Note:-
Following are eligible to
apply for a Home Loan :
• Salaried individuals
• Self employed professionals/businessmen
You can include your spouse/parents/children as co-applicant if you require higher eligibility subject to maximum of three applicants.
Monthly Income
The income that we get in hand on month to month bases is said as Monthly Income. While taking a
Home Loan the Bank initially calculate on the bases of net income that is left in our hand after deduction of all other emi’s.
Other EMI
Other Emi (Equally monthly installment) is the emi that we are paying to for any other
Loan .
Available Income
The income that is left in our hand after deduction of any emi amount that we are paying for any kind of loan. Your
Home Loan Eligibility Calculator will be calculated after deduction of the EMI’s that you are paying.
Duration of Loan (Years)
It’s one of the most important factors that one should keep in mind while taking loan. It refers to the no. of years for which the loan has to be taken. Longer the tenure higher will be the interest paid and lower will be amount of EMI to be paid and vice-a-versa. It is one of the parameters which helps in comparing the EMIs from different banks keeping it constant for relationship and easing the judgment.
Interest Rate (in percentage)
Today there are many lenders in the market. Every bank is offering loans whether it’s a nationalized bank, private bank or foreign bank each of them is there in the show. Every bank offers different rate of interest according to the profile of the customer. So, before finalizing a deal one should consider deals from various banks and than come to a conclusion. And aware of the fact that some people might mislead you by charging high rate of interest at reducing rate and might inform the same at flat rate of interest. So, its always advisable to check full detail with the banks and do better comparison in respect of EMIs , Tenure and
Interest Rates and keeping tenure as constant with all the banks will ease your comparison and will result in better analysis, finally leading to a prudent decision.
EMI
EMI stands for equally monthly installment; you need to pay a particular amount for the Home loan that you have taken.
Eligible Loan Amount
The net loan amount for which you are eligible for your Home loan is said as Eligible Loan Amount. The loan amount that a Bank can sanction you.
