Home Loan Eligibility Calculator - Get the Best Lender with It

Most of the people who don’t have the required funds to purchase their homes depend on a housing loan to fund it. However, applying for a Home Loan in your city without determining your Home Loan eligibility can lead to a rejection. As a result, qualifying for a Housing Loan becomes a must. 

Let the Home Loan eligibility Calculator Help You

Prominent names in the House Loan financial industry have made an online tool known as the Home Loan eligibility calculator available for customers. You can use the eligibility calculator to quickly know your loan eligibility or the amount that you can borrow.

The Home Loan eligibility calculator works when you provide your age, all types of income, existing liabilities and the desired repayment tenor.

As soon as you enter these details in the calculator, you get to know an amount that you can avail as a housing loan after meeting other terms and conditions of the lender.

However, sometimes you may not be qualified enough to avail a desired Home Loan amount and will need some tips to increase your Home Loan eligibility.

Here are some quick tips to help you qualify for a larger housing loan amount:

Extend the Tenor of your Housing Loan

Want to increase the Home Loan amount that you wish to seek? Apply for the maximum tenor available with the lender to boost your eligibility. 



What’s more, extending the loan repayment into a wider tenor will also be affordable for you. Like this, you can pay smaller EMIs and never feel the burden of paying a loan.

Ensure to Pay off all Previous Debts

When you can pay off all existing debts before applying for a Home Loan, you can also free up all such figures to make way for the Home Loan EMIs or the repayments. 

Lenders may not approve your loan request if they see you already have too many obligations to clear as they may consider you as risks.

Club Income of your Family Members

Are you getting a Home Loan lower than what you desired which may not suffice a good home purchase? You can combine income of your family members such as spouse and more to increase your eligibility for a higher loan amount. 

Also, clubbing the income of your family members who have a higher CIBIL Score can also help you avail a loan at lower rates.

Don’t Forget to Include Perks and Bonus

Did you know that including other sources of income such as yearly bonus while calculating your loan eligibility can also help you qualify for a higher amount? 

Don’t forget to add your annual performance bonus and other incomes to get an approval for a higher amount.

A Quick Look at Home Loan Eligibility Conditions

You can qualify for an upcoming housing loan if you meet the below standard housing loan eligibility criteria:

• A Home Loan borrower needs to be a citizen of India 
• His/her age should be under the bracket of 23-58 years 
• He/she should be a salaried profession with work expertise of at least 3 years 
• The minimum loan amount that one can avail is Rs.20 lakh, and the maximum limit is Rs.20 lakh. 

Documents Required for Home Loans

You will also need to furnish some documents required for Home Loan to qualify for a loan application such as:

• KYC documents 
• Address proofs
• Identity proofs
• Recent photograph 
• Latest Salary Slips or Form 16 
• Last 6 months’ bank account statements 

The Bottom Line

Since you are now aware of the tips that can help you boost your eligibility for a Home Loan, implement it in practice and avail a Home Loan of your choice. All the best!

Do's And Don'ts Of Using A Home Loan EMI Calculator

EMI calculators no doubt are a great tool to help you plan the finance before you dive into loans. It helps you to forecast and plan about how much you are going to borrow and how you will manage the EMIs. 

Most of the times, using EMI calculators can be a bit confusing. Thus, there are certain steps that you must keep in mind when using a Housing Loan EMI calculator.

EMI Calculator

Loans in today’s time have become one of the important factors in buying a property or a finished house. And as per the current market status, there are a variety of options which you can choose from. 

However, a properly selected loan plan will help you avail a Home Loan in a hassle-free manner. It is essential that you select the right loan product as it can help you save much money in the long run.

In the terms of a loan, savings are a result of interest that you save on the EMIs. An EMI is an amount which you are required to pay every month once you have availed the loan. 



It depends on three variables – the amount that you borrow, the tenor of which you have borrowed and the rate of interest which is being provided by the lender. 

Most of the people used to calculate the EMIs manually, however, with recent technological transformations, you can use Home Loan EMI calculator and get the results within a second. 

If you have not used a Home Loan calculator before, here are a few do’s and don’ts that you must follow:

Do’s:

Principle amount: When deciding a principal amount, it is vital that you are realistic about the choice. 

In reality, you will never get the entire loan amount. Thus, be prepared for the adjustments. Moreover, when deciding upon a principal amount, it is necessary that you are sure with the budget. 

Having a rough estimate of the construction cost and additional cost will help you plan more realistically.

Interest rate: When using a Home Loan calculator, know that the Home Loan interest rates of every financial institution differs. 

Most of the institutions determine interest based upon the amount that you are looking to borrow. When it comes to interest rate, credit score plays a vital role. 

Most of the banks have a tentative bracket on their website, make sure you are well-versed with the interest rate that you preferred lender is offering.

Loan Tenor: A loan tenor varies from bank to bank. Some are open to providing a Home Loan of 20 years whereas others can provide a Home Loan of up to 30 years.

Don’ts:

Sticking to a single calculation: While using an EMI calculator, it is important that you check all the websites and do not just try a single loan calculator.

Do not bank completely on it: Housing Loan calculator is a great way to calculate an EMI. However, you must not rely on it entirely.

Not trying different calculations: When using a Home Loan EMI calculator, make sure that you do not just try one option and rely on it completely. Keep trying different combinations and try coming out with the best one!

Home Loan calculators help an individual to gain a fair knowledge about the overall loan process. It helps you to determine the loan amount along with the EMI calculations.