| Year | Principal (A) | Interest (B) | Total Payment (A + B) |
|---|
Our user-friendly home loan calculator takes the guesswork out of your home loan journey. Simply provide a few details about your income, current financial obligations, and desired loan tenure. Within minutes, our calculator will provide you with an estimated maximum loan amount and potential EMIs, making it easier to plan your finances.
The eligibility criteria for a home loan can vary depending on the lender, but here are some factors that are generally considered:
| Criteria | Description |
| Income | ₹ 10,000 p.m. for Salaried and ₹2 lac p.a. for Self Employed |
| Age Limit | 23-70 years (both salaried and self-employed) |
| Credit Score | 725 or higher |
| Other Factors | Loan repayment tenure, other sources of monthly income, any other obligations and EMIs payable, location, work experience, nationality, etc. |
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.
Boosting your home loan eligibility doesn't have to be a challenging task. With a few strategic steps, you can increase your borrowing potential and secure your dream home sooner. Here are some actionable tips to enhance your home loan eligibility:
Improve your Credit Score:
This is one of the most important factors that lenders consider when approving a home loan. You can improve your credit score by paying your bills on time, managing your credit card balances wisely, and avoiding defaults.
Reduce your Existing Debts:
High-interest loans and credit card debts can make it difficult to qualify for a home loan. Paying off or consolidating these debts can help improve your debt-to-income ratio and make you a more attractive borrower.
Increase your Down Payment:
A higher down payment will reduce the amount of money you need to borrow and show lenders that you are financially committed to the purchase.
Include a Co-applicant:
Adding an earning family member as a co-applicant can improve your eligibility for a home loan. The lender will consider the combined income of both borrowers when making a decision.
Select a Joint Home Loan:
If you are married or have a partner, applying for a joint home loan can improve your eligibility. The lender will consider the combined income of both borrowers when making a decision.
By following these tips, you can improve your home loan eligibility and increase your chances of getting approved for a loan.
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