Most lenders cap total loan eligibility using a Fixed Obligation to Income Ratio, generally keeping all EMIs — existing and proposed — under forty to fifty percent of net monthly income.
A credit score above 750 typically unlocks the best available interest rate slab, while anything below 650 can mean a materially higher rate or an outright decline.
Self-employed applicants are usually assessed on a two-to-three year average of declared income rather than the latest year alone, so keep tax filings consistent in the run-up to applying.
Getting an in-principle sanction before you start shortlisting projects tells you your real budget ceiling and strengthens your negotiating position with the builder.
