Financial institutions consider many factors while approving a home loan. The two most important are your current financial obligations and repayment capacity, both of which depend on your salary.
Financial institutions will consider your in-hand salary, excluding allowances like medical, travel etc., for Home Loan approval.
Here’s how you can calculate your Home Loan eligibility:
Check the PNB Housing Eligibility Calculator
Enter your Home Loan amount, tenure, rate of interest and other existing EMIs
You will get your monthly EMIs and eligible loan amount.
Apply jointly, as the co-applicant’s salary also gets counted for loan approval.
Try and secure a job in a reputable company.
Do not switch jobs frequently as it reflects your work stability
Pay off your existing loans
Pay utility and credit card bills on time