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Why Should A Home Loan Applicant Use A House Loan Eligibility Calculator?
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A financial institution does not approve all the home loan applications that are sent in. it is for this very reason why it is crucial for the applicant to take steps to ensure that his home loan application is approved immediately. It is for this very purpose that the financial institutions offer the housing loan eligibility calculator to help individuals improve their home loan application. The reasons why one must use a house loan eligibility calculator are:
• It helps individuals find out how much loan amount they are eligible for. Many home loan applications get rejected because the loan amount they apply for is higher than the amount they are actually eligible for. Individuals must use the housing loan eligibility calculator to find out beforehand the loan amount they are eligible for. Keeping this in mind they can take measures to improve their eligibility.
• If individuals feel that the house loan eligibility calculator has provided a loan amount which is lower than they expect, they can take steps to increase their eligibility. The calculator takes into account the individuals monthly income, their expenses and the interest rate and tenure of their choice.
• One can also use the housing loan eligibility calculator to find out what combination of interest rate and tenure must be used to increase the eligibility. One can also reduce their monthly expenditures which will increase the loan amount the individual is eligible for.
It is crucial for all home loan applicants to make use of the house loan eligibility calculator which has been provided free of cost by the financial institution. However, if the calculator provides a lower loan amount, the individual should not feel discouraged. They can still get the loan amount of their choice to buy the house of their dreams. Though financial institutions do take into account the loan amount an applicant is eligible for, there are a number of other factors as well namely the credit score, age and income. Since no individual can change their age they can focus on improving their credit score. This can be done by following a number of steps. Over a period of a couple of months one must reduce their monthly expenditure and not apply for more credit cards which are a type of short term loan. One must also avoid defaulting on any old loans and repay them in advance. This will help boost one’s credit score. One can also ask an earning family member to become a co applicant. This way their income will be added with your own and thus improve your credibility.
A housing loan eligibility calculator is an important tool which if used can be the difference between an acceptance or rejection of the home loan application.
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 housing loan eligibility calculator that help to make the best decision.
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