Home Loan Eligibility - Knowing How to Use It - Loan Trivia

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Thursday, 28 June 2018

Home Loan Eligibility - Knowing How to Use It

Planning to take a home loan but still stuck with the dilemma of how much you can borrow? Well, finding your exact home loan eligibility isn’t very difficult these days owing to the availability of Home Loan eligibility calculator. Today, knowing your eligibility, the exact value you can borrow is just a matter of few seconds.

Having said that, it’s important for you to know where can you find the talked about calculator and how to use it.

How to Use the Home Loan Eligibility Calculator?

The home loan eligibility calculator is easily available and accessible online. You can use navigate to your lender’s website i.e the website of the financial institution you’re planning to take the loan from (For example, it will be Bajaj Finserv if you are planning to take a home loan from NBFCs such as Bajaj Finserv). The calculator will then have certain boxes available where you’ll have to fill in the information like your date of birth, the city you live in, your net monthly salary, your gross monthly financial obligations etc.

When you have duly checked and shared the information in the designated boxes, press the submit button to check your eligibility.

Also Read: Home Loan Eligibility - Know How to Check?

How does Home Loan Eligibility Calculator Help?

  • Knowing your eligibility helps you plan your home loan application accordingly, ensuring highest chances of approval.
  • Secondly, it helps you to understand the down payment you should be paying and the size of monthly obligations you are going to shoulder on.
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