To ensure your Home Loan application goes smoothly, checking your eligibility beforehand is vital. Here's how to do it:
1. Assess your income and expenses to gauge your repayment capacity.
2. Calculate your Debt-to-Income ratio to ensure it falls within the acceptable limits.
3. Check your credit score and address any issues affecting your eligibility.
4. Utilise online eligibility calculators provided by lenders for a quick estimate.
5. Consult with multiple lenders to get personalised assessments based on their criteria.
By checking your eligibility in advance, you can plan properly and increase your chances of loan approval. Consider other factors like home loan interest rate and loan terms when selecting a lender.