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Home Loan Eligibility Calculator

A Home Loan, in this day and age, is the need of the hour. Because of the rising property prices in the country, owning a home is next to impossible without any external financial help.

Now that the idea of taking up a Home Loan is decided, the next step to do is determine whether you are eligible for a Home Loan, and what is the maximum amount you can obtain from the Bank.

That’s when Fincity’s Home Loan Eligibility Calculator can come to the rescue; it can calculate, and provide an individual, exactly how much Loan Amount they are eligible for and what the monthly payment structure might look like just by taking a few basic details as input.

What does Home Loan Eligibility mean?

Home loan eligibility is basically a set of conditions based on which a financial institution analyzes and determines the credit-worthiness of a customer to avail and then repay a particular amount of loan. The eligibility of a Home loan depends on a variety of factors such as age, financial position, credit history, credit score, other financial obligations etc.

Calculation of Home Loan Eligibility

Primarily, the eligibility for a Home Loan is derived on 2 basic criteria – the applicant’s monthly income and their repayment capacity. But there are a few other factors that come in play in deciding whether the applicant is eligible for a Home Loan or not.

Here are few conditions that a borrower needs to meet to get an HDFC Home Loan:

HDFC Home Loan Eligibility Criteria

Improve Home Loan Eligibility

The home loan eligibility of an individual can be enhanced by

Factors Impacting Home Loan Eligibility

Your eligibility for a Home Loan is influenced by a certain number of factors decided by the lender. Here are the key ones:

How to Use the Home Loan Eligibility Calculator by Fincity?

You can calculate your home loan eligibility almost instantly using the Home Loan Eligibility Calculator. It is precise and easy to use for anyone. This calculator for Home Loan Eligibility might require just a few key home loan details from the user to display results.

Here’s an easy guide on how to use the home loan elibility calculator:

As soon as you complete the above steps, your home loan eligibility will be displayed along with other details such as total amount you can avail and also the monthly EMI payable.

Documents Required for a Home Loan

To be eligible for an HDFC Home Loan, your application needs to be supported by the right documents. Co-ordinate with the lender to make sure you submit all the necessary documents. Below is a basic list of Home Loan documents required by the bank.

1. KYC Documents: ID & Address Proof (Any One Required)

2. Income Documents

For Salaried Individuals

For Self Employed Professionals

For Self Employed Non-Professionals

3. Property Documents

Home Loan – Definition

A home loan is where you can borrow money needed by you to buy a home from banks like HDFC Bank. Usually, the loaned amount will be an approximate 80% – 90% of the value of the home. They will charge you an interest percent for the loan amount which the you will have to pay along with principal borrowed in a monthly EMI form.

The money borrowed for home loans is high, therefore the EMI each month will also be high. To help customers get an estimate of how much EMI they will pay for any interest rate, tenure and loan amount HDFC Bank provides home loan EMI calculator.

The property is mortgaged to the lender as a security till the loan is fully repaid.

EMI Calculation Formula

Generally, the EMI for a Home Loan is calculated using the given formula:

E = P * r * (1+r) ^ n / ([(1 + r) ^ n] – 1)

In the formula mentioned above,

E = Equated Installment

This is the total obligations required to pay per month

P = Amount of Loan

This can be anywhere between Rs.15,00,000 to Rs.5,00,00,000

r = Rate of Interest

This means the interest rate per month.

n = tenure in months

Generally, the tenure for a home loan ranges from 15 years to 30 years.

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