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Factors That Influence Your Home Loan Eligibility
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A home loan with its lower rates of interest and attractive advertising has been made very enticing for customers. Applying for the loan is very simple, but getting it approved is not that easy, as the financial institution will make several checks on one’s eligibility before granting the loan. Home loan eligibility is the maximum amount of loan a person can be granted for buying a home. Salaried individuals or self employed professionals are eligible to apply for a home loan, however, spouses/children / parents can be made as co applicants for higher eligibility. The rise in applicants for home loans has made financial institutions very conscious on their efforts to include a vast customer base as their clients. Your home loan eligibility depends on various factors that are considered by the banks before the loans are sanctioned.
A salaried individual or a self employed person makes use of the home loan eligibility calculator to get a better idea. His EMI will depend on his monthly income and his annual income will determine the maximum amount of loan he is eligible for. Factors such as your income, employment status and tenure of the terms are determined by the home loan eligibility calculator.
If you are already paying an EMI on some other loan, it will be accounted in the loan you are applying for. Your home loan eligibility calculator will decide the loan amount after the deduction of the other EMI payments you are making.
Stability of your income
Not only does the financial institution check your job stability but at times, it also considers monthly incentives or annual bonuses you get from your company to determine your eligibility.
After all, higher your income higher is the chance of you repaying your liability.
Age of the applicant
The younger the person’s age the more eligible he is for applying a loan. A person who in his early thirties has a longer working span before his retirement and therefore can easily pay off his loan.
Most banks can give up to 85% of loans against the valuation of your property but the rates may vary from bank to bank. The home loan eligibility calculator decides your loan eligibility on your property keeping in mind some specific norms with respect to the minimum area requirements. The bank also considers the age of the property, the location and the reputation of the builders before granting the loan.
Every bank offers a different home loan interest rates to every customer according to his profile. But before you apply you should always compare the rates of interest offered by other organisations.
The home loan eligibility calculator helps you to fill in all the relevant factors that influence your loan.
Author Bio :
The author is a seasoned writer on finance topics and she articulates aspects that are important to people availing the home loan interest rates 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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