Getting a home loan has always been one of the toughest and biggest financial decisions of ones’ life. In order to get a home loan, every borrower needs to meet the eligibility criteria required to qualify for it. This ensures that the individual can repay the loan amount effortlessly without defaulting. Thus, if you consider these simple steps, it will definitely help you in increasing your home loan eligibility and help you in buying a home of your dreams.

Stability of job and income

The most important factor that lenders tend to keep in mind is their job and by extension—your income stability. Lenders consider your net salary, expected expenses, and your existing EMI outlay, to calculate your home loan eligibility. With the help of a Home loan eligibility calculator, you get the idea of the amount you are eligible to borrow. It helps in better financial planning and reduces the chances of loan application rejection. Given that a home loan is a long-term liability and will most likely be your single largest credit exposure, it is sensible to have clarity on your future employment and income status before finalizing the home loan.

Check your credit score

There are multiple institutions that provide credit scoring for individual customers. These bureaus measure your credit score which is assessed on the basis of your credit card usage, loans, repayments, and previous loan or credit card applications, etc. If your track record of paying credit card dues and loans is not stellar, then its best to clean it up before initiating the loan application process.

Interest rates, fees, and charges

When it comes to taking a home loan, the first thing that will come to your mind is the interest rate. There are two forms of interest rates—fixed and floating. The fixed-rate is one that is not affected by market fluctuations, whereas the floating rate keeps changing accordingly. So, you should keep in mind the various fees and charges that are attached to the loan-taking process.

Loan tenure

The higher the tenure, the higher will be the absolute amount of interest paid. Therefore, it is recommended to keep the loan repayment period as low as possible so that you do not end up paying more than what is required.


Make sure you go through all the documents and pay extra attention to all the terms and conditions of the agreement including those mentioned in small text in the document. Lack of information regarding the home loan application process is one of the major reasons why most people tend to be hesitant to take any loans or end up miscalculating their finances.

Proper research and time are required before applying for a home loan. Make sure to provide accurate information to get the desired results. The Bajaj Finance home loan calculator also functions as a home loan interest calculator. You will then be able to know the interest amount due on your home loan amount. You can check with your home loan eligibility using a home loan eligibility calculator and avail a home loan to finance your property purchase.