Top Key Factors that are Boosting Home Loan Markets In India

 There is no denying the fact that the world is facing an unprecedented economic crisis owing to COVID-19. 

Even during this bad time, experts believe that home loan markets in India would experience a CGAR of around 22%. 

But, what are the factors responsible for driving the home loan market even during this dull period? 

One of the factors being held responsible is the improving living conditions of people in India. 

On that note, let’s check out the vital factors boosting home loan markets in India!

1. Affordable current home loan interest rates

Nowadays, you can see all top banks and non-banking finance companies (NBFCs) offering their current home loan interest rates really low. It has worked as a great opportunity for homebuyers to avail of the same and to manage lower EMIs. 

2. Residential rents are now equivalent to home loan EMIs

Despite paying a higher rent amount per month, the home you live in does not become yours. On the other hand, rents in key metro cities are now equivalent to the home loan EMI amount. Thus, it propels an applicant to avail of a home loan, pay EMIs per month and make it their own after the tenor. It is far better than spending the same money on rent and not making it your house. 

3. Attractive schemes 

Other than lower home loan rates, lenders have also come up with attractive schemes like paying off EMIs late. It is also possible to pay only interest on the utilized amount as the EMI and remaining at the end of the tenor. Also, it is possible to save big on repayments under home loan tax benefits. Thus, a home loan has different benefits than just giving you the key to your dream home. 

If you want to apply for housing finance, you can use the home loan eligibility calculator and know an amount you can apply for.

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Check Your Home Loan Eligibility with Home Loan Eligibility Calculator

Do you wish to avail of a home loan and have no idea about the exact eligible amount? 

If yes, you don’t have to worry! It is because you can calculate your precise eligible amount using the home loan eligibility calculator. 

Read on and explore more!

What is a home loan eligibility calculator?

The home loan eligibility calculator is an online tool that helps you know your actual eligible housing loan amount. 

This way, you can be confident and search for a property in the eligible amount range and avoid loan rejections. 

How to use the home loan eligibility calculator?

Using the home loan eligibility calculator is handy if you follow a few easy steps: 

1. Open the home loan eligibility calculator from your lender’s home loan page/calculators’ section. 

2. On the tool, enter your date of birth and city of residence. 

3. You also need to choose your monthly income, other sources of income, the loan tenor and existing obligations/EMIs being paid. 

4. Once done, you need to click on the ‘Check Your Eligibility’ button. 

5. After you do that, the home loan eligibility calculator will showcase your actual housing loan amount that a lender will approve. 

A robust CIBIL score, consistent employment, and income record will help you have increased home loan eligibility. 

If you wish to know about an exact home loan EMI amount, you can use the home loan EMI calculator. This tool is also available for free on a lender’s website. 

Once you enter your desired loan amount, the tenor and the interest rate, the tool will show your home loan EMI. 

You can also know about your home loan interest charges, along with the total loan cost (principal + tenor). 

Before applying for housing finance, you should be sure of an eligible amount and the home loan EMI figure. This way, you can approach it with confidence.     

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Know Everything About the Home Loan Eligibility

The home loan is a handy solution to help you avail an amount as per your eligibility to buy your dream home. 

But not many people are unaware of the home loan eligibility inside out. 

Hence, when they apply, their home loan applications are rejected. It is where this short post may help you as it discusses the home loan eligibility!

Standard home loan eligibility at a glance 

1. You need to be a resident citizen of India. 

2. Your age should be between 23 and 62 years. 

3. You need to be employed and must have work expertise of minimum of 3 years. 

4. Your cibil score should be higher – having a credit score of 750 or more can help you get the home loan approval and at a lower rate. A robust credit score is the mirror of your creditworthiness that you could be relied on for timely repayments.    

Along with meeting these home loan eligibility conditions, you also need to submit a few documents. Take a look: 

• KYC Documents. 

• Address proof. 

• Identity proof. 

• Recently clicked colored photographs. 

• Latest Salary slips or Form 16. 

• Last 6 months’ Salaried account bank statements. 

You are now aware of the standard home loan eligibility criteria that you need to furnish. 

Along with these aspects, you should also check out the home loan eligibility calculator on a lender’s website for free. 

It is an online tool that can help you an exact amount that you will be eligible for based on your income and current obligations. 

Once you know the precise eligible loan amount, you can apply for the same. This way, you can get loan approval without issues. 

Nowadays, the facility of the home loan eligibility calculator is available on most leading banks and NBFCs in India offering home loans.  

Must Read: Top Factors Pushing Housing Loan Market in India

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