Home Loan Eligibility Calculator

Loan amount
Rate of interest (p.a)
%
Loan tenure
Yr
Monthly EMI
Principal amount
Total interest
Total amount
Principal amount
Interest amount

Your Amortization Details (Yearly/Monthly)

Assessing home loan eligibility is the first and foremost thing that an individual should do while applying for a Home Loan. Based on annual income, age, credit score, financial position and liabilities, he/she stands the opportunity to avail of a home loan.

In order to calculate this eligibility, one can use a Home Loan Eligibility Calculator. It can easily identify whether an individual meets the eligibility criteria to get a home loan or not.

Understanding Home Loan Eligibility

Before extending a loan to an individual, a financial institution ensures to run a check to evaluate whether the applicant is eligible to avail of a home loan. Usually, it is decided based on different criteria such as age, credit history, credit score, financial position, other financial debts etc.

Home Loan Eligibility Criteria

Age

  • Minimum Age: 18 years
  • Maximum Age: 65 years (70 years for a self-employed person)

Credit Score

Above 750

Employment Status

Salaried or Self-Employed

Minimum Net Income

Rs 25,000 per month

Loan-to-Value Ratio

Up to 90%

Loan Amount

The lender decides it

Type of Residence

  • Permanent Resident
  • Non-resident Indians (NRIs)

Type of Property

  • Plot/Land
  • Under Construction/Completed Project
  • Home Construction

Note: The above-mentioned home loan eligibility criteria are purely indicative and vary depending on different financial institutions. Each lender might have different eligibility criteria.

How to Use Groww Home Loan Eligibility Calculator

You can use Groww’s Home Loan Eligibility Calculator to check whether you qualify for a home loan or not. It will produce details based on the figures you enter in the given fields.

Simply enter the Loan Amount, Rate of Interest, gross income, and loan tenure in the respective fields. The results will be displayed within a fraction of a second.

Note the figures will change as per the modifications made.

Primary Factors That Affect Home Loan Eligibility

Following are the factors that will be taken into consideration by a lending institution before sanctioning a home loan-

1) Income

The first factor that influences home loan eligibility is an individual's income. Based on a salaried/self-employed’s gross income and repayment capacity, the loan will be provided.

2) Age

A borrower must fall within the age limit decided by a financial institution that is taken into consideration before giving a loan. If the borrower meets the age criteria, the loan will be easily given.

3) Credit Score

A credit score is another factor that determines the home loan eligibility. If the credit score of the borrower is good, the loan sanction process wouldn’t take much time. In addition, good credit history signifies good repayment capacity, which ultimately helps avail the loan quickly.

4) Outstanding Loan or Debts

Existing unsettled loans can affect home loan eligibility. Getting a home loan can become challenging if the EMI to Income Ratio is not between 50 and 60 per cent.

How to Enhance Home Loan Eligibility?

To improve the Home Loan Eligibility chances, one can try-

  • Reducing existing outstanding loans and debts
  • Creating a systematic plan for repayment
  • Improving the Credit Score
  • Ensuring a stable flow of income and using the existing savings wisely
  • Applying for a joint home loan along with a co-applicant
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