Wednesday, January 9, 2013

How Eligibility Calculators help in availing home loans?



Eligibility calculation is one of the important aspects of home loan processing. Banks calculate home loan eligibility of each and every customer who applied for a home loan by taking applicant and co-applicants income into consideration before giving a sanction letter to the customer. A little idea on how this eligibility is calculated will make much difference in the process of home loan.

The process of eligibility calculation varies from customer to customer depending on the income source. If the customer is a salaried customer then the sum of regular components of salary is taken into consideration along with 50% of the variable pay for the calculation of eligibility. If the co-applicant income is also considered then the same principle will be applicable to the co-applicant also. After arriving at a component both the applicant incomes is added and take a maximum of 60% of the salary for the contribution of home loan EMI. If any liabilities are there then the component of their EMI will be deducted from this amount and on the remaining amount the eligibility is calculated by dividing the amount with the per lace EMI component of the home loan interest rate charged for the desired tenure or applicable tenure which results the home loan eligibility.

The Eligibility process is the same for the NRI Salaried also the only difference is the amount is converted to Indian currency before calculating the eligibility. The calculation differs a bit for self employed whose gross income along with depreciation, Interest paid, and remunerations are considered for the calculation and remaining process is same. The calculated eligibility by the bank is final. Liabilities that a customer would like to close to avail a home loan will not be considered as a liability and liabilities below 6 months are also not considered. Having liabilities will decrease the loan eligibility and it is always suggestible to close all the liabilities before applying for a home loan for comfortable repayment of home loan.

Eligibility calculators help you to know how much amount you will be eligible for if you go for a housing loan depending on your requirement. The Eligibility calculators will take all the information about your income and your requirement's then give final eligibility depending on the values provided. The value arrived finally may vary from bank to bank depending on product and tenure considerations.










 

5 comments:

  1. Antworksmoney is providing an online housing loan one stop solution to a buyers or who is seeking for Home Loan immediately.

    ReplyDelete
  2. Thank you for sharing this information. It has helped me to know more about home loan details

    ReplyDelete

  3. Hello Everybody,
    My name is Mrs Sharon Sim. I live in Singapore and i am a happy woman today? and i told my self that any lender that rescue my family from our poor situation, i will refer any person that is looking for loan to him, he gave me happiness to me and my family, i was in need of a loan of $250,000.00 to start my life all over as i am a single mother with 3 kids I met this honest and GOD fearing man loan lender that help me with a loan of $250,000.00 SG. Dollar, he is a GOD fearing man, if you are in need of loan and you will pay back the loan please contact him tell him that is Mrs Sharon, that refer you to him. contact Dr Purva Pius, call/whats-App Contact Number +918929509036 via email:(urgentloan22@gmail.com) Thank you.

    ReplyDelete
  4. Very interesting , good job and thanks for sharing such a good blog.i am also trying to find new method about . best seo company in pakistan keep it up.

    ReplyDelete