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Home Loan Eligibility Calculator is a tool for determining the amount of home loan for which you are eligible. Housing loan eligibility is dependent on factors such as monthly income, monthly obligations, credit history, retirement age, etc.
The home loan eligibility criteria may vary from one lending institution to another, and hence, you must check your housing loan eligibility carefully before applying for it.
The easiest way to check home loan eligibility is using a home loan eligibility calculator. With Tata Capital Home Loan Eligibility Calculator, you can check if you’re eligible to borrow a home loan with us and if yes, then the maximum home loan amount you can borrow. All that you have to do is enter a few basic details in the home loan eligibility calculator, and we will display your maximum home loan eligibility within a few seconds.
An applicant’s home loan eligibility is calculated by considering various factors such as age, income, financial position, credit score, credit history, liabilities, financial obligations, years left for retirement, etc. However, calculating this manually can be cumbersome.
Consider using Tata Capital’s user-friendly and free home loan eligibility calculator for this. Simply enter your income, monthly obligations, rate of interest, and tenure. The calculator will then display whether you’re eligible for the loan, the total loan amount, and the EMI.
Here are the eligibility criteria for home loans:
Age: Younger applicants are usually granted high value loans with longer tenures as against applicants who might be close to retirement.
Income: The applicant’s income helps determine their ability to repay the loan. Therefore, the higher the applicant’s income, the higher the loan amount they’re able to apply for.
Type of Employment: The applicant’s employment status directly impacts the success of their application as it affects their ability to repay the loan. A reliable applicant is one with a steady stream of income or a stable business.
Credit Score or Payment History: The applicant’s credit score and payment history help lenders evaluate their ability to repay the loan comfortably.
Qualification and Experience: Higher academic qualifications and work experience can increase an applicant’s chances of getting a home loan.
At Tata Capital, we provide home loans with easy eligibility criteria and minimal documentation. Our home loan eligibility calculator can help you evaluate your home loan eligibility with us in an effortless manner. To calculate home loan eligibility using our home eligibility calculator, you’re required to input the following details:
You can either use the sliders or type to enter these values directly in our home loan eligibility calculator. Once you enter these values, our housing loan eligibility calculator will instantly display the maximum home loan amount that you’re eligible to borrow from us and the EMI that you will have to pay per month at the selected rate of interest.
The home loan eligibility criteria may differ from one lending institution to another. Different lenders consider different factors to calculate the home loan eligibility of their applicants. Some common factors that can impact your home loan eligibility include:
Factors like income, age, credit score, interest rates, co-applicant, type of property and location can affect your eligibility.
You can use our eligibility calculator to determine your loan amount.
Minimum salary of Rs. 30,000
Our home loan eligibility calculator is designed to provide accurate results. Based on the values entered by you in the calculator, it will show the total home loan amount you can borrow from us. This estimation is based on your monthly income, monthly obligations, and other factors. You can also qualify for a higher loan amount, but the final decision lies with Tata Capital.
A home loan eligibility calculator can help you determine your eligibility for a home loan instantly. There is no limit on the number of times you can use it. However, it makes no sense to use it at very frequent intervals. Ideally, if you have checked your home loan eligibility today, you should wait for at least six months before doing it again. You can also wait till your salary or income increases.
Before applying for a home loan, it’s prudent to check your eligibility. Applying for a loan that gets rejected damages your credit score and bring down your chances of getting a loan in the future. You can check your home loan eligibility online using a home loan eligibility calculator. These calculators are easy to use and are available for free on the websites of various lenders. All you need to do is enter the required values in the calculator, and it will show your home loan eligibility instantly.
With Tata Capital’s home loan eligibility calculator, you can know your home loan eligibility and the maximum loan amount you can borrow within a few seconds. All you need to do is enter your monthly income, monthly obligations, home loan interest rate, and the tenure for which you want to take a home loan, and your home loan eligibility will be displayed automatically.
A home loan eligibility calculator is designed to determine your eligibility for borrowing a home loan and the maximum loan amount you can borrow from a lender. However, it cannot tell you about the interest rate that will be levied on your home loan. It is decided by the lender based on your loan amount, age, monthly income, employment status, credit score, and several other factors.
You can get in touch with the lender’s customer support team to know your exact home loan interest rate. With Tata Capital, you can get a home loan at a highly competitive interest rate, starting from just 8.75% per annum.
Your monthly income or salary plays a crucial role in determining your home loan eligibility. Lenders look at your monthly income to evaluate how much EMI you can pay and determine your home loan eligibility accordingly.
For example, if you are seeking a home loan of Rs. 40 lakh at 9% per annum for a tenure of 20 years, your EMIs would be around Rs. 36,000. Thus, you need to have a monthly salary of at least Rs. 50,000 to secure this loan.
It means that if your in-hand salary is on the higher side, you can get a better home loan deal, and if it is on the lower side, you may face difficulties in procuring a home loan. Usually, lenders ask for a minimum salary of Rs. 30,000 for providing home loans in India.
A home loan eligibility calculator and a home loan EMI calculator are two distinct tools meant for two different purposes. You can use it to determine your eligibility for taking a home loan from a lender and the maximum home loan amount you can borrow. On the other hand, a home loan EMI calculator can be used to know the EMIs you need to pay for the repayment of your home loan.
Your age is an important factor that determines your home loan eligibility. If you are a salaried individual, you need to be aged between 18 and 60 years to get a home loan. Or else, if you are self-employed, you need to be aged between 18 and 65 years to get a home loan. These criteria can, however, vary from one lender to another. Generally, younger individuals have better chances of securing a home loan deal as compared to those who are nearing their retirement.
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