Home » Home Loan » What is the Easiest Way to Calculate your Home Loan Affordability?

What is the Easiest Way to Calculate your Home Loan Affordability?

If you have the dream of purchasing your own house, you can simply apply for a Home Loan. You just need to fulfill the Home Loan eligibility criteria set by the lender, submit a few necessary documents and you can get loan approval quickly.

What is the Home Loan Eligibility?

The Home Loan eligibility help to determine whether you are eligible for a Home Loan or not. The factors that are included in the eligibility bracket are income, age, Credit Score, repayment history and more.

home loan eligibility

How to Become Eligible for a Home Loan Easily?

Your Income – This is one of the major factors in the eligibility criteria. The higher the income, the chances of getting loan approval is more.

Your Credit Score and Repayment History – An applicant needs to maintain a good credit score of above 750. It will be ideal if you have a score between 750 to 900. This score determines your creditworthiness. In case you do not have a good CIBIL score, you can increase the score by paying all your existing loan EMIs, credit card outstanding by the due date.

Your Age – Age is one of the major factors. If the applicant is a senior citizen, he needs to pay higher EMI because the risk of repayment is more as he/she is practically closer to death. While, a young professional can get more time to repay and thus get a lower EMI.

To know more about Home Loan EMI, read:

Quickest Way to Find out How Much Home Loan can You Afford?


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