How to Calculate Home Loan Eligibility?

Hey mate. I was looking for ways to learn how to determine home loan eligibility as we needed to apply for a home loan. I was told about one useful method to check the loan amount that I am eligible for. Here is a detailed note on the same.

How to Calculate Housing Loan Eligibility Amount?

I checked my home loan eligibility through NoBroker’s home loan eligibility calculator. They give you a good estimate idea of the amount you can get as a home loan. Let me share the process with you.

1. Visit the NoBroker Home Loan Page.

2. Scroll down and look for the ‘Eligibility Calculator’ tab. Click on it.

3. Now, enter details, such as your desired loan amount, your monthly income, any other EMIs that you’re paying, the rate of interest per annum and the loan tenure. 

4. You will be able to view the estimated EMI along with the eligible loan amount below. 

This was a quick method. I would suggest you click the ‘Check Eligibility’ button on the footer for the best results. 

• First, enter your name alongside your number. 

• Then, answer whether you have finalised a property or not. 

• Then, fill in your Email and PAN number.

• Click the ‘Generate credit score’ button to know your eligibility.

You can view other responses on the page as well. They have provided other ways for this process with credible information. I hope this answer helps you learn how to calculate home loan eligibility calculator.

Every bank has its own rules for home loan amount eligibility, interest rates, required documents, and more. But the basic rules are the same. I took a home loan from Axis Bank last year, so I can help you know their eligibility criteria. If you are looking for the answer to how to know home loan eligibility, I will suggest that you visit your bank and ask them about it to get the exact details. 

Before discussing how banks calculate home loan eligibility, let me cite what criteria they have and how they calculate it. Let’s take Axis Bank as an example. If you want to avail of a home loan from them, you have to abide by some rules -

• The applicant must be above 21 years of age and up to 60 years( in case of a salaried employee) between 21 years to 65 years (in case of a professional or self-employed individuals)

• The applicant has to borrow a minimum amount of Rs 3 lakhs

• Must have a good credit score (usually above 600)

• Have a steady source of income and more

So check what criteria your bank has and then go for calculating your eligibility. If you are trying to know how to calculate home loan eligibility for salaried people, let me tell you that every bank has its own calculator to do it. You can visit your bank’s official website and check your eligibility there. I visited the Axis Bank site and got my answer on how to calculate home loan eligibility for salaried person myself there. Here is the link-

 All you have to do is give some inputs like

• Your age

• Loan tenure

• Net adjusted monthly income

• Other EMIs (if any)

• ROI

Suppose 

• Your age is 35

• Loan tenure is 20

• Your net adjusted monthly income is Rs 35,000

• Other EMIs is 0 and

• ROI is 8.5%

In that case you can avail a loan of Rs 26,21,501.61 there and pay Rs 22,750 as EMI.

This is what I will say to answer the query- How to find home loan eligibility.

I hope the basic concept is clear to you now. So if you are really planning to avail of a home loan, visit your bank's site and know the home loan amount eligibility there. 

Home loan eligibility is the amount you can get as home loan as per the details provided by you. There are many factors that determine your eligibility for a home loan. If you are wondering

how to calculate home loan eligibility, you will need to consider

your monthly salary, monthly financial obligations, your current age, remaining working years, your credit history, your credit score etc.

Loan providers assess your creditworthiness so that you can avail and repay your loan amount. To be eligible for a home loan, your present age and remaining working years play a major role. Salaried individuals and  self-employed individuals, both, must be between the age of 21 and 65 years. 

There are various banks who can facilitate you with online home loan eligibility calculators. You can go and calculate housing loan eligibility by clicking on the following links:

• State Bank of India
• HDFC Bank
• Punjab National Bank
• Axis Bank
• ICICI Bank

Your other financial responsibilities, other loans, such as car loan, personal loans, credit card liabilities are also taken into account. Here are a few tips to ensure that banks offer you the home loans as per your convenience:

• Your credit history and credit score play a significant role so make sure that those numbers are in line.
• You can add an earning family member with a good credit score as a co-applicant for the home loan.
• Repay all your previous debts without default. This will improve your credibility.
• Open an account with the bank you want to apply for the home loan.
• Declare your other sources of income, this will improve your eligibility.
• Keeping an account of your variables also improves your eligibility.
• You can opt for the home loan with the longer tenure. Maximum tenure is 30 years.

I hope now you know

how to calculate home loan eligibility and what should you do to enhance your chances of getting a home loan approval.