Check Your Home Loan Eligibility with a Home Loan Eligibility Calculator

If you are planning to avail of a home loan, rest assured that the first thing your lender would want to know is if you are eligible for the same. A lender considers several factors, such as your age, monthly income, credit score, obligations, etc., to determine your home loan eligibility. Find out your eligibility with the help of a home loan eligibility calculator before applying for a substantial amount. 

Home Loan Eligibility

To get your hands on the best home loan deals from the lender, you will need to fulfill the criteria listed below:

Home Loan Eligibility Criteria
Age	23 – 62 years
Desired CIBIL Score	725
Minimum Work Experience	3 years
Minimum Monthly Salary	INR 25,000/-
Nationality	Indian

*Illustration – Based on the above criteria, an individual in his 30s and with a monthly income of INR 30,000 can avail a home loan up to INR 20 lakhs for a tenor of 30 years at 6.9% home loan interest rates provided there are no existing debt or financial obligations. 

Home Loan Eligibility Calculator 

A home loan eligibility calculator is one of the smartest ways to determine one’s eligibility instantly. The online tool allows you to find out the estimated amount you are worthy of receiving as a loan considering all of the factors mentioned in the table above. All you have to do is enter your home loan interest rate and desired repayment tenor and monthly income, and the calculator will take care of the rest. 

The biggest advantage of using a home loan eligibility calculator is that it comes free of cost. Moreover, you can enter the details to check the estimated sum as many times as you want till you get a loan amount to meet all your requirements. 

How to use a Home Loan Eligibility Calculator?

Using a calculator to get an estimate of your home loan amount is quite simple. The process involves the following steps:

Step 1: Visit your chosen lender’s portal.

Step 2: Access the ‘Home Loan Eligibility Calculator’. 

Step 3: Provide details, such as DOB and the name of the city you are residing in.

Step 4: Enter a value for these parameters in the respective fields:

• Your monthly salary

• Desired loan term

• Home loan interest rate being offered to you

• EMIs of any other existing loans 

Step 5: Hit the ‘Submit’ button to check the amount you are eligible for

If you are not satisfied with the loan amount, feel free to re-enter the values until you find the best deal. 

Tips to Improve Home Loan Eligibility 

Here are a few hacks to enhance your home loan eligibility and avoid the chances of rejection from a lender.

Add a Co-applicant

Adding an earning member of the family as a co-applicant reduces the credit risk for lenders since both are equally responsible for the loan repayment. 

Opt for a Longer Tenor

A longer tenor helps bring down the EMI, which means you are more likely to pay your dues on time. 

Clear Existing Loans/Debt

Pay off any outstanding loan or debt you may have before applying for a house loan

Enhance Your CIBIL Score

Make timely payments of credit card dues, bills and EMIs to boost your credit score. 

Declare Additional Income Sources

Furnish details of your additional sources of income, if any, to improve home loan eligibility.

There are many lenders offering home loans but make sure you choose one that gives you the best interest rate and EMI option. Make use of an online calculator to check your eligibility and avail of the best home loan deal for you.