How to compare banks and check eligibility for home loans?
Big financing companies like ICICI, HDFC and Citigroup are providing trouble-free home loans in Asian and Middle East Countries and there are thousand more companies waiting to provide you with your housing loan needs. With so many home loan comparison sites coming up in Indian market, finding an online home loan isn't that big issue nowadays.
One may say that the eligibility criterion is hardly ever represented in an understandable form.
All Home finance companies refer to their own EMI table when calculating the EMI payments. This table lists the monthly EMIs per lakh for different terms and rate of interests. Therefore, the EMI per lakh and the person's earnings obtainable to make those payments are the two leading factors in deciding about the home loan eligibility for the individual.
The things are of course not as easy as it seems to as not all the home finance companies use the same method of determining the home loan eligibility. However, the basic nature of calculations remains common.
For instance, some companies give importance to an individual's gross salary to assess the "income available for EMI payments". The calculations will also be different in case of self-employed individuals.
Whether you are a non-resident Indian or Resident of India, and you are thinking of buying a new house, looking to move to a new house, investing in property or are looking forward to refinance online, just search on google or yahoo for the keywords "compare home loans" and you can see a lot of sites providing this information. You can opt for the lowest home loan interest rate and apply online for finest home loan in India.
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