Most of the people who don’t have the required funds to purchase their homes depend on a housing loan to fund it. However, applying for a Home Loan in your city without determining your Home Loan eligibility can lead to a rejection. As a result, qualifying for a Housing Loan becomes a must.
Let the Home Loan eligibility Calculator Help You
Prominent names in the House Loan financial industry have made an online tool known as the Home Loan eligibility calculator available for customers. You can use the eligibility calculator to quickly know your loan eligibility or the amount that you can borrow.
The Home Loan eligibility calculator works when you provide your age, all types of income, existing liabilities and the desired repayment tenor.
As soon as you enter these details in the calculator, you get to know an amount that you can avail as a housing loan after meeting other terms and conditions of the lender.
However, sometimes you may not be qualified enough to avail a desired Home Loan amount and will need some tips to increase your Home Loan eligibility.
Here are some quick tips to help you qualify for a larger housing loan amount:
Extend the Tenor of your Housing Loan
Want to increase the Home Loan amount that you wish to seek? Apply for the maximum tenor available with the lender to boost your eligibility.
What’s more, extending the loan repayment into a wider tenor will also be affordable for you. Like this, you can pay smaller EMIs and never feel the burden of paying a loan.
Ensure to Pay off all Previous Debts
When you can pay off all existing debts before applying for a Home Loan, you can also free up all such figures to make way for the Home Loan EMIs or the repayments.
Lenders may not approve your loan request if they see you already have too many obligations to clear as they may consider you as risks.
Club Income of your Family Members
Are you getting a Home Loan lower than what you desired which may not suffice a good home purchase? You can combine income of your family members such as spouse and more to increase your eligibility for a higher loan amount.
Also, clubbing the income of your family members who have a higher CIBIL Score can also help you avail a loan at lower rates.
Don’t Forget to Include Perks and Bonus
Did you know that including other sources of income such as yearly bonus while calculating your loan eligibility can also help you qualify for a higher amount?
Don’t forget to add your annual performance bonus and other incomes to get an approval for a higher amount.
A Quick Look at Home Loan Eligibility Conditions
You can qualify for an upcoming housing loan if you meet the below standard housing loan eligibility criteria:
- A Home Loan borrower needs to be a citizen of India
- His/her age should be under the bracket of 23-58 years
- He/she should be a salaried profession with work expertise of at least 3 years
- The minimum loan amount that one can avail is Rs.20 lakh, and the maximum limit is Rs.20 lakh.
Documents Required for Home Loans
You will also need to furnish some documents required for Home Loan to qualify for a loan application such as:
- KYC documents
- Address proofs
- Identity proofs
- Recent photograph
- Latest Salary Slips or Form 16
- Last 6 months’ bank account statements
The Bottom Line
Since you are now aware of the tips that can help you boost your eligibility for a Home Loan, implement it in practice and avail a Home Loan of your choice. All the best!
