Check Your Eligibility Online With Home Loan Eligibility Calculator
Many people want to move into an own homes. But they don’t have enough funds and apply for home loans.
But their applications get rejected as they don’t meet the required home loan eligibility criteria.
On that note, let’s learn how to check your eligibility using the home loan eligibility calculator in this post!
What is a Home Loan Eligibility Calculator?
A home loan eligibility calculator is an online tool available on a lender’s website for free. Using it can help you know the exact amount that your income can fetch you as housing finance.
Along with meeting the eligibility, the documents required for home loans are also enlisted on the website of your creditor.
How to use the Home Loan Eligibility Calculator?
- Land on the website of the lender you have to apply for the home loan with. Open the home loan eligibility calculator.
2. Enter your date of birth and city of residence.
3. You also need to choose your monthly salary, monthly obligations, EMIs or expenses that you may have.
4. Once done, the home loan eligibility calculator will display an exact home loan amount that you can avail of if applied.
5. Based on the results showcased, you can either increase or decrease the home loan amount considering your capacity to repay.
If you want to know an exact home loan EMI amount payable, you can use the home loan EMI calculator on the website of your lender.
Other than enjoying a large amount to live into your dream home, you can also avail of home loan tax benefits on interest, principal and other repayments.
Since you are aware of steps to calculate your eligibility, you can approach your home loan without efforts. If you are able to meet the same and submit home loan documents, availing of a home loan will be a child’s play.
