While home loan interest rates are at an all-time low owing to repetitive interest rate cuts implemented by the RBI, lenders have also become stringent in filtering the number of potential candidates. This has happened owing to an increase in delinquency rates in recent times. Consequently, it has become crucial for individuals to gauge their eligibility before applying to ensure approval of the amount they have applied for.
In this regard, by using a home loan eligibility calculator, one can check the loan amount he/she is eligible to borrow. After ascertaining the amount, a borrower can plan his/her repayments and apply for a home loan online.
Before delving into details of eligibility criteria for salaried and self-employed individuals, it is crucial to first learn about how an eligibility calculator works and its benefits.
How to use a housing loan eligibility calculator?
To check housing loan eligibility, individuals can turn to the online calculator offered by leading financial institutions. By following a few steps, one can obtain the loan amount he/she can borrow from the respective lender, as per the eligibility parameters.
- Enter the date of birth to provide the age.
- Mention the residential address.
- Entering the details of net monthly salary is vital to check home loan eligibility.
- As per the financial plan and repayment capacity, one has to enter the preferred tenor.
- Applicants with additional income sources need to enter the details concerning the same to check home loan eligibility.
- If an individual has existing debts, it is crucial to provide the number of EMIs he/she is already servicing.
- After entering these requisite details, one can check his/her eligibility. The calculator will give the maximum loan amount one can receive from the lenders by initiating the home loan process.
Therefore, with few clicks, one can check the home loan eligibility and secure the best deals from the lenders.
Advantages of using a home loan eligibility calculator
- Using this calculator will provide an accurate loan amount as per a borrower’s eligibility.
- The eligibility criteria vary from lender to lender. Going through the eligibility details manually can be tedious and time-consuming. Therefore, by using a housing loan eligibility calculator, one can get instant results without spending much time.
- Since this calculator is accessible everywhere, it is a convenient tool for borrowers.
- One can also evaluate his/her financial limit using this calculator because it shows the amount of loan he will receive. Therefore, one can plan expenses and set a budget accordingly.
- Moreover, borrowers can change the calculator’s parameters and values as per their needs to check how the home loan amount varies with an increase in salary or and other sources of income.
Apart from checking eligibility, one also needs to be aware of the benefits of calculating home loan EMIs before applying for a loan. This will help a borrower to evaluate the monthly instalments and manage his/her finances better.
One can make use of a home loan EMI calculator and calculate the EMI amount for convenience.
However, using a home loan eligibility calculator and an EMI calculator is not the only need a borrower should follow before applying for a loan. He/she should also be acquainted with the basic eligibility criteria such as age, residential status, and work experience before applying for the loan.
Applicants should also look for pre-approved offers brought by reputed HFCs to streamline the loan application process. These offers are available on various financial products, including home loans, loans against property, etc. You can check your pre-approved offer by submitting your name and contact number.
To sum up, learning about a home loan eligibility calculator and its benefits can help an individual secure a loan seamlessly. Financing a home loan after checking eligibility is a convenient way to plan expenses and reduce financial strain.