Aspiring homebuyers can avail of a home loan to make homeownership more accessible. Before applying for a home loan, it is essential to assess your eligibility based on the criteria determined by your preferred lender. Home loan eligibility criteria determine the maximum loan amount you can qualify for based on factors such as income, credit score, and financial obligations.
With a home loan eligibility calculator, you can estimate your loan eligibility and make informed decisions.
A home loan eligibility calculator is an online tool that estimates the loan amount you can qualify for based on key parameters such as:
● Monthly income
● Existing financial obligations
● City of residence
● Date of birth
With this tool, you can check your home loan eligibility instantly. Follow the steps given below to check your eligibility:
Select your city of residence.
Enter your date of birth.
Provide your monthly income.
Enter your monthly obligations.
The home loan eligibility calculator will display the loan amount you can avail of.
Several factors influence your home loan eligibility, such as:
Employment Type: Salaried professionals with a steady job in MNCs or public or private companies and or self-employed individuals with consistent business operations are preferred.
Age: Your age at the time of loan application may impact the tenor of your loan. Younger applicants may qualify for a longer loan tenor, ensuring manageable EMIs.
Credit Score: A CIBIL score of 750 or above can improve your chances of securing a home loan at a lower home loan interest rate.
Here are some strategies that can help you increase your chances of loan approval:
Maintain a high credit score by paying your EMIs and credit card bills on time. Avoid applying for multiple loans simultaneously, and try to keep your credit utilisation ratio below 30%.
Disclose additional income sources, such as rental income. You can also apply for a home loan with a financial co-applicant to improve your eligibility.
Reduce existing obligations by paying off debts or credit card dues.
A home loan eligibility calculator is a valuable tool for those planning to apply for a home loan. Assess your eligibility in advance to maximise your chances of securing a competitive home loan interest rate.
Disclaimer: This article is published in association with Bajaj Housing Finance and not created by TNM Editorial.