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Loan Eligibility Calculator
Loan Eligibility Calculator
Easy way to Calculate your Eligibility Calculator
City
DOB
Monthly Income
Loan Tenure
Year
Interest
%
Current EMI/Obligations
You may be able to avail home loan up to
with Fincity for the mentioned period. T&C apply.
With Home Loans so easily accessible and available at interest rates lower than any other type of loan, people are getting more and more comfortable taking one. Especially when you have a platform like Fincity that sanctions your home loan amount in less than 10 minutes, taking a loan gets easier than ever. And in case you’re just getting started on your loan journey, it’s important to first find out the loan amount you’re eligible for. For this, you can use the Fincity Home Loan Eligibility Calculator; fill in some details and the result will be displayed to you instantly. Before you check your loan eligibility, let’s look at some of the basic criteria you should meet in order to take a home loan.
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Note : Loan eligibility criteria is decided by the lender and approval depends on factors such as the borrower’s income, credit profile, etc. Know all about Factors that affect your Home Loan Eligibility here! Click here
How is your Home Loan Eligibility Calculated?
Let’s take an example – Rajesh applies for a home loan and his monthly salary is Rs.50,000. His Leave Travel Allowance (LTA) and Medical Allowance are not considered while his income is calculated by the lender since they can be reimbursed only in case of travel or medical needs. If his LTA is Rs.7,000 and Medical Allowance is Rs.1,000, his calculated salary will be Rs.50,000 – (Rs.7,000 + Rs.1,000) = Rs.42,000. His loan eligibility is Rs.42,000 x 60 = Rs.25,20,000. It’s important to note that most lenders restrict EMIs to 40-50% of the net income. And finally, Rajesh is eligible for Rs.25,20,000 loan but has to take a Home Loan ensuring that his EMI is not more than 50% of his monthly income (i.e. Rs.25,000).
Ways to Increase your Home Loan Eligibility
We already know that your age, income, financial obligations and credit report are among many other factors that influence your loan eligibility. But how can you turn your situation around and increase your eligibility limit? Here are some ways that can help:
If you’re exploring the best home loan options, why not take free advice from experts?
Reach out to us for guidance that will get you the lowest rates and the best loan benefits possible.