Nothing beats the excitement of getting a new home. However, if you plan to purchase the same with financial support or rather a loan, it is necessary to keep certain aspects in mind before applying.
Every registered lender offers a home loan eligibility calculator, a resourceful tool that helps you ascertain the chances of getting approved. Here are 5 of the most important benefits of the same:
- Helps with Credit Score
The eligibility calculator gives a fair idea regarding your chances of approval. Therefore, if you aren’t coming across as an eligible applicant, there is no point applying for the loan as the bank or NBFC sends across a hard inquiry, thereby lowering the credit score in case of rejection.
- Gives a financial perspective
The loan eligibility calculator urges you to feed in every necessary detail regarding your financial condition. Therefore, it becomes easier to stay prepared for the EMIs and other aspects of loan repayment.
- Helps with Restructuring
The eligibility calculator takes you preferred repayment tenure into account and allows you to restructure as per the interest rates and existing financial stead, way before you approach the lender.
- Facilitates Preparedness
As every aspect of loan application and repayment is taken care of by the calculator, you can stay prepared by keeping the home loan documents handy.
- Offers Flexibility
A home loan eligibility calculator, preferably the one featured by PNB Housing Finance, helps you understand the nooks and crannies of approval based on existing salary, age, existing liabilities, and more.
Each of these benefits helps you prepare better while assisting with lender comparisons!
