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Step by Step Process for Calculating Home Loan Eligibility Explained

Step by Step Process for Calculating Home Loan Eligibility Explained

A major issue that you can face while applying for a home loan is not meeting the housing loan eligibility. If you are dreaming of buying a house, it is important you fulfil the home loan eligibility criteria of the lender to the .

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An excellent method for you to check this is via the use of housing loan calculators. These calculators are specifically designed to answer an applicant’s loan queries and give them an understanding of the scenario in the event their application is processed. All you need to do is enter some basic details and you can easily check loan eligibility online.

A quick search on the internet can help you find a home loan eligibility calculator. With said calculator, you will be able to get an accurate picture of your home loan. This hassle-free tool will help you ascertain your loan eligibility without any fee. Here’s how you can make use of a home loan eligibility calculator.

Additional Read – 5 Ways to Boost Your Home Loan Eligibility

Check your net income

Your net income will be the most significant factor in determining the amount of housing loan you are eligible for. Before entering this information on the home loan eligibility calculator, ensure that it covers income from all sources. This will help you get a larger home loan amount to fund the purchase of the house you’ve always wanted.

Find a favourable tenure

Since you will be paying home loan interest on your EMI, it only makes sense to choose a favourable tenure. Your tenure should befit your monthly expenditure without compromising on the EMI payments. Our home loan eligibility calculator can aid you in determining the perfect housing loan for your chosen tenure. If you are thinking of getting a home loan, do consider using one of the best housing loan calculators available on our website.

Secure a good credit score

Your chances of availing a home loan increase when you have a good credit score to vouch for you. Make sure to pay off any debt or credit card dues to improve your credit score. When you check loan eligibility online using our home loan eligibility calculator, you will be able to understand your loan eligibility and loan repayment responsibilities better.

Additional Reads – Do Credit Scores Affect Your Home Loans?

Identify monthly obligations

Your monthly expenses can adversely affect your ability to repay the housing loan. It is, thus, essential for you to identify your monthly obligations to determine the amount of home loan you can take without causing a financial strain. Before using the housing loan calculators, you should exclude all the monthly expenses from your income. This will help in determining your actual housing loan eligibility.

You can check loan eligibility online on Tata Capital before you apply for a loan. Our free and easy-to-access home loan eligibility calculator takes into account all your obligations before computing the most suitable plan. For the best home loan interest rates and tenure, choose Tata Capital today. If you are still unsure about your housing loan eligibility, visit our website to learn more!

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