Before taking a home loan, you need to determine your eligibility for it. You can do this easily by using a Home Loan eligibility calculator. This article gives you an insight into the scope and benefits of a Home Loan calculator, and why should use one.
A Home Loan eligibility calculator does a very important thing of telling you whether you’re eligible for a Home Loan and the amount you can apply for. By feeding certain details into it, you can calculate the amount of Home Loan that you are eligible for. This ensures maximum ease and convenience in calculating Housing Loan eligibility and saves a lot of time. If you use this calculator, you can calculate Housing Loan eligibility without doing any elaborate research on the defining factors that are involved.
Home Loan Eligibility Factors
Before using the eligibility calculator, you need to be fully aware of the eligibility criteria that are mandatory for securing a housing loan. The criteria are:
- You must be a citizen of India
- You must be in the age bracket of 25 and 58 years
- You must be a working and salaried individual
- You must have at least 3 years of work experience
These criteria may vary slightly from one lender to the other. The minimum amount of a Housing Loan is typically around Rs. 30 lakhs. The maximum amount is approximately Rs. 10 crores usually. The value of the property pertinent to the loan and the minimum required salary may also vary from one city to another.
Calculate Your Eligibility for a Home Loan
Check out the bank’s or NBFC’s official website in order to avail the Home Loan eligibility calculator. This calculator enables you to calculate the amount of Housing Loan that you can afford by taking in consideration certain details. The calculator will ask you to enter certain basic details like your sources of income and monthly salary, your address, the tenor that you desire, your date of birth, and your obligations pertaining to EMI payments. You can also make use of the EMI eligibility calculator for Home Loan to make the process simpler.
The eligibility calculator will display to you the maximum loan amount that you can avail of Home Loan, which also depends on your creditworthiness. You also have the flexibility to change the details you enter into the calculator, based on your changing circumstances, goals and financial position. In this way, you can arrive at an informed decision pertaining to your Home Loan eligibility.
Factors Taken into Account
The Home Loan eligibility calculator takes several factors into account to assess your eligibility, such as:
- Whether you are salaried, and the EMIs that you will be required to pay accordingly.
- Your eligibility for a Housing Loan if you run a self-employed business.
- Elaborate details about the property, such as, whether it is a completed project, an under-construction project, just a land or a plot, or a land ready to be constructed on.
- Whether you wish to own the subject property or with a co-applicant. If you choose the latter, you need to put in the details of the co-applicant, such as profession, income, and all other relevant details.
P.S. It is easier to get a joint Home Loan approved.
Check out Home Loan eligibility calculators available online and find out the loan amount you’re eligible for. Take maximum advantage of these modern applications, in order to easily calculate your eligibility in various financial circumstances. These calculators are known to be user-friendly and for their accurate results. Then, make a comparison between different Home Loans available in the finance market today, keeping in mind the results provided by the Home Loan eligibility calculator.