Posted on Monday January 21st, 2019

Finding the best home loan is a daunting process to undertake. It is not just a matter of getting the loan at lower interest rates but there are some other features also that must be considered like documentation process, pre-payment, processing fees and foreclosure charges. If you are planning to go for a home loan in nearby days, it’s good to brush up your knowledge related to home loan. People save money for longer durations to buy their dream home but due to some unknown factors, their loan application gets rejected. So it is always better to check your eligibility in advance before applying for a loan. The applicant’s net salary as well as total amount and tenure also plays an important role in determining the “Home Loan Eligibility“. ShubhBank provides you the service to check your eligibility at their online web portal and get to know the chances of getting a housing loan approved.

Many factors are explained in detail for better understanding of eligibility check:

• Applicants who are salaried or self-employed, the age bracket defined is different for both of them. The basic age group for the borrower is decided to be 21-60 years for applying this loan.
• Lenders always claim that repayments should not exceed 30% of the applicant’s net salary. So the borrower’s who are salaried and employed for at least three years and self-employed with at least five years can apply for a home loan.
• Credit score holds a lot of importance in deciding the acceptance or rejection of the home loan application. A good credit score depicts your creditworthiness and increases the chances of lower interest rates, flexible EMI’s and loan tenure. Any default records can negatively affect your credit score and hence results in rejection of loan application.
• Employer’s status is an another important factor and credibility depends a lot on the organization for he/she works. Most of lenders consider renowned companies in the loan approval.
• The eligibility is often decided on the basis of past financial stability, so maintaining a good financial record is a good exercise.

Before “Applying For a Home Loan” check your eligibility and calculate your EMI by simply submitting your loan related details online at Bank goes through some of these simple steps to check your eligibility for home loan:

• Check your salary slip and bank statements referring to your income level.
• Your existing EMI’s will make your income reduced.
• Bank calculate your saved amount as in case we consider 30% of your income as saving to ensure your repayment capacity.
• The backward calculation of your net worth helps the lender in deciding the loan amount that could be offered to you.

The employees who have stable income flow and nature of job are offered lower interest rates on the loan quantum due to ensured repayment capability. Hence, keeping in mind these factors, you can estimate your home loan eligibility and can apply for a home loan at ShubhBank. We are happy to help you 24×7.