Home Loan Eligibility Calculator

Home Loan Eligibility Calculator at loanbaba.com

loanbaba.com introduces you to the simplest way of securing a loan. The sophisticated and modern home loan eligibility calculatorhelps you to know your eligibility. It gets you 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:

  • Businessmen
  • 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.

Monthly income

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.

Other EMIs

The other EMIs that a loan borrower is paying currently also cast an impact on the loan amount. Fewer or no EMI payments provide for a higher loan amount.

Property attributes

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.