Ask Yourself These Questions Before Checking Your Home Loan Eligibility

Who does not want to have their property that they can call their own home? 

Many people want to avail home loan to fulfil their wish of having their own home. 

An online home loan has been one of the best financial solutions to help all prospective borrowers. 

But since a home loan is a long term obligation, only eligible candidates are approved for it. And one of the things to consider even before applying is meeting the standard home loan eligibility criteria. 

But before you check out the home loan eligibility terms, it is equally important to ask yourself a few questions. 

Continue reading!

1. Do you have enough funds for a down payment?

Your lender will not sanction the entire value of the home you want to buy as the loan. A part of it also needs to be arranged on your own – known as the down payment. Your lender may want you to pay at least 15-20% of the cost of your home. Thus, you should know if you have enough money to manage the down payment or not. 

2. Do you have the affordability to manage home loan EMIs?

You should know that your income will be affected over the years because a portion of it will be consumed by home loan EMIs. Therefore, you should ask if you can afford home loan EMIs over the years or not. You can use the home loan EMI calculator available on your lender’s portal to be sure. 

3. Do you have the required home loan eligibility?

You should also check if you have the required housing loan eligibility for a particular amount. You can know how much your income can support using the online home loan eligibility calculator. Standard home loan eligibility terms include: 

• You should be aged between 23 and 62 years of age. 

• You must be a resident citizen of India. 

• You must have work expertise of 3 years. 

• You must be employed with an MNC, Public or a Private Limited Company with income stability. 

Home loan eligibility may vary from lender to lender. Thus, you should check out the precise eligibility terms on the website of the lender you want to apply with. Also if you want to know more about home loan and its benefits or anything else for that you must visit Bajaj Housing Finance Customer care portal now.