Every person wants to own a home. Constructing your own house is indeed a remarkable and memorable event. However, most individuals can’t afford to incur all the elaborate expenditures that the entire building process entails.
People face this difficulty due to high prices of construction materials and labor involved in building a house. This is where a housing loan is needed.
Before you borrow a Home Loan, you need to find out if you are eligible to get one. You can easily do it using a Home Loan eligibility calculator. In this article, we give you an insight into the benefits and scope of a Home Loan calculator.
In the sphere of banking, finance, and the loan market, a Home Loan eligibility calculator is a significant development. By just entering a few details, you can conveniently compute the housing loan amount which you are eligible for.
A Home Loan calculator helps to compute your housing loan eligibility with ease, and it also saves a lot of your time. Using this calculator, you can calculate Home Loan eligibility without any hassles.
Criteria for Housing Loan Eligibility
While using a Home Loan eligibility calculator, it is important to know about certain requirements that need to be met, in order to be eligible to secure a Home Loan. They are:
You should be a citizen of India.
You should be a salaried and working person.
Your age should be between 25 and 58 years.
You need to have a minimum of 3 years of work experience.
These criteria can differ slightly from lender to lender, or company to company. However, most well known Home Loan finance companies require these criteria to be met. The least amount for a Home Loan is usually around Rs. 30 lakhs. The highest amount that you can borrow is around Rs. 10 crores. The value of the pertinent property and the least required salary can also differ from city to city.
Calculate Your Eligibility for a Housing Loan
You need to check out the finance company’s or the bank’s official website, and use the Home Loan eligibility calculator. This housing loan calculator helps you to compute the housing loan amount that you can afford.
The details that are required include your monthly income or salary, your sources/source of income, your address, date of birth, and your liabilities concerning EMI payments. Make use of the EMI eligibility calculator for Home Loan available on the company’s website, to make this process easier.
The Home Loan eligibility calculator displays the highest housing loan amount you can apply for. However, this also depends on your credits. The calculator also allows you to modify the details that you enter, based on your variable financial position, goals, and current circumstances. Thus, it enables you to make a more informed decision as far as housing loans are concerned.
Aspects Taken into Account
The Home Loan eligibility calculator takes multiple aspects into consideration, to accurately access your Home Loan eligibility. Some of the aspects include:
Whether you are a salaried individual or not. It also checks the current EMI payments that you need to pay.
The extent of your eligibility, in case you have a self-employed business.
Elaborate property details: Whether it is an under-construction project, a completed project, only a plot of land, or a plot ready to be built on.
Whether you want to own the property with any co-applicant. You need to put in the co-applicant’s details as well, such as their income, profession, and so on.
You can check out the Home Loan eligibility calculators available on the websites of finance companies & banks. With this eligibility calculator you can easily compute your eligibility in diverse financial circumstances.
These calculators are user friendly and they give accurate results. You can make a better decision by knowing the housing loan amount that you can afford. Compare various Home Loans schemes in India which are available in the market, and choose the best.