It is because it has become super easy to check one’s housing loan eligibility online.
It can be done via the online home loan eligibility calculator. Read on!
What is a home loan eligibility calculator?
The home loan eligibility calculator is an online tool that helps you determine your precise loan amount without errors.
The tool is available on most of leading lenders’ websites for free. Using the home loan eligibility calculator is simple.
How to use the home loan eligibility calculator to calculate your eligibility?
You have to open the home loan eligibility calculator on your lender’s site and enter your date of birth, and city name.
Once done, you need to choose your monthly salary, other monthly income, the repayment tenor, and current monthly obligations/EMIs.
After selecting these vital parameters, you need to click on the ‘Check Your Eligibility’ button.
Once done, the home loan eligibility calculator will showcase your precise housing loan eligible amount.
If you apply for a similar amount with a particular lender you checked the loan eligibility, you can get the loan approval easily.
Just like the eligible home loan amount, you can also know about your precise housing loan EMI amount.
You can do that using the home loan EMI calculator on your lender’s platform.
An existing home loan borrower looking to reduce the loan burden can use the home loan prepayment calculator.
It helps to know about the positive impact of making a prepayment.
Other than this, switching the loan account via the home loan balance transfer is another way to lower down your current home loan burden.
Also, you get to enjoy a top up loan to cover diverse needs without any restriction on usages.
Read Also: Do you Know How to Calculate Home Loan EMI Online
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