Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
13 JANUARY, 2022
Deciding to buy a house is always going to be a proud moment in any individual’s life. With the current real estate prices, most people apply for home loan plans to buy houses. Now, before going ahead and discussing home loan terms with a lender, it is first important to understand the loan amount that you are eligible for. There is no need to speak to anyone or visit a bank branch since you can learn about your home loan eligibility right from home! All you need to do is make use of a home loan eligibility calculator. Using this calculator can shed light on the loan amount that a lender can offer you, reducing the chances of your loan application getting rejected.
How to Use a Home Loan Eligibility Calculator?.
Using Kotak Mahindra Bank’s home loan eligibility calculator is really simple. If you are a salaried individual, all you need to do is simply fill up information regarding your date of birth and city of residence. After this is done, the next step is to provide details such as the home loan interest rate, repayment tenure, any existing EMI obligations, as well as monthly in-hand salary. If you are a self-employed individual, the calculator will require information regarding your yearly PAT (Profit After Tax), home loan interest rate, existing EMI obligations, and repayment tenure. Once the calculator has all the required information, it will display the loan amount that you can be eligible for. This way, you will know whether the loan amount is satisfactory or to continue searching for a more suitable loan plan.
Why Is Using this Calculator So Important?
There have been cases where people have got their home loan applications rejected simply because they were not aware of the lender’s eligibility criteria. Now, getting multiple application rejections is a negative sign for any lender deciding whether to approve your loan application. A home loan eligibility calculator can help in avoiding your loan application getting rejected. After using the calculator, you will be aware of your housing loan eligibility. This way, you can decide whether to go ahead and submit your loan application or keep looking for a home loan plan that matches your expectations.
While looking for a home loan, it is natural for a borrower to first set their eyes on the interest rate being offered. This is because the interest rate can have a significant impact on the home loan’s EMIs. However, it is equally necessary to check your home loan eligibility beforehand, as it is important to know about the loan amount you are eligible to get. Apart from the home loan eligibility calculator, you can also make use of the home loan EMI calculator to understand the affordability of the home loan’s monthly instalments. Using these calculators will help in sorting out your finances for the home loan. This way, you can clear the loan without any complications!
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