A home loan is money borrowed from a bank, NBFC or HFC to purchase or construct a house. The loan is secured against the property.
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Eligibility criteria for availing a home loan may vary across lending institutions.
Step 1: Bank will consider your salary slips and bank statements to calculate the income/salary.
Step 2: Bank usually assumes 30% of your income as savings, say your income is Rs 1,50,000, the savings will be Rs 45,000.
Step 3: If there are any existing loan EMIs it will be reduced from the income.
Step 4: Banks then do a backward calculation to determine how much of a loan amount can be offered, according to the saving amount interpreted.
There are home loan eligibility calculators which help you calculate home loan eligibility. Using a home loan eligibility calculator, you can calculate your home loan eligibility.
This is how your home loan eligibility calculator works:
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