Check Your Home Loan Eligibility with Home Loan Eligibility Calculator

Do you wish to avail of a home loan and have no idea about the exact eligible amount? 

If yes, you don’t have to worry! It is because you can calculate your precise eligible amount using the home loan eligibility calculator. 

Read on and explore more!

What is a home loan eligibility calculator?

The home loan eligibility calculator is an online tool that helps you know your actual eligible housing loan amount. 

This way, you can be confident and search for a property in the eligible amount range and avoid loan rejections. 

How to use the home loan eligibility calculator?

Using the home loan eligibility calculator is handy if you follow a few easy steps: 

1. Open the home loan eligibility calculator from your lender’s home loan page/calculators’ section. 

2. On the tool, enter your date of birth and city of residence. 

3. You also need to choose your monthly income, other sources of income, the loan tenor and existing obligations/EMIs being paid. 

4. Once done, you need to click on the ‘Check Your Eligibility’ button. 

5. After you do that, the home loan eligibility calculator will showcase your actual housing loan amount that a lender will approve. 

A robust CIBIL score, consistent employment, and income record will help you have increased home loan eligibility. 

If you wish to know about an exact home loan EMI amount, you can use the home loan EMI calculator. This tool is also available for free on a lender’s website. 

Once you enter your desired loan amount, the tenor and the interest rate, the tool will show your home loan EMI. 

You can also know about your home loan interest charges, along with the total loan cost (principal + tenor). 

Before applying for housing finance, you should be sure of an eligible amount and the home loan EMI figure. This way, you can approach it with confidence.