By Tory Vance
An Indian Middle class family has a classic dream of owning a home. These families live modestly & represent a class of India that bears the brunt of being in the middle as they are stuck in the middle. Now, in order for you to be able to avail of a home loan seamlessly, you should fulfill the eligibility criteria that is available. A home loan is the support that you need in order to avail yourself of the home of your dreams. Now, with SBI Home Loan Eligibility Calculator learn whether you are eligible for a home loan or not. If you fit the criteria, then you can proceed with the next steps of the application process.
Here are a few points that will help you know more about the SBI Home Loan Eligibility Calculator:
- The eligibility factors begin with the age as the first & basic criterion. Each & every applicant must be between the age of 21 & 70 years with a minimum net income of Rs. 25,000 on a monthly basis. These individuals can be either self-employed or employed.
- A credit score of a minimum of 650 or more is a mandatory requirement. A credit score indicates the ability of the applicant, in this case, ‘your’ ability to pay the funds you have borrowed & reflects how well you can pay the funds that you will be borrowing from the lenders.
- A work experience of a minimum of 2 years for the salaried class applicants & a minimum of 5 years of experience for the self-employed class. The requirement is higher in the case of self-employed folks to depict stability.
The SBI Home Loan Eligibility Calculator will also provide you with the information that you need about the installments & the EMI. The SBI Home Loan Eligibility Calculator can help you plan out your finances & budgets properly so that you do not face any hassle with your financial strength once you have purchased the home of your dreams. It will also help you prepare for your family’s future, take wise decisions during investments, and have a fund set aside for unfortunate situations as well as a fund set aside for longer durations in order to pay off the EMIs with ease in case of emergencies.
The SBI Home Loan Eligibility Calculator also helps you get an idea about what the documentation required will be. They are employer ID cards in case of employed folks, a loan application form correctly & duly filled, processed & completed. Personal identity proof & proof of address. The property papers like the title deed & or any other relevant documents that may be required in order to check the validity of the application. A statement of accounts of about 6 months or more for both salaried folks as well as self employed folks. Income proof will be required in both the cases i.e. in the case of the salaried applicant & non salaried applicant along with a co-applicant if any or the guarantor as well.
