Why calculation of home loan eligibility prior to applying is important?

Home loan a product which banks provide to the customers to buy a home by repaying the loan amount availed in Equated Monthly Installments (EMI’s) to the bank. All the customers are provided this product who likes to go for a property purchase depending on their repaying capacity and Banks calculate customer’s eligibility to pay before sanctioning any loan on the basis of his/her monthly income. But we have seen more customers who suffered by the false promises of executives who promised to give more loan amount above the customer eligibility.

Calculation home loan eligibility with the help of home loan eligibility calculator always makes it easy to the customers to process their home loan application with the bank without any issues. These calculators calculate and provide approximate amount of your home loan eligibility by consider your monthly earnings, liabilities and annual variable components.

All the customers need to have a check about their eligibility as it is the factor which decides how much EMI that you will pay on monthly basis towards bank for the repayment period selected. Looking at different options available in terms of repayment is always suggested and one need to follow the below points stated to make sure they get the loan without any hassles.

•          Calculate home loan eligibility prior to applying with any bank
•          Know your product and its terms and conditions
•          Decide on how much loan amount you want to avail
•          Never go for maximum loan eligibility
•          Maker higher self-contribution towards the property purchase
•          Keep an eye on fluctuating home loan interest rates
•          Never take the executive words as final

All the customers are advised to look at different options of home loan as the market was poured with full of options and cross check the product with other banks. Banks reserves the right to ask for additional documents and clarifications if needed in regard of your home loan application and never try to misguide the bank with false information. Always have a set of photocopies of documents submitted to the bank for future reference purposes.