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Housing Loan Eligibility Calculator and its Benefit

· homeloan eligibility

Getting a home loan is one stop solution to achieve your dream home. But in order to avail home loan, one should be eligible for it. So, how would you identify whether you are eligible for a home loan or not?

A housing Loan eligibility calculator is software that is designed to calculate your eligibility for a loan. Every major financial institution offers this service free of cost.

This tool requires you to fill some personal but basic details like the city of residence, date of birth, your monthly income or annual income, current EMIs or other obligations and tenor for repayment of your home loan. After entering these details click on ‘check your eligibility' or ‘submit' icon or button. The tool calculates and displays the exact amount that you can loan at present.

In order to be eligible for a home loan, an individual should be the citizen of India falling between the age of 23-58 years. The individual can borrow up to Rs. 3.5 crore but only if he/she is working and has professional experience of at least 3 years or more.

The benefit of the housing loan eligibility calculator is that it gives you the exact amount without leaving any doubt in your mind. You can simply go ahead and apply for that particular amount and make your down payment.

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