New Delhi, May 20 -- For many individuals and families, purchasing a home is one of the biggest financial decisions of their lifetime.

The availability of home loans has significantly improved the ability of people to buy homes, but loan eligibility still depends on several factors, such as age, income, existing liabilities, repayment capacity, and credit profile.

Financial institutions follow strict lending guidelines to ensure borrowers can comfortably repay their loans. Generally, lenders evaluate your monthly income and existing financial obligations before approving a home loan. The combined value of your home loan EMI and other ongoing loan repayments should not exceed a specified percentage of your take-home salary.

One effectiv...