New Delhi, June 4 -- A well-planned home loan can turn the dream of homeownership into reality. Still, do keep in mind that it can also become a long-term financial burden if the EMI is not planned properly.

Banks approve home loans based on an individual's credit history, current credit score, repayment potential, recent financial performance (i.e., how sincere an individual is in repaying borrowed debt) and other factors related to an individual's creditworthiness.

What must not be overlooked while availing credit for a new home is that the highest EMI should not necessarily be the highest amount you qualify for, but the total amount you can easily and comfortably manage to repay without jeopardising your overall economic health and l...