Determine Your Eligibility Before Applying for a Home Loan

When looking for a home loan, you first need to do some homework. See if you meet the eligibility criteria. Also, find out the documents required for home loan. There is no need to worry. You can do all the necessary research online at your convenience.

Let us look at the key features of a home loan application.

Home Loan: Apply Online with Ease and Check Your Eligibility

Nowadays, it is not difficult to get a home loan. You no longer need to make repeated trips to the bank to get your loan approved. Besides banks, trusted non-banking financial companies (NBFCs) like Bajaj Finserv also give home loans. It has become possible to apply for a loan from the comfort of your home. You simply log in to the lender’s website through your computer or mobile phone. You can also calculate your home loan eligibility and, accordingly, apply for a suitable loan.

Use a Home Loan Calculator

A home loan calculator is a very handy tool. You can find it online and use it free of charge. All you need to do is enter some basic information. This includes your personal data, salary, and desired home loan amount. The calculator will do the math and tell you whether you are eligible for a particular home loan. What if you do not meet the criteria? The calculator will tell you to opt for a lower home loan amount.

Use an EMI Calculator

You can use a housing loan EMI calculator to know what your repayment structure looks like. This is also a very useful tool. It offers a realistic picture of your EMIs. So, you can plan your finances in a practical manner to accommodate these EMIs. In certain cases, you may feel that your EMIs are too high. Then, you can speak to your lender and alter them, if possible.

Home Loans on Favourable Terms

Most lenders offer favourable terms. As a result, you can choose a repayment schedule that suits your pocket. Many financial organisations like Bajaj Finserv have pre-approved offers on home loans and other loans. If you are eligible, you can get a loan quickly and without any hassles. You can also meet your financial targets at a convenient pace.

Advantages of Determining Your Home Loan Eligibility

While taking a home loan, there are some crucial benefits of knowing beforehand what you are eligible for. Here are the advantages:

• Know the Correct Rate of Interest: If you know your eligibility, you will also know the approximate housing loan interest rate. Suppose a lender offers you a higher rate. Then, you can confidently shift to a different lender who offers you the best rate of interest.  

• Know the Correct Loan Amount: You are eligible for a home loan based on your income and financial stability. Once you enter your financial details in to a home loan calculator, you will know what your principal loan amount should look like. You can then apply for a correct amount and your home loan will be disbursed at the earliest.

• Choose a Suitable EMI Scheme: If you know you are eligible for the loan you are applying for, you will be in a better position to ask for a favourable EMI scheme. You can even negotiate with your lender if you are unhappy with the EMI offered. Or, you could opt for a different lender altogether.

Summing Up

Before applying for a home loan, it is important to determine if you meet all the eligibility requirements. The various advantages of doing this have been outlined above. It is also a simple process that you can do online. A good loan will help you fulfil your dream of owning your ideal home. Hence, you need to make sure you get the best home loan at the best rate.

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Created on Dec 31st 2018 04:29. Viewed 807 times.

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