Home Loan Eligibility Calculator – Check Housing Loan Eligibility EMI Online

Home Loans Eligibility Calculator

Buying a dream home is a landmark event and one of the vital fiscal decisions of your life. therefore, it is crucial that you leave no gem unturned to make it a hassle-free experience for yourself. While you are taking all the steps to financially prepare for the huge investing by applying for a family loan, it is evenly important that you understand every view of avail of a home lend, which besides includes knowing the eligibility criteria. With the choice to explore a overplus of base lend offers in the market, you now besides have access to the on-line home lend eligibility calculator, a handy creature that helps you assess your home loan eligibility in a few clicks ! once you find out your eligibility, you will know if you are eligible for the loan and get an accurate estimate of the lend amount you can avail of for your house buy. Read below to know how to check the home loanword eligibility criteria before applying for a house lend. Your monthly Salary ( INR )

₹10,000 ₹20 L+ tenure ( Years ) 2 years 35 years pastime Rate ( % P.A ) 6 % 20 % other Monthly EMI ( INR ) ₹ Zero ₹20 L+

Your Home Loan Eligibility

₹ 76,69,592 monthly EMI ₹ 50,000

What is Home Loan Eligibility

Before applying for a home lend, it is crucial to understand the eligibility criteria to avoid loan rejection that can impact your credit score. Home lend eligibility refers to the parameters based on which all banks and non-banking fiscal companies ( NBFCs ) evaluate the creditworthiness and repayment capability of the loanword applicant. therefore, having a clear idea about the criteria and fulfilling the same will make the process faster and effortless for you .

How is Home Loan Eligibility Calculated?

The home lend eligibility criteria may vary depending on the lend institution. A borrower can use the on-line home lend eligibility calculator that will compute the loan total he or she is eligible to get. All that it takes is entering a few details like net income, lend come, etc. Every lender considers certain factors for determining the eligibility of prospective borrowers. Let us discuss some of these factors, as mentioned below :

  • age : Age is the topmost criterion banks or lenders consider when determining home loanword eligibility. Most fiscal institutions limit the home loan tenure to an individual ’ sulfur retirement old age. Thus, older people may find it unmanageable to get a longer-tenure loanword or may not be eligible if they are nearing retirement unless they have proof of regular income informant .
  • credit grade : The credit mark is another significant factor based on which lenders assess the ability of the borrower to repay the lend. The CIBIL mark is a three-digit number that is a drumhead of your credit history. It is advisable to check the minimum CIBIL sexual conquest for a family lend since a poor credit seduce can lead to higher interest rates or lend rejection .
  • income stability : The informant of income and job stability for salaried individuals, for case, are taken into consideration by fiscal institutions when approving lend applications. similarly, freelance individuals can be eligible for a loanword if they prove they have a steady income generator .
  • property Details : The age and localization of the place you have selected are among the crucial factors that lenders consider when approving a home lend. It is the security against which you avail of the loan. furthermore, the loanword application would get rejected if the tenure is longer than the remaining years of the property. hence, banks normally conduct a technical foul and legal probe of the property before sanctioning the loanword .
  • Loan-to-Value ( LTV ) : The loan-to-value proportion or LTV in home lend refers to the proportion of the loan come to the measure value of the property. It is one of the risk assessment tools or methods banks use to minimize the chances of defaults. Simply put, it is the share of the property value that a fiscal institution can lend to a home buyer .
  • Debt-to-Income proportion : Lenders and fiscal institutions consider the debt-to-income ratio, which is a measure of the prospective borrower ’ s refund capability. It is calculated as a share by dividing a person ’ mho net monthly debt payments by the net monthly income .

Take a front at the table below to get an idea of the different factors that determine the eligibility to avail of a home loanword :

Age (In years)

Minimum age: 18, Maximum age: 65 (70 for a self-employed individual)

Credit Score

Above 750

Loan-to-Value (LTV) Ratio

Up to 90%

Employment Status

Salaried or Self-Employed Professional/ Non-professional

Minimum Net Income

Rs 25,000 (monthly salary)

Type of Property

Plot/Land, Under Construction/ Completed Project, Home Construction

Loan Amount

Decided by the lending institution

Residence Type

Permanent Resident/ Non-resident Indians (NRIs)

note : The information given above is indicative. The eligibility standard may differ, depending on the bank or lend initiation .

What are the Documents Required for a Home Loan?

Banks and fiscal institutions typically ask their customers to furnish some important documents to assess their eligibility. There may be some specific requirements depending on the lending institution where you are applying for the loanword, the type of home lend, and diverse early factors. however, here is a list of common documents that a prospective borrower will have to provide :

  • Duly completed home loanword lotion
  • recent passport-size photograph
  • identification proof ( any of the follow )
    • PAN Card
    • Aadhaar Card
    • Voter ID Card
    • Passport
    • Driving License
  • proofread of Residence ( any of the play along )
    • Passport
    • Voter ID Card
    • Aadhaar Card
    • Ration Card
    • Utility Bills
  • proof of age ( any of the play along )
    • Passport
    • PAN Card
    • Birth Certificate
    • Aadhaar Card with DOB
    • Driving License
    • Class 10th (SSC) Marksheet
    • Bank Passbook
  • Income Proofs
    • Salaried individuals should provide Form 16, a certified letter from the employer, recent bank account statements or recent three months’ payslips, or income tax returns of the last 3 years.
    • Self-employed individuals must provide their income tax returns of the last 3 years, recent bank account statements, or Balance Sheet and P&L Account Statement of the company or firm which is duly attested by a CA.
  • Proof of your educational qualifications
  • property Documents, such as sale deed, the allotment letter or stamped agreement of sale, occupancy certificate ( in case of ready-to-move-in homes ), etc .

How Much Home Loan Can I Get on My Salary?

The loan sum you can avail of from any bank or lend initiation will depend on several factors, including your income or in-hand wage after considering the deductions like PF, gratuity, & ESI. normally, banks and lending institutions exclude the checkup allowance and leave travel allowance when calculating the wage. Your final income will determine the EMI you will be able to pay while meeting your monthly expenditures. Most banks/ lenders decide the lend amount up to 60 times one ’ s monthly wage. then, if you earn your monthly wage is Rs 25,000, you can get a lend measure of Rs 15 hundred thousand approximately. For exercise, Rohan earns a monthly wage of Rs 25,000. He can get a loan of up to approx. Rs 15 hundred thousand for a residential place worth Rs 40 hundred thousand. however, another person who earns a monthly wage of Rs 50,000 can get a higher loanword measure of approx. 30 hundred thousand for the lapp place. hera ’ s a table that shows the home loanword measure one is eligible for, depending on the net wage and other factors.

Net Monthly Income (INR)

Eligible Home Loan Amount (approx. value in INR)

25,000

13 lakh

35,000

20 lakh

45,000

26 lakh

55,000

36 lakh

65,000

42 lakh

75,000

49 lakh

Home Loan Eligibility Based on Age

While you know that the utmost age limit for getting a home loan in India is normally up to 65 years for salaried individuals and 70 years for freelance individuals, you must besides thoroughly understand how your senesce can impact your home loan eligibility. many young adults in their 20s and 30s having higher disposable income may find it quite easy to avail of low-cost dwelling loans with longer repayment tenure and higher value. Home loan providers allow a maximum lend tenure of 30 years. however, the same may not be applicable for individuals in the higher old age bracket, say in their 40s, and those nearing their retirement old age. such individuals may be eligible for a lower tenure. Before you apply for a caparison loan, make certain you check the age criterion. Given below is the maximum loanword tenure one is eligible for based on historic period.

Age of the Applicant (in years)

Maximum Loan Tenure for Salaried Individuals

Maximum Loan Tenure for Self-employed Individuals

25

30 years

30 years

30

30 years

30 years

35

30 years

30 years

40

30 years

30 years

45

20 years

20 years

How to Improve Your Home Loan Eligibility?

Growing historic period or lack of a steady income reference are factors that may prevent you from getting the right home lend for your dream home purchase. however, in some cases, it is possible to improve your loanword eligibility. here are five tips that can help you importantly enhance your home loan eligibility :

  • Consider applying with a co-applicant : You can apply for a roast home loanword that increases your chances of avail of a higher lend sum. This way, you can share the fiscal load by adding a syndicate extremity, like parents, spouse, siblings, and children, as a co-applicant. furthermore, both you and the co-applicant become eligible for tax benefits according to the tax laws .
  • Choose a longer loanword tenure : Opting for a longer loan tenure may put a charge on your pocket as you may have to make substantial payments. however, it may lower your EMI. That means, it is more probably that you will ensure timely refund of your loan, thus enhancing your eligibility .
  • Repay existing loans : Since most fiscal institutions assess your family loanword eligibility based on the Debt-to-Income Ratio. Ideally, prepaying all your existing loans before applying for a dwelling loanword is a dependable idea, something that will besides improve your credit seduce and increase your lend eligibility .
  • Maintain a good CIBIL score : A higher recognition score of normally above 800 can greatly help enhance your home loanword eligibility as they imply a high refund capability. therefore, you can keep a regular check on your credit score to avoid defaults and possible loan rejection .
  • Specify extra income sources : Mentioning all your extra income sources is one of the authoritative things you can do to increase your debt to income ratio, thus improving your loan eligibility. For case, if you own another house, you can rent it out and declare the extra income in the loan application .

Home Loan Eligibility for Top Home Loan Providers in India

In the follow table, we mention the home lend eligibility for some of the outstanding home loanword providers in India :

Home Loan Providers

Loan Amount

Minimum Age (in years)

Maximum Age (in years)

Maximum Home Loan Tenure

Loan to Value (LTV)

HDFC Bank

Up to Rs. 10 crore

21

65

30 years

Up to 90% of the property’s market value

ICICI Bank

Based on the applicant’s credit profile

21

65

30 years

Up to 90% of the property’s market value

State Bank of India

Based on the applicant’s credit profile

18

70

30 years

Up to 90% of the property’s market value

Bank of Baroda

Up to Rs. 10 crore

21

65

30 years

Up to 90% of the property’s market value

Kotak Mahindra Bank

Rs. 5 crore

18

65

20 years

Up to 90% of the property’s market value

Union Bank of India

Based on the applicant’s credit profile

18

75

20 years

Up to 90% of the property’s market value

Standard Chartered Bank

Rs. 10 lakh to Rs. 35 crore

18

70

25 years

Up to 80% of the property’s market value

Punjab National Bank

Based on the applicant’s credit profile

18

70

30 years

Up to 85% of the property’s market value

Aditya Birla Housing Finance Ltd.

Based on the applicant’s credit profile

21

70

30 years

Up to 90% of the property’s market value

Axis Bank

Rs. 3 lakh to Rs. 5 crore

21

65

30 years

Up to 90% of the property’s market value

Bajaj Finserv

Up to Rs. 3.5 Cr.

23

70

20 years

Up to 80% of the property’s market value

LIC Housing Finance

Based on the applicant’s credit profile

18

60

30 years

Up to 80% of the property’s market value

Tata Capital Housing Finance

Rs. 3 L to Rs. 5 Cr.

24

65

30 years

Up to 80% of the property’s market value

Indiabulls Housing Finance

Based on the applicant’s credit profile

21

65

30 years

Up to 90% of the property’s market value

Canara Bank

Based on the applicant’s credit profile

18

70

30 years

Up to 90% of the property’s market value

How to Check Home Loan Eligibility Online?

As a dwelling loanword seeker, you have the advantage of knowing the home plate lend eligibility from the quilt of your home. Most banks and fiscal institutions have this digital facility on their web site. here ’ s a immediate guidebook to making the march easy for you : first, enter the basic information like your contact number, city, and date of give birth on the home loanword eligibility calculator page. then, choose the value of different factors, such as :

  • net income
  • loan tenure
  • interest pace
  • other EMIs

Checking the home lend eligibility criteria of different dwelling loanword providers will help you weigh your options and select the right house loan that will give you the convenience of availing the best EMIs options and ensuring timely repayment .

FAQs

How much of a home loan am I eligible for?

Whether you are a salaried employee or a freelance individual, it is important to know the eligibility criteria and the unlike factors that will determine the maximum sum of loan you can get. The banks/lending institutions decide the loan sum based on different factors, including historic period, income and LTV ratio .

How much loan can I get on a 50000 salary?

The home loan eligibility calculator factors in diverse parameters to determine the lend amount. A person aged 25 years with a monthly wage of Rs 50,000 ( with no extra income or fiscal obligations ) can get a lend of approx. Rs 40 hundred thousand, with a loan tenure of 25 years .

How much home loan can I get if my salary is 30000 salary?

A person aged 25 years with a monthly wage of Rs 30,000 ( with no extra income or fiscal obligations ) can get a loan of approx. Rs 22 hundred thousand, with a lend tenure of 25 years .

How much credit score is good for a home loan?

Having a good CIBIL score is necessity so that you face no hassles when obtaining a home loanword. normally, a credit grudge above 750 increases your chances of getting a lend at lower interest rates.

What is the role of a co-applicant in home loan eligibility?

Adding a co-applicant to your family loan application is one of the ways to improve your home plate loan eligibility. If the chief applicant defaults on refund, the co-payment will be legally liable for repaying the loan .

Who is eligible for a joint home loan?

The eligibility to apply for a joint home lend depends on the kinship between the co-applicants. Immediate family members, such as spouse, parents, children, and siblings, are eligible to be co-applicants. Most banks and fiscal institutions prefer that the applicants be co-owners to be eligible for a joint home loanword. disavowal : The information given above is only for flying reference purposes. The figures mentioned in the tables are subject to change at the sole discretion of the finical bank or lend institution .

source : https://www.peterswar.net
Category : Finance

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