How much loan am I eligible for?

How much loan am I eligible for ?

For most young and working professionals, buying their own dwelling is one of the most important signpost of their journey . Having your own address is an accomplishment to be plausibly proud of. However, for a lot of people, realizing this hallucination requires monetary backing. This is where home loan comes into the picture. There are a few basic things to be aware of while availing home loans to purchase your dream home.

Home loan amount depends basically on three different factors.

1. Financial eligibility

Bank/NBFCs sanctions certain amount depending on your income documents like income tax returns or salary slip/Form 16.

2. Registration value or sale deed value

Usually as per RBI mandate, banks/NBFCs consider 75% to 90% of registered sale deed value under different circumstances.

3. Market value of the property

Market value is not the price for which you purchased from buyer, but banks get this report from their registered engineer or valuator and that is taken into account.This figure could be lower also than the price for which you purchased from seller.

One of the easiest ways of calculating your eligibility is via the home loan eligibility calculator with these parameters. Now, banks consider the lowest of the above three valuations and sanction the final loan amount. This will help you to gauge the amount of housing loan that you are eligible for, based on the home loan tenure and home loan interest. However, a professional loan consultant shall leave no stone unturned to help you comprehend your dream of having your own house by working out a custom-made estimate for you to meet your home loan amount requirement and get through the documentation process too.