In case you are thinking of constructing or buying any property, you could be thinking about opting for a home loan. A home loan proves to be a sound financial choice. If you fall under the eligibility criteria of the CLSS scheme, you will be allowed a subsidy while borrowing a loan for the first time.
Loan eligibility determines your creditworthiness as a customer to be able to avail or repay the loan. Your age, credit score, monthly income, credit history, retirement age, and other details act as defining factors in loan eligibility.
Use the SBI Home Loan EMI calculator. It is very easy and efficient. Follow these steps to use the home loan eligibility calculator –
You can head to Magicbricks to check the eligibility criteria of home loans or you can just read it out here –
Other than these, multiple other aspects can affect your home loan eligibility. You can easily check it out here –
There are multiple ways to improve your home loan eligibility. The process of determining the eligibility of loan applicants is quite complicated, but there are ways you can bend it your way. Here, check out how you can increase your eligibility –
Select a Longer Tenure
Choosing a longer repayment period will give you an edge. This is mainly because the EMI will be less, which ensures timely repayment from your side. The lender might view this as low risk. But it could also lead you to pay higher interest rates.
Open an Account with the Lender You Have Chosen
If you have chosen the lender, it is time you open an account with them. This will help you build a relationship with your lender before you start availing a loan from them.
Repay Your Debts on Time
In case you are figuring out how to set a good credit score, you can start with religiously paying your debts. This will also improve your home loan eligibility.
Add Additional Income Sources
To get an edge at your home loan eligibility, you can mention your additional income and also state the sources.
Disclaimer: The information available on this site has been gathered from publicly available sources and is accurate to the best of our knowledge. However, please be aware that the rates and other offers may vary based on your profile and may be subject to change without notice. Therefore, we advise you to verify the information before applying for any loan through this website. Magicbricks accepts no liability for any loss arising from the use of the information on this website. Refer T&C for the detail.
(T&C link: https://property.magicbricks.com/terms/terms.html)
**This service is available in select cities only.
*These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.