Home Loan Eligibility Calculator India

FOR IMMEDIATE RELEASE
Gurgaon, Haryana, India, Republic of (Free-Press-Release.com) October 12, 2011 -- Your home loan eligibility is dependent quite a bit on your repayment ability. You will find that the loan amount you can get varies from one financial institution to another. If you happen to be a resident of India, you can only get home loan if you are more than 21 years of age.

For salaried individuals, maximum age limit is 58 years. On the other hand, for self-employed individuals, this can go up to 65 years. When there is an increase in the interest rates, satisfying the eligibility criteria becomes tougher. At this point of time, it is advisable that you re-evaluate your options with regard to the loan amount you are interested in.

To increase your chances of qualifying for a home loan package, it is quite important that you enhance the loan tenure, repay other dues and opt for step-up loan. By going for higher tenure, you are going to get an approval easily. This is because of the fact that EMI begins to dip, as there is an increase in the tenure. The best part about all this is that there is going to be no modification in the rate of interest and principal amount.

However, there is going to be some modifications in the net interest outgo, which is going to jump up once there is an increase in the tenure. And with you paying a much lower EMI, your ability to pay is also going to increase and therefore you will not be a liability to the financial institution.

Your home loan application might face rejection when you need to pay dues for other loans such as personal loans and car loans. It is worthwhile pointing out that existing loans with more than 12 unpaid installments will be taken into consideration by the financial institution at the time of calculating your ability to repay. In that case, you have a choice of prepaying your other loan packages. This will make sure that there is no negative impact on your eligibility.

Talking about a step-up loan, it is a loan wherein you are going to pay a lower EMI in the starting two or three years, with EMI amount getting bigger after that. Thanks to the lower EMI in the initial years, you can manage your financial condition in a much better manner. This will go a long way in ensuring that the financial institution does not reject your loan application.

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