As a customer, the first thing we do while shopping anything is decide our budget. Budgeting is a quintessential element of any purchase as it helps us decide the right product, and conduct the purchase without facing any cash problems in near future. The same applies to people planning a home loan, knowing the home loan eligibility in advance can make the process so easy.
How to Find out your Home Loan Borrowing Eligibility?
Generally, there are two ways you can find out your loan eligibility i.e. the maximum amount you can borrow from a said credit scheme.
- Ask the Lender and they will use their internal calculation process using the details provided by you to find out how much you are eligible to borrow from their loan. Since you have to know the figures in advance, you can send an email to different lenders with an abundance of details required for the calculation, and ask them to share their quote.
- Use the Home Loan Eligibility Calculator and calculate the exact amount you are eligible to borrow. The same has to be done using the loan eligibility calculator available on the website of the lender you wish to approach for the housing loan. For instance, if you plan on taking the loan from Bajaj Finserv, you have to use their home loan eligibility calculator. Also, you have to make sure all the details you share while calculating your eligibility are correct. Doing so is essential to obtain correct results.
Bottom Line: Once you know your borrowing eligibility, you can find the online application process and apply for the home loan.