A home loan is a very crucial part in
everyone’s lives, as it is a massive chunk of money you need to borrow, and the
interest on that is also quite stressful for many. However, when you do your
due diligence about home loan, check home loan eligibility, and keep a payment
plan ready, then applying for a home loan and getting it sanctioned is a cakewalk.
If you want to check home loan eligibility
criteria for yourself or your spouse, then you can do it online in a matter of
seconds. Most banking websites and mobile applications offer simple and
easy-to-use eligibility calculators, which can tell you if your profile is
eligible for a home loan or not, instantly.
Several factors are involved in checking
your eligibility for a home loan, starting
from your age to your current credit score and outstanding payments. But
there’s no need to worry, as the online calculators are relatively easy to use
and completely free of cost as well.
You can check your eligibility on the home loan eligibility calculator
and use multiple calculators to be sure about the result as well. There are
some fields that you need to fill in, like-
Occupation- where you can choose if you are
salaried or self-employed
Name- where you have to enter your full
name as per PAN card
Net monthly income- where you have to
mention your monthly income after deductions
Apart from this, calculators also ask you
if you are currently paying any other EMIs, to gauge your credibility and
assess your financial profile. You can then proceed to fill in additional
personal details like mobile number, date of birth and place of residence or
your pin code. Once all the fields are filled, all you must do is press enter
or request for a quote, and the home loan eligibility calculator will do the
calculations for you.
There are some other criteria like CIBIL
score, where you need to have a score of at least 650 to be a viable candidate.
A home loan is a form of secured loan, so the CIBIL score plays a big part in
the criteria. If you have a lower CIBIL score, then there are still some banks
and institutions that will offer you a loan, but it would be at a higher
interest rate or a higher margin.
