Home Loan Eligibility Calculator At loanbaba.com
Home Loan Eligibility Calculator
loanbaba.com brings to you the simplest way to secure a loan. The sophisticated and modern home loan eligibility calculator helps you to know your eligibility, and you get instant and free loan quotes from top most banks and NBFCs in India after filling your details into it. The minimum tenure of the loan is 6 months.
The following individuals can apply for a home loan:
- Self employed professionals
- Salaried individuals (those employed in public and private sector institutions and organizations).
Eligibility factors for home loan
The home loan provides an easy option for buying a new or old house. But there are certain factors that decide a number of loans.
A bank (in most cases) offers you a loan that is 60 times the net monthly income of the loan borrower. So if your monthly income is Rs 20,000, the loan amount can be a maximum of Rs 12 lakhs. Other factors also have an impact on the home loan amount.
The other EMIs that a loan borrower is paying currently also cast an impact on the loan amount and fewer or no EMI payments provide for a higher loan amount.
A bank will provide you a home loan that equals to a maximum of 85% of the property value.
Other factors like the income of co-applicants (working and earning spouse, father or son among others), age and credit history also have an impact on the eligibility for a home loan in both, positive or negative ways.
Do your homework before embarking on the loan process. loanbaba.com is there for you at every step of your home financing.