Are you ready to apply for a home loan for funding your dream home? Congratulations on your decision to purchase your own home as that’s ‘once-in-a-lifetime’ decision.
However, as you are opting for a housing loan to buy your home, you will need to calculate your home loan eligibility before you could get a home loan approval.
What is the home loan eligibility?
Your home loan eligibility is nothing but your ability to handle, manage and repay the home loan within the desired tenor. For determining your home loan eligibility, your prospective lender will check many parameters just as the CIBIL Score, repayment history, employment record, age, income and more.
Only when they are assured that your financial profile is enough to help you repay the home loan amount, they will approve the loan application then only.
But, before you get ahead and start checking your Credit Score and other key elements, you can utilize a tool and know your home loan eligibility super-quick.
You can utilize the home loan eligibility calculator, an online tool that lets you know the housing loan eligibility within a fraction of seconds.
What is the home loan eligibility calculator?
Lenders have made the facility of the home loan eligibility calculator mandatory available on their websites to help you gauge home loan eligibility quickly.
All that you need to do is, enter your basic details such as age, date of birth, the city of residence, income, desired home loan amount and the tenor. Once you provide these details and click on submit, you will come to know an amount. It will be the final amount that you the lender can approve.
So, if you want to calculate your home loan eligibility, you can check it quickly via the home loan eligibility calculator free of cost.
Clear All Doubt for Home Loan
Tips to improve your home loan eligibility
You can improve CIBIL Score to be eligibe for the home loan by following some easy tips:
- Maintain a higher Credit Score
You home loan eligibility will improve if you maintain a healthy CIBIL Score of around 750+ or more out of 900. Keeping it higher will not only help you get quick loan approval but you will even a lower loan interest rate, helping you save.
- Ask for a longer tenor
Lenders love such customers who avail of the longer tenor as they can also earn the interest for a longer time. Alternatively, it can also help you improve the eligibility and never feel the loan burden as you can pay smaller EMIs over a longer tenor.
- Pay off all existing debts
While processing your home loan application, the lender will see if you can make way for the home loan EMIs or not. If they see that you have a higher burden, they won’t approve the loan. Thus, to ensure that you have the required eligibility, you will need to clear your all debts.
Now that you are aware of how to calculate your home loan eligibility and improve it, you can apply for a home loan confidently and secure an easy approval. All the best!
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