Home Loan Eligibility Calculator

What is Home Loan Eligibility Calculator? 

Loan Eligibility Calculator is one such calculator in which we can know our loan eligibility in a matter of seconds. You can self-assess your loan eligibility through the criteria on other given site by online method, and check whether your age, work experience and monthly remuneration falls within the specified limit. In this calculator you have to feed some of your information about loan and then you only have to click on calculate, the site will show you eligible amount & monthly EMIs.

Home loan eligibility mainly depends on the income and repayment capacity of the individual.

Every bank and financial institution runs on its own terms and conditions. The eligibility or eligibility of a home loan for any individual depends on whether you are able to fulfill the terms and conditions laid down by the lending institution or not. By knowing your home loan eligibility, you get to know whether you will be able to get the loan amount as per the terms and conditions prescribed by the lending institution.

Factors that Affect Home Loan Eligibility

Here are some of the factors that the home loan lender understands while calculating the home loan amount as per your loan eligibility.

 

  • Banks or NBFCs ensure that your Monthly Installments (EMIs) fixed as per your eligibility, it should be limited to 50% of your monthly income. So that you will not get trouble while managing your loan EMIs with your monthly expenses.
     
  • If you have already taken a loan and still pay its EMI, then keeping this loan in mind the monthly EMI of your new loan will be decided. The ongoing EMI of any other loan can reduce your loan ability and eligibility.
     
  • If you want to take property based value, then keep in mind that most of the banks and NBFC institutions distribute only up to 80% of the value of the property.

 

What are the main factors affect loan eligibility?

   
Age The first and foremost factor that a lender/financier considers when you applies for a loan is your age. Generally, financial institutions try to limit the loan tenure to the retirement age of the primary applicant. This means that young professionals (early 20s and 30s) can avail loans with tenures of up to 25 years without any hassle. But it can be a bit tough for older applicants especially for applicants over 40 to be eligible for the extended tenure
 Income  Any category the applicant belongs to, they must have a stable and regular source of income. Let us categorize it into salaried, professional and self-employed. Basically, if the borrower is a good money earner then there is less risk in borrowing money from any bank
 Salaried

The people who work in the firm whether they are private registered or government, then these rules also applies on them:-

  1. Should have experience of last 1 year or more in the current organization.
  2. Documents like pay slip, bank statement and Form 16 may be asked by lender.
  3. Must be a co-applicant or guarantor too
Independent professionals

This category includes doctors, dentists, architects, engineers, management consultants, chartered accountants comes under independent workers/professionals. These people are required to submit bank statements and ITR papers to take the loan

Self employed

If you have your own company or your own business, or you have any other source of income like rented property or share holder then you come under this category. If you have solid proof of your income like bank statement or tax related documents then you can easily apply for loan

Cibil score

Your CIBIL score plays a major role in getting your loan document approved. The Bank checks your past credit payments from Credit Information Bureau India Limited. This company keeps all of your past credit records, and your relationship with lenders. If your old record is not correct then it can greatly reduce your eligibility

Loan tenure

If you choose a longer tenure for your loan, your eligibility will improve and it can extend even further. Your EMI will also be low and manageable. But the downside is that you'll end up your loan paying more interest

Outstanding loans

If you have taken a loan in the past, then always pay it on time and try to repay your loan as soon as possible. Apply for another loan only after you have settled your previous loan. If your old loan goes unsettled, it can take a toll on your eligibility, and your loan approval may get rejected

 

How to Improve Eligible Home Loan Amount?

Here we are going to tell you some innovative ways, with the help of them you can improve your eligible home loan amount.

 

While applying for home loan, you can make your own spouse or any family member as your co-applicant and can take joint home loan together. In this response the income of your spouse or your co-applicant will be considered and it increases your loan eligibility and amount.

 

You can choose a longer tenure of your home loan to increase the eligibility of your loan amount. This will also reduce your monthly installments and make it easier to repay the loan.

 

As we have already told you that you can add your life partner or your parents or any member of the household as a co-applicant for your loan. Provided their income should be fixed and their CIBIL score should also be good

EMI Calculator & Schedule

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Loan EMI

24,959

Total Interest Payable

34,90,279

Total Payment
(Principal + Interest)

59,90,279

Loan Eligibility Calculator
%
Comparison Chart
LenderInterest RateProcessing FeeEMI / LakhLoan Tenure
7.05 %Upto 0.53 (Min Rs 8900 Max 13350)Rs 66930 Years Max
7.49 %Upto 1.00 (Min Rs 5000 Max Rs 10000)Rs 80520 Years Max
7.50 %Min Rs 10000Rs 69930 Years Max
7.70 %upto 0.30Rs 81820 Years Max
7.75 %Upto 0.15 (Min Rs 10000)Rs 71630 Years Max
7.75 %Upto 0.35 (Min Rs 2500 Max 15000)Rs 71630 Years Max
7.80 %upto 0.25Rs 72030 Years Max
7.90 %Upto 0.23 (Min Rs 20381)Rs 83020 Years Max
7.95 %Min Rs 10030Rs 73030 Years Max
7.99 %Min Rs 10000Rs 83620 Years Max
8.00 %Min Rs 2500Rs 73430 Years Max
8.05 %NILRs 73730 Years Max
8.05 %Min Rs 5000Rs 77525 Years Max
8.10 %Min Rs 3000Rs 74130 Years Max
8.10 %Min Rs 3000Rs 74130 Years Max
8.10 %Min Rs 10000Rs 74130 Years Max
8.40 %Min Rs 10000Rs 76230 Years Max
8.40 %Upto 0.50 (Max Rs 15000)Rs 76230 Years Max
8.85 %Upto 0.50 (Min Rs 50000)Rs 79430 Years Max
8.95 %Upto 1.50 (Max Rs 10000)Rs 83625 Years Max

Related Frequently Asked Questions

You are eligible for a home loan up to 60 times your net salary or monthly income. For example, if your net salary is Rs. 55,000, you will be eligible for a loan of around Rs 33 lakhs.

There are several simple ways that any potential individual can improve their home loan eligibility. eg: like:-

. The borrower can add a co- applicant from his family.

. Take advantage of a relatively structured repayment plan.

. Provide details for your another source of income.

. A good credit score has always been considered paramount if you want to improve your eligibility then do not keep any of your past dues and pay them all on time.

The cost meaning is the processing fee on your loan. These are one-time payments and are a part of the loan application process. The home loan processing fee is not fixed. These variations depends on many cases, such as loan type amount and credit score, and the previous loan repayment  behavior of the borrower.

- Age category

- CIBIL Score

- Business

- Minimum earning

- LTV and property value

Procedure to change the tenure of home loan. Any time period during the loan can be voluntarily changed. You can visit the branch of the lender and make a request for the same. The concerned authority will check your loan details and latest income statements before allowing you to change the tenure.

Some lenders may increase closing costs by any amount, some lenders may increase it by as much as 10 percent, and some lenders may not increase it at all.

There is no limit on the amount of down payment that the higher the down payment you can make, the lower will be your loan liability and the lower will be your EMI

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