“Home is where our heart is” which is why owning a home is always a dream of every human in their lives. Own home gives you a sense of belongingness towards that living space and also acts as safe haven for you and your family. Thus it plays utmost importance in life now-a-days to get your dream house but money plays much significance in this process. A considerable amount of thought and strategy is required to make this decision and planning process of purchasing a dream home.
When you decide to chose a house and transform it into your home, you will need support and encouragement from all social fronts to go further with your plan. Most important of them is to check for available capital or ready to use financial power. And that’s where you need to know home loans and other financial support you need.
Usually banks and NBFC (Non-Banking Financial Company) have different propagandas, criteria & ways of calculating home loan eligibility but generally Housing Loan Eligibility Criteria includes your net monthly income which should be more than Rs. 25,000. You will be eligible for home loan only if your fixed obligations (rent, other loans EMI) do not exceed 50% of your income. Age is also a considering factor for loan which should be 18 years to 70 years.
Home Loan Eligibility Calculator is used to determine the home loan amount that can be availed in getting your dream home. Home loans are the most important financial instrument that helps you to finance your home, without putting yourself under any kind of financial burden. However, the first step to get a valid & suitable amount of home loan and to know for how much home loan you are eligible. Without this basic knowledge you may run the risk of applying for a wrong home loan amount.
A few simple factors those are required while calculating home loan includes:
• Your monthly income
• Fixed monthly obligations
• Current age
• Retirement age and other criteria
Key reason for using this self-help tool is to check your eligible loan amounts as fast and easy as possible without any dependency. With the housing loan eligibility calculator, you can even calculate the ideal loan amount value based on your financial factors such as your income, loan, tenure and interest rate and more.