How Does Home Loan Calculator Help You With Loan Approval?

Home loan approval is the most important part of the home loan process. Every home loan applicant wants to do everything in his/her power to get the approval. That is the end game. That is the result borrowers want. Home loan calculator seems like a simple online tool that helps you with few basic home loan calculations. It is designed to offer a rough estimate of your EMI. But, well-designed home loan calculator in India can accomplish so much more. It can do much more than calculating monthly home loan EMI. However, the best result you can accomplish is to ensure home loan approval. Won’t you like to know how to go about it? Here is a step-by-step plan.

Identify primary factors well:

You need to define your principal amount, interest rate and tenure well. In other words, do not take the advertised numbers literally. Research and get a realistic understanding of these primary factors. You cannot estimate the cost of the property, processing charges, and other factors recklessly. You need to understand how final numbers may look. These details are not available in home loan calculator in India. You need extensive research and professional consultation to select these details accurately.

Consider other factors:

You will need to consider external factors influencing EMI. For example – the best home loan rate available in the advertisements can be 10% or 10.25%. But, will it be available to you if you are in a private company? How is your home loan rate affected by your credit score? Does an economy increase the odds of getting the best home loan rates available? So, consult with a personal finance expert and credit specialist to improve your odds. Then create a home loan application with higher chances of home loan approval.

Keep EMI below 30% of income:

This seems like a last factor. But, it is a crucial factor. Use home loan calculator in India or make calculations manually. Ensure that your home loan EMI is lower than 30% of your monthly income. You will need to be a creditworthy individual. But, keeping it lower than 30% of your income is a vital factor. Most lenders use similar estimate in their housing loan eligibility calculator to identify the borrowers.

Follow these steps religiously and you will have a precise numbers. You can reverse engineer applicable to the principal amount and the home loan tenure. This will create a home loan application you can easily receive approval for. Most lenders consider it as a dependable choice for borrowers. So, use home loan calculator well and get a quick home loan approval.