Here’s how banks determine your home loan eligibility

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Home Loan Repayment Calculator
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Heres how banks determine your home loan
eligibility
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• For home loan, banks have their ways to evaluate
  your creditworthiness through various parameters.
  
• Everything from your income and recent financial
  transaction history to your debt repayment
  potential plays a part in determining how big a
  loan is allotted to you.
• Salaried with no liabilities If you are a
  salaried individual, banks will check your
  financial credentials including your credit
  score.

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• Salaried with liabilities Even if you have a
  higher salary than in the first example but have
  financial obligations, your loan eligibility may
  reduce.
• If you are earning R75,000 per month but are
  servicing debt such as a car loan or a personal
  loan, your eligibility will depend on your
  income-to-debt ratio through Home Loan Repayment
  Calculator.

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• Self-employed Suppose you file an annual return
  of R5 lakh from your own business with no
  financial obligations and apply for a home loan.
• The bank will check the average of your income
  tax returns in the last three years to arrive at
  your income.
• Source http//www.financialexpress.com/personal-
  finance/find-out-how-banks-determine-home-loan-eli
  gibility/371594/

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