Many people want to move into their own homes but are forced to live in rented homes due to financial constraints. Even though a majority of them have the housing loan eligibility, they don’t apply for it fearing they can’t afford the EMIs.
Another question that haunts many prospective home buyers is – how much home loan can I get on my salary?
If you are not fulfilling your home buying desire as you are unaware of how much house loan your salary can get you, then this post is for you.
Modern-day finance has enabled the availability of a unique concept in the form of the housing loan to help people realize their dreams of living in their own homes.
However, a home loan facility is available only to such people who are eligible as lenders can’t risk giving a loan to a person who can’t repay the EMIs on time.
Hence, if you wanted to apply for a housing loan, and unable to determine how much loan can you get, then you need not worry at all. All that you need to do is calculate your home loan eligibility. A few eligibility conditions are mentioned below:
Home Loan Eligibility Conditions that You Need to Fulfill
You will need to fulfill the house loan eligibility terms of a lender so that you may know how much of a loan amount could be approved to you finally. Some of the standard housing loan eligibility terms are:
- You should be a resident of India
- Your age should be under 23-58 years
- You should be working and have an experience of not less than 3 years
- The maximum home loan that you can avail is Rs.3 crore which you can repay in maximum 20 years
Along with the terms, your CIBIL Score for housing loan should be 750+ out of 900, and you should also be repaying the existing debts and credit card EMIs on time.
How to Calculate Your Home Loan Eligibility?
If you think you have the required eligibility for availing a home loan, the next thing that you should know is – how much of a home loan can you grab.
That’s when the loan eligibility calculator can help you. An eligibility calculator is an online tool that you can access on a lender’s website. The tool showcases an exact loan amount that you can avail depending on many factors.
Here’s How a Home Loan Eligibility Calculator Works
You can use a home loan eligibility calculator easily by following some steps such as:
- Search for home loan eligibility calculator on a lender’s website
- Once you have the calculator in front of you enter your age, city, net monthly salary, desired loan tenor, other monthly income and current EMIs
- Once you have provided all details, click on the ‘Calculate Your Eligibility’ button
- The home loan eligibility calculator will then showcase an exact amount that can easily avail after applying for it to a lender
The Bottom Line
Don’t let your dream of having an own home die down! If you are earning well, you can easily get a home loan of a higher amount to purchase a decent property.
Start using the home loan eligibility calculator today and become aware of the home loan amount that will be approved for you. Good luck!
By Gaurav Mittal
who is a Content writer and he loves to write about Finance & Insurance Articles.