If you have just like a property in a prime location in your city that you intend to buy and realize that you have enough funds, you can always go ahead and get a Home Loan.
Before you think to avail a housing loan, you should also know that there are some crucial factors to zero in on while going ahead. These factors may include the loan tenor, the total loan size and, the EMIs.
The Home Loan calculators – Eligibility and beyond!
Lenders have a norm that you are eligible for a Housing Loan and get up to 60 times than your net income. For example, if your monthly salary is Rs.50,000, you can expect that you get a House Loan for Rs.30 lakh.
If you want to know a Housing Loan figure that you may be allowed, you need to use some Home Loan calculators such as a Home Loan eligibility calculator and a Home Loan EMI Calculator to be clear.
While using Home Loan calculators, you need to be sure to quote you exact details related to your income, personal aspects and more or as wanted by the tool. When you put correct details, you can expect to know an exact House Loan amount or eligibility elements.
If you discovered that you are not yet on the good books of the lenders when it comes to Housing Loan eligibility, you would need to consider some factors. Have a look!
How can you improve your Home Loan eligibility?
Home Loan calculators may or may not approve your Home Loan eligibility, and you need to work on some factors to become eligible in the future.
- Consider increasing your tenor
Most of the borrowers find it easy to pay off a Home Loan EMI stretched over a longer tenor because the EMI amount is less and easier to manage. However, the downside is that you may have to pay higher interest charges.
- Consider paying off all debts on time
Before you think of applying for a Home Loan online, you should also consider paying off all debts before. Why? When you don’t have any pending debts, it helps you have a good credit score. Once you apply after paying off debts, your Home Loan eligibility also goes up. Thus, if you want your House Loan to approve, you should make efforts to clear your entire debt accounts such as credit cards, any other loans, if any. Lenders consider borrowers with a clean repayment history safe best while sanctioning the housing loan.
- Consider clubbing your incomes together
If you could consider adding all incomes (spouse and parents), your chances of getting your Home Loan eligibility enhanced are up. Leading lenders also provide a facility such as a 3 EMI holiday which means that you don’t have to pay off EMIs for three months to manage your financial stability.
The Bottom Line
Many leading banks and NBFCs provide unique features to House Loan borrowers such as pre-payments, Home Loan balance transfer, no foreclosure charges and spirited rate of interest.
Make sure that you adhere to Home Loan eligibility factors to get your House Loan approved faster. Make the most of the House Loan calculators to know where you stand and work accordingly and be Housing Loan ready!