Home Loan Eligibility Calculator

Last modified:2019-12-13

Home loan eligibility calculator is made available online by number of banks and financing institutions. Home loan eligibility calculator helps your know your amount of loan you are eligible for. Home loan eligibility calculator helps you check the eligibility in few simple steps. Get more information on Home loan eligibility calculator in the article

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Overview on Home Loan Eligibility Calculator

There are number of banks and non banking financial companies who provide home loans for different housing needs. The loan amount provided depends on various factors of the applicant like the income, repayment capacity, etc. An applicant can know his/her home loan eligibility and the credit worth beforehand and can compare the best home loan provided by the bank. A number of online sites and also each bank has its own home loan eligibility calculator for the applicants to know their credit worth.

What are the Information Needed to Calculate Home Loan Eligibility?

To calculate your home loan eligibility, the eligibility calculator will need a number of input data from the applicant. This home loan eligibility calculators gives a idea of your eligibility of your loan amount which is to be sanctioned. The information required are listed below:
  • Your Age/Date of Birth
  • Loan Tenure
  • Net Adjusted Monthly Income
  • Other Income
  • Other EMIs
  • Rate of Interest
  • Loan Amount that is expected
  • Interest rate

What is Home Loan Eligibility Calculator?

Home loan eligibility calculator is provided Online in number of Online sites and also in the bank’s site for the applicants. With Online calculator the applicants can check their eligibility in just few steps from anywhere. Home Loan Eligibility calculator helps you to understand your home loan eligibility depending on your income and repayment capacity. There are several other factors that determine your home loan eligibility like your age, financial position, credit history, credit score, other financial liabilities etc.

Who are Eligible to Avail a Home Loan?

There are number of banks who come forward with good offers and provide home loans. But, they set certain eligibility on which they approve the home loan applied. Eligibility to avail Home Loan is determined by the bank and differs for each bank. Here are some eligibility criteria that are most common in most of the banks. The eligibility is based on
  • Age of the Applicant
  • Income of the Applicant and Co-applicant
  • Family Details
  • Employment/Business
  • Qualification
  • Professional Experience
  • Past Loan Record
  • Details of Assets
  • Investments
The bank checks the above given criteria before approving home loan and only eligible candidates are sanctioned with loan. Apart from all these bank checks the CIBIL Score of an individual.

SBI Home Loan Eligibility Calculator

SBI Home Loans is the largest Mortgage Lender in India, which has helped over 30 lakh families to achieve the dream of owning a home. Being the largest home loan provider it has given different options to check your eligibility and also other loan process which are listed below
  • Home Loan EMI Calculator
  • Home Loan Takeover Calculator
  • Maxgain Home Loan Calculator
  • Flexipay Home Loan Calculator
  • Privilege/Shaurya Home Loan Calculator
Check the link to calculate the SBI Home Loan Eligibility.

 HDFC Home Loan Eligibility Calculator 

HDFC is one of the top private bank home loan provider and your eligibility is primarily dependant on income and repayment capacity. The calculator provided for various home loan purpose are
  • EMI Calculator
  • Length Conversion Calculator
  • Affordability Calculator
Check the link for HDFC Home Loan Eligibility Calculator.

What are the Ways to Improve your Eligibility of Getting Home Loan?

There are  number of ways you can improve your home loan eligibility. When your CIBIL score is high and you have a good credit worthiness, your home loan application will be easily sanctioned. The factors that improve your eligibility are listed below.
  • 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.

CIBIL Score for Availing Home Loan

The first major criteria a bank looks up on before processing your loan application is your CIBIL Score. The CIBIL Score is issued by  Credit Information Bureau of India Limited (CIBIL). CIBIL score is the numerical representation of your credit worthiness. It ranges between 300 and 900 with 300 being the lowest range and chances of loan approval is minimal with this score. A CIBIL score of 750 and above puts you in good credit worthiness zone and loans applied for are easily approved by bank.

Home Loan EMI Calculator

Many types of personal loans are provided by the financial institutions. Among which the procuring of the home loan is very high because of the rise in population and owning a house has become a necessity nowadays, for security as well as investment. Since the investment is high for construction or renovation of a house, it is necessary to get the support from the financial institutions which give a rise to the home loans. Because of the competition, many banks provide home loans with the EMI feature for feasibility of the person availing the loan. In order to calculate the home loan EMI, the Home Loan EMI Calculator helps the people to a greater extent.

How to use Home Loan EMI Calculator?

There are many home loan EMI Calculators available on the internet. Many banks have set up the home loan calculators on their respective websites. One can search the emi calculators in the google website. Follow the given steps to know the estimate of the monthly emi payment.
  • Visit google website and search for the home loan EMI calculator.
  • Choose any of the websites for calculation.
  • In the spaces provided for loan amount, rate of interest, number of monthly installments, enter their values respectively.
  • Click “Calculate” to know the EMI.

Home Loan Interest Rate

Every loan a person avails at the bank interest rates are one thing no one can avoid. The best thing to do is to choose the loan offered with lowest and reasonable interest rates. Home Loan Interest Rates range from 8.30% to 10.50% being the highest. But choosing the lowest doesn’t mean the right interest rate, there are other factors like processing fee, etc to check before going on with the process. More details on Interest Rates at Home Loan Interest Rates.

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