How To Know Home Loan Eligibility ?
It is very important to know your loan eligibility before you decide to buy your dream home.That is one of the preliminary steps that you follow before deciding on a home as it will have a financial stress towards your home buying decision
It is also said reduce loan amount as much as possible very specifically on Your Home Loan as it is a long tenure your initial EMI payments will have 75% contribution towards interest & only about 20 to 22 % credits to your principle amount for probably for 4 to 5 years them slowly principle contribution increases.
It is always said SBI has the lowest interest rate @ 8.25 % as on 16-04-2020,while it is also said if SBI provides a loan for a property the legal error chances are less
For Every 20,000 of your income you get eligibility of 10 Lacs subject to your expenses , likewise if you are earning a salary of 50,000 & your wife is earning 45,000 your total home income becomes 95,000 considering both applicant & co applicant, If you have any other loans running that EMI will be reduced in your income consideration in this case if you are paying an EMI of 18,000 towards your personal loan then total income consideration becomes 77,000 & Loan Elgibility becomes 35 to 45 lacs depending bank approached
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