Home Loan Eligibility Calculator

Almost every bank and NBFC (Non-Banking Financial Company) provides access to the Home Loan Eligibility Calculator. Banks has different eligibility criteria but generally Housing Loan Eligibility Criteria includes that your net monthly income should be more than Rs. 25,000. You will be eligible for home loan only if Your fixed obligations (rent, other loans EMI) do not exceed 50% of your income. Also your age should be 18 years to 70 years.

Home Loan Eligibility Calculator is used to determine the home loan amount that can be availed in getting your dream home. At Paisabazaar, you can check your home loan eligibility and also further check and compare home loan deals from several banks at no cost with accurate results.

With home loan eligibility calculator, you can know the approximate amount of home loan you are eligible for. This is calculated on the basis of your monthly income, existing EMI (Equated Monthly Instalments), rate of interest and loan tenure. You can check the housing loan calculator at paisabazaar.com and know the amount you can get from the lending institution or the bank.

• Qualifying Minimum Age to Apply
• Net Take Home Salary
• Regular Source of Income
• CIBIL Score of 750 or above
• Residence Status or Tenure
• Property Type and Purpose
• Valid Range of Loan-To-Value (60%-90%)
• Remaining years of service
• Tenure of home loan
• EMI – if you are paying EMIs for other loans taken previously then this will also affect you home loan eligibility.

One can increase his/her eligible amount for home loan by adding co-applicant or by taking joint home loan. Your home loan eligibility will vary bank to bank depending upon the rate of interest and other features of the lender.

• Time Saving
• Instant Results
• Helps in planning finances
• Provides option of checking multiple schedules
• Correct and Precise outcome

• Boost your home loan eligibility by applying with a co-applicant: Adding an earning spouse or your parents as a co-applicant. Taking a joint loan with the co-applicant increases your income and eligibility to borrow more money. Your dream home is now within your reach with Paisabazaar Home Loan service. We offer higher loan amount on your income. Your home loan eligibility can further enhance by including income of the co-applicant(s) of your Home Loan. Use Home Loan Eligibility Calculator to calculate the amount that you can borrow.
• Try to payoff your existing debts: Multiple Loans or EMIs will affect home loan amount eligibility. You should prepay some of your existing debts in order to improve your eligibility.
• Long loan tenure:  Long tenure will enhance your eligibility as the EMIs go down. However, you have to pay more interest. In contrast, if you take loan for short tenure, you might be eligible for a lower loan amount.

Factors which can Enhance Home Loan Eligibility

Along with the taking home loan with co-applicant below factors can help the borrower to enhance his/her housing loan eligibility:

• Stable Financial Past
• Consistent Re-payment History
• Clearing of all Loans and Credit Card dues
• Regular Rental Income
• Working Spouse or Salaried Co-applicant
• Low Credit Utilisation Ratio
• CIBIL score above 750
• Lesser Dependents
• Higher Loan-To-Value percentage of property

SBI Home Loan Eligibility

HDFC Home Loan Eligibility

ICICI Home Loan Eligibility

Axis Bank Home Loan Eligibility

LIC Housing Finance Home Loan Eligibility

• The loan must terminate before or at 65 years of age or at the age of retirement, whichever is earlier.
• Applicant must be salaried or self-employed with a regular source of income in order to repay the loan EMI.
• Minimum age of co-applicant should be 18 years.

• Applicant’s Age: Most important factor to decide the eligibility is the applicant’s age when he applied for the loan. Minimum age for salaried employee for home loan is 21 years while the maximum is upto 60 years. However, for a self-employed professional the minimum age is 24 years and maximum is 65 years.
• Employment Stability: Salaried individuals should have at least two years experience in current company in order to eligible for loan. In case of self-employed people the minimum work experience in the same business should be five years.
• Financial Condition: Financial condition is also a prominent factor while judging the eligibility for the home loan. Both, Present and Past financial condition affects the home loan interest rate, tenure and loan amount.
• Credit Score / CIBIL Score: Almost every loan applicant hold a credit score. Credit score is depend on the credit history of applicant. As per CIBIL and several banks and NBFCs, credit score above 750 and close to 900 is considered good. Good credit score helps you in getting loan without hassle. Whereas, a credit score below 750 make you compromise either on interest rate, EMI, loan or amount and tenure.
• Employer’s Influence: Working with an employer with high reputation and decent turnover is beneficial in getting home loan. You can also get home loan at lesser interest rate with flexibility and quick approval.