing loan eligibility calculator, need to be taken into account. For example; security of employment, repayment ability, credit history. These facets of home loan eligibility are very subjective. In simple words, different housing finance organizations use different aspects to decide your eligibility. So, you will need to receive the right information to select a right lender and interest rate. Common consultants are relationship officers of housing finance company or housing loan consulting firm.
Make necessary changes before applying
Numerous people discover the scope for improvement after submitting home loan application. Some get a sad shock in a form of a home loan rejection letter. But, smart borrowers take the time to understand their realistic home loan eligibility. It is far more pragmatic than the details in housing loan eligibility calculator. Thus, any borrower can take due steps to improve housing loan eligibility. This can enable any borrower to make due changes such as follows:
• Improve credit score by paying EMIs, bills and credit card debt.
• Improve your debt to income ratio by prepaying other loans.
• Demonstrate your professional ability to make repayments.
• Find a suitable co-applicant.
Each step has its value and aids the home loan process. Follow these steps, and you can calculate your eligibility for home loan based on your own income and expenses. So, make a smart move and work it out ahead of time. 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.
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