| Monthly EMI | ₹ |
| Principal amount | ₹ |
| Total interest | ₹ |
| Total 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.
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.
|
Age |
|
|
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 |
|
|
Type of Property |
|
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.
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.
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.
To improve the Home Loan Eligibility chances, one can try-