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A home loan eligibility calculator lets you calculate the amount of home loan you are eligible to borrow by taking various factors into consideration.
Worried about whether you qualify to avail a home loan? Tata Capital’s home loan eligibility calculator is designed to make the process of determining home loan eligibility an effortless one for you.
To calculate your Home Loan eligibility, you simply need to enter the following information –
Net Monthly Income
Net Monthly Income is your take-home pay after the employer has deducted taxes and other deductions. For self-employed individuals, the amount that remains after taxes have been deducted from their Gross Income will be their Net Income.
Fixed monthly obligations are those payments that you need to make on a monthly basis. These monthly obligations do not include statutory deductions such as Provident Fund and taxes, and deductions on investments such as insurance premiums, recurring deposit, etc. Other loans that are not home loans do come under monthly obligations.
Rate of Interest
The rate at which interest will be charged on your home loan amount.
Tenure (in Months or Years)
Tenure is the period within which you are obligated to repay the entire home loan amount including the applicable interest.
Once done, the calculator will show the maximum loan amount that you are eligible to borrow as well as the EMI per month at the selected rate.
Factors that Affect Your Home Loan Eligibility
Since home loan eligibility is estimated for a particular period called the ‘tenure’, the age of the applicant also comes into consideration. Generally, younger applicants are granted longer term home loans as compared to those nearing their retirement age.
This is self-evident. The income of an individual will determine the amount the lender will be willing to lend out as loan. The higher an individual’s income, the greater will be the loan amount that he can procure.
Type of Employment
Yes, the type of your employment will have a lot of say on your home loan eligibility. Tata Capital will ask your background, whether you are a salaried employee, self-employed professional, or a self-employed non-professional.
CIBIL Score/Credit Score or Payment History
Based on your credit history, a Credit or CIBIL Score is assigned to you. This credit score or payment history is used to determine how well you handled past liabilities and how likely you are to repay the loan.
Qualification and Experience
Your academic credentials and work experience also matter when it comes to home loan eligibility. Higher academic credentials and impressive work experience increase your chances of getting a home loan sanctioned.
Calculating home loan eligibility is a matter of seconds with Tata Capital home loan eligibility calculator. Once the page opens, you simply need to adjust the net income (monthly), monthly EMI obligation, rate of interest, and tenure using the respective sliders. You can even enter the numbers or increase and decrease them using the ‘+’ and ‘-‘options. Once done, the calculator will automatically display the resulting home loan eligibility amount.
Home loan eligibility calculator is different from home loan EMI calculator in that it is used to calculate the loan amount that a home loan applicant is eligible to apply for whereas a home loan EMI calculator gives the accurate amount of EMIs or Equal Monthly Instalments that the applicant will have to pay every month to repay the home loan at the given tenure and rate of interest.
You can boost your home loan eligibility in the following ways –
Opt for a Longer Tenure
Pre-pay Your Existing Loan
Improve Your CIBIL Score
Add Another Source of Income
Apply for Joint Home Loan
Open Account with the Chosen Lender
Consider Step-up Loans
The following factors help in determining your home loan eligibility – Age, Academic Qualifications and Work Experience, Monthly Income, Type of Employment, and CIBIL or Credit Score.
Age – Must be between 24 to 65 years
Academic Qualifications and Work Experience – The greater your academic qualifications and more impressive your work experience, the higher your chances of procuring home loan
Monthly Income – The higher your monthly income, the higher your chances of getting a home loan
Type of Employment – Whether a salaried individual or a self-employed individual
CIBIL or Credit Score – Ideally, 750 or higher
Generally, home loan lenders will consider 40% to 50% of your monthly income as available towards the repayment of your home loan. Naturally, the proportion of amount that can be set aside for the monthly repayment of home loan will increase with an increase in income. So, the higher your income, the greater will be your home loan eligibility and vice-versa.