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Calculating your home loan eligibility doesn't have to be complicated. While lenders use detailed formulas, you can get a good estimate by considering a few key factors:
Income:
Your monthly income is a primary factor. Lenders typically allow you to borrow a multiple of your income, usually around 40-60 times your monthly salary.
Existing EMIs:
If you have other loan payments, they will impact your eligible loan amount. Lenders usually limit your total EMIs (including the potential home loan EMI) to 40-50% of your monthly income.
Credit Score:
A higher credit score indicates better creditworthiness, making you eligible for a larger loan and potentially lower interest rates.
Loan Tenure:
A longer tenure means lower EMIs but higher overall interest paid. Choose a tenure that balances affordability with the total loan cost.
Property Value and LTV Ratio:
Lenders usually finance up to 80-90% of the property value. The loan-to-value (LTV) ratio plays a crucial role in determining your loan amount.
KreditBee's home loan eligibility calculator allows you to easily input these details and get an instant estimate. While this provides a good starting point, remember that the final loan amount may vary based on the lender's assessment and policies.
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