From the time you lay your eyes on the property, you know you have to have it. You know this is the exact house you can call your dream house. All the properties on housing.com are such that you cannot take your eyes off them. You are sure to find yourself a dream home here. But while buying this house you may fall short of some amount, at this time you opt for a home loan. The housing loan comes with an eligibility score. This score is counted by the home loan eligibility calculator. You can find your dream house and eligibility for house loan at housing.com. The home loan eligibility calculator has made home loan easier. Sometimes you come across a situation where the total amount one is eligible for is less than the amount needed. With certain measures come can easily increases their home loan eligibility. Here are some ways how:
● By Clearing Other Outstanding Loans:
Under normal circumstances 15-17 EMIs are considered to be repayable. The other outstanding loan can reduced the eligibility greatly as they are to be paid from the monthly repayable limit. So if you repay these loans from other sources, it can move up the eligibility greatly. Provided the outstanding amount is within the individuals reach.
● By Combining Incomes:
It may happen that the amount of one’s income is not adequate to get him a loan; it is advisable that the person combines the income of the family. This can be a positive impact on the repaying capacity. Spouse, children, mother and father are the acceptable for combining the incomes.
● Longer Tenure:
The eligibility is calculated according to the repayment capacity of the individual on monthly basis. If you increase the tenure of the loan, the EMI reduces and the applicant can now borrow more money with the same repaying capacity. Interest will be levied if the tenure is longer; hence one will end up repaying more than the actual interest.
● By Opting for Step up Loans:
It is smart move for young professionals how invest in properties right from the time they start earning. These types of loan products take in to account the increase in the income of the individual over the period of the loan repayment. These come with lower EMI for housing loan in the initial stages. With the increase in income over the time, the EMIs increase step wise. Hence the total eligibility is counted on the higher income which can increase the total amount.
● By Including All Perks:
One can include certain perks like performance linked bonus or over time bonus while applying. These are the perks the employee gets in addition to his total income. This can have a great impact on the repayment capacity, which increases the total eligibility amount for the housing loans.
These are some simple methods with which one can increase their eligibility amount. Though this process may be easy, it is easier to find a home and your eligibility for the house loan. All thanks to houding.com and its home loan eligibility calculator. The home loan eligibility calculator takes in to account your financial history, your income, etc. and shows you your eligibility amount that you will receive. Today everything is available online; it is necessary that matters as important as loans to be available online. Just as new homes and home loans eligibility calculator is available on housing.com, so is the information one needs while looking up a certain real estate property. So many facilities available on one site are sure to benefit you. It is because of housing.com that the housing market has gone through a major revolution.