When you are taking a home loan it is important to be aware of the eligibility criteria set by the lender. This is the first step that you need to complete when you’re applying for the loan. The eligibility criteria vary from lender to lender, and encompass conditions with regards to your income, age, loans that you are paying off, where you stay, etc.
To give you a clearer picture, here’s a look at the eligibility criteria that you have to meet when you take a Home Loan from Bajaj Finserv.
1. Feed in the information:
When you are browsing loans, you can easily check your eligibility by logging on to the lender’s website and visiting the eligibility calculator page. All you have to do is enter the details in the fields provided. You have to fill in your date of birth, after which you can enter your city of residence. Then, enter your income, additional income, desired tenor and the value of your current EMIs or other financial obligations. For this example, let’s assume that you stay in Mumbai, have a salary of Rs.55,000 and seek a home loan with a tenor of 15 years. You also have an EMI of Rs.7,000 that you are currently paying.
2. View your results:
Once you fill in the details, click on ‘Submit’ or ‘Check your eligibility’. For the aforementioned example, you will eligible for a home loan from Bajaj Finserv worth Rs.29,99,237. Based on the results you can decide how much to borrow. You can also see what principal you qualify for once you repay your current EMIs. Once this amount is zero, for example, and all other values remain the same, you will be able to borrow Rs.36,65,734.