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Home Loan Eligibility Calculator Overview

What is Home Loan Eligibility Calculator in Delhi? 

Home Loan Eligibility Calculator is one such calculator in which we can know our home loan eligibility in a matter of seconds. You can self-assess your house 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 Mortgage loan and then you only have to click on calculate, the site will show you house loan 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 for Housing finance. The eligibility or eligibility of a instant home loan in Delhi 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 housing finance eligibility, you get to know whether you will be able to get the home 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

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Home Loan Eligibility Calculator Comparison Chart

LenderInterest RateProcessing FeeEMI / LakhLoan Tenure
8.25 %Upto 0.50 (Max Rs 15000)Rs 76230 Years Max
8.45 %Min Rs 3000Rs 74130 Years Max
8.45 %Up to 1% (Min Rs 5000 Max Rs 10000)Rs 72730 Years Max
8.55 %Up to .25 % (Min Rs 3540 Max Rs 1,25,000)Rs 77630 Years Max
8.60 %Min Rs 10000Rs 85220 Years Max
8.60 %Min Rs 10030Rs 76530 Years Max
8.65 %Upto 0.70 (Min Rs 5000 Max 25000)Rs 75530 Years Max
8.65 %upto 0.25Rs 75530 Years Max
8.65 %Up to .50 % (Min Rs 5000 Max Rs 25000)Rs 86220 Years Max
8.65 %Upto 0.35 (Min Rs 2500 Max 15000)Rs 76930 Years Max
8.75 %NILRs 76130 Years Max
8.75 %Up to .05 % (Min Rs 5000 Max Rs 25000)Rs 86220 Years Max
8.75 %Min Rs 10000Rs 74130 Years Max
8.75 %Min Rs 10000Rs 76230 Years Max
8.75 %Min Rs 2500Rs 76930 Years Max
8.75 %Upto 0.50 (Min Rs 5000 Max 40000)Rs75530 Years Max
8.95 %Up to 1% (Min Rs 5000 Max Rs 50000)Rs 77630 Years Max
9.00 %Min Rs 5000Rs 80925 Years Max
9.10 %Upto 0.50 (Min Rs 50000)Rs 79430 Years Max
9.30 %Upto 1.50 (Max Rs 10000)Rs 80130 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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News Update on Home Loan Eligibility Calculator

Home Loan Top Up: Eligibility, key benefits, interest rate – All you need to know

Admin 2022-08-30 12:19:20

A disciplined borrower can use multiple financial products available in the market to make their financial journey smoother. A top-up home loan is one of the easiest ways to borrow money without too much documentation and verification. It also offers more flexibility and better features than other borrowing instruments. One of the main eligibility requirements for a top-up home loan is that you need to be an existing home loan borrower.

A top-up home loan has many benefits. Let’s check out how a top-up home loan works and its key benefits.

Is investment in luxury real estate worth the cost?

Admin 2022-11-15 12:43:04

Luxury has become the most sought after need of every buyer today. Whether it is in the form of residence, services, facilities or any other segment. Owning luxury is a state of comfort and pleasure and a matter of prestige in our society. Real estate by far is the most preferred possession when it comes to status definition; and if it is luxury real estate, the living experience enhances while also adding to the buyer’s value. India has witnessed a massive response in the sale of real estate projects over the past few years, indicating buyers’ incline towards facilities and amenities that come along with the investment in such properties.

Senior Citizen Fixed Deposit Interest Rate is Rising: Check Latest Bank FD Rate Hike Details

Admin 2022-11-26 10:54:29

Latest Bank Fixed Deposit Interest rate for Senior Citizens: Banks have been raising Fixed Deposit rates for senior citizens and other depositors in the last few months. This week, DBS Bank and Union Bank of India raised FD rates.

The Union Bank of India has increased FD rates with effect from November 25. The public sector bank is now offering up to 7.3% interest to regular depositors for FDs of 800 days and 3 years respectively. Senior Citizens can get 7.8% interest for these tenors as the bank provides 0.5% extra interest to them.

 

DBS Bank has raised the FD rate for senior citizens on deposits of 600 days by 0.75%. DBS bank is now offering 7.75% interest to senior citizens on deposits of 600 days. On FDs of 3 to 4 years, 4 to 5 years and 5 years & above, the DBS bank is offering 7% interest to senior citizens. These rates on DBS bank FDs are effective from November 18, 2022.

How can young investors make money from real estate?

Admin 2022-11-26 10:55:59

Investing in real estate at a very young age is a smart way to build wealth, but the entry barriers are often prohibitively high for anyone in their early to mid-20s. For young people, investing in real estate can seem intimidating, if not impossible. Many younger people mistakenly believe that a successful real estate investor must be “old,” especially as the housing market continues to discourage them. As a result, they decide to postpone their interest in real estate investing until later in life. Time, on the other hand, is the most powerful and wealthy asset that young people have, and with the appropriate investment strategy, you can start to make returns.

Traditional property ownership or making an investment without owning any property both are options for real estate investing. Here are the best ways for young people to get started in the real estate investment market and build long-term wealth.

RBI hikes repo rate again – What should home loan borrowers do now?

Admin 2023-02-10 14:09:53

Global economic volatility and uncertainty as well as surging inflation have prompted the RBI to make another policy rate hike by 25 bps, taking the repo rate to 6.5%. When the repo rate is increased by the central bank, the cost of borrowing for banks also goes up. As a result, they may pass on the higher cost to their customers in the form of higher interest rates on home loans and other types of loans.

This means that home loan borrowers may have to pay a higher rate of interest on their loans, which can increase their monthly repayments. The higher repayments can put a strain on their finances, particularly if they have limited income or multiple loans.

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