Home Loan Eligibility Calculator – EMI Monthly, According to Interest Rate

Home Loan Eligibility Calculator

There is hardly anyone who doesn’t dream to have their own house. And in fact having an own house is one of the most basic need of every individual. So, if you want to purchase your home with the help of home loan from any of reputed banks such as SBI, ICICI, axis, DHFL or other, then you must be aware about Home Loan Eligibility Calculator.

You can pay by fixing your EMI monthly according to the interest rate. There are various things that need to be considered while taking home loan such as age, income, credit report, regulatory guidelines and many others.

While making a decision to buy home, lots of improved strategies and techniques are being implemented by every buyer in the planning process. Well, knowing about the eligibility required for housing loan is the most important factor. Each bank has it won eligibility calculator conditions and interest rates it offers.

Therefore, you need to consider the below provided list of some top banks that offers home loan. In this regard CIBIL also plays an important role in providing the loan. A person having good CIBIL scores will be provided very fast and easy loan as compared to one having low CIBIL scores.

Home Loan Eligibility Calculator

You can calculate your home loan eligibility with this simple home loan eligibility calculator. Home Loan Eligibility Calculator can help you to calculate the amount of housing loan that you are eligible for, based on the home loan tenure and home loan interest.

ICICI Bank Check Here
Axis Bank Check Here
DHFL Check Here
Bajaj Finserv Check Here
Indiabulls Check Here
PNB Housing Finance Ltd Check Here
Yes Bank Check Here
Kotak Mahindra Bank Check Here
IDFC Bank Check Here

 

Home Loan Eligibility Calculator assists you to calculate the amount that you can borrow. These calculators are working as general self-help Planning Tools. Individuals can’t get the accurate or applicable guaranty as various factors including the assumptions are used for calculation.

 

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Home Loan Eligibility Requirements

Individuals who are applying for home loan they must know that their eligibility is primarily dependant on their income and repayment capacity. Your age, financial position, credit history, Good CIBIL Score, other financial liabilities etc. affect your eligibility. Listed below factors can help you to determine your home loan eligibility and you can enhance your eligibility for a home loan also with its help, so have a look please!!

  • Adding an earning family member as co-applicant.
  • Availing a structured repayment plan.
  • Ensuring a steady income flow, regular savings and investments.
  • Furnishing details of your regular additional income sources.
  • Keeping a record of your variable salary components.
  • Taking actions to rectify errors (if any) in your credit score.
  • Repaying ongoing loans and short terms debts

Types Of Home Loans

  • Home Purchase Loans
  • Land Purchase Loans
  • Home Construction Loan
  • Home Improvement Loans
  • Home expansion loans

Factors Affecting Home Loan Eligibility

Home loan eligibility is judged on the basis of apparent ability to pay back the loan. Efficiently, your home loan eligibility is determined by the lender on the basis of some Factors which are well presented below!!

  • Age:

Your age determines the tenure of the loan and which in turn will determine your EMI. EMI is based on tenure and the longer the tenure, the lower will be the EMI and vice-versa for a given loan amount and interest rate.

  • The Nature and Size of Your Income:

Your monthly income determines how much of an EMI commitment you are capable of taking on. Your income would determine how much of a surplus you make to repay your loan via EMI after your other financial commitments are met.

  • Prior Loan Commitments:

Prior loan commitments also affect on your eligibility as the same as deducted as regular monthly outpouring from your existing income, post which a portion of EMI set for home loan reimbursement is calculated.

  • Credit Report:

Lenders judge your repayment eligibility and health score on the basis of CIBIL Report that becomes an important criterion for approval or rejection of your loan.

  • Regulatory Guidelines:

NHB too has laid down restrictions on the maximum loan amount as a percentage of the home cost. This limit varies slightly on the basis of the property cost, with lower cost homes being eligible for a higher limit and vice-versa.

 

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Home Loan Eligibility Details

To make your dream come true of buying you own house, the government is taking also great initiative by offering various tax benefits and subsidized housingbenefits through schemes such as PMAY. Now it’s no more difficult task to buy your dream house.

The banks make sure that appropriate funds are being offered to individuals so that they can easily repay the loan EMI with interest. Home loan applicants need to be aware about their credit history so that they can easily avail home loans with less formalities and documentations.

We hope that you will surely like the details given about Home Loan Eligibility Calculator. Share your comments and reviews to us at customer-carenumber.com in below given section

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