Are you planning to take a home using a Home Loan? If yes, the first thing you must find out is whether you are eligible for the loan or not. You can determine your eligibility for the loan by comparing your details i.e you age, financial status with the eligibility criteria of the scheme you are opting for. Once you are done with that, you must know how much you are eligible to borrow from a housing loan. You can do so by using the Home Loan eligibility calculator that is available online. Using the tool you can find out exactly how much money you’re eligible to borrow, and the EMI’s you’ll have to pay against the debt. The eligibility calculator will not only help you effectively plan your Home Loan, will also save your precious time.
If you are planning to use the online eligibility calculator, here’s how it works.
Step 1 – Select your location. Your location plays an important role in determining your Home Loan eligibility. The minimum income criteria vary as per the applicant’s location, and it is different in each city/state. For example, if you are living in Delhi, the minimum income requirement will be different from a Home Loan applicant applying for the same in a different location other than Delhi.
Step 2 – Select your birth date. Your D.O.B is used to determine your age which is used to assume the financial liabilities you might have. For instance, if you are in your early twenties, you ought to have a lower obligation in comparison to a person in his/her thirties. This is also used to check if you are in the right age (Home Loan are available only for people between 18-70 years of age) to apply for Home Loan.
Step 3 – Enter your exact or net monthly salary and other income that you are eligible for. The same would be used to determine your repayment capability.
Step 4 – Enter the tenor that you will need to repay the Home Loan. This will help in calculating the EMI for your Home Loan.
Step 5 – The last step, enter your existing EMIs/obligations. The same will help the Home Loan eligibility calculator in determining your debt-burden ratio i.e how much can you afford to repay as EMI every month.
Watch this video to know more how home loan eligibility calculator work:
Once you’ve completed the above-mentioned steps, click on ‘Check Your Eligibility’ to quickly know your exact Home Loan amount that you will be able to apply for.