Loan Eligibility Calculator
Home Loan Eligibility Calculator is an online tool used to calculate your Home Loan eligibility to give you an idea of the loan amount you are eligible for as per your current financial status.
Besides being a necessity, buying a Home provides you and your family a broader sense of security and safety. Home Loans have played a crucial role in helping people make the buying decision by paying on their behalf in return for interest-based monthly payments. However, you have to qualify for certain criteria for Home Loan eligibility. This considers your current income, credit history, financial stability, age, and ability to repay, as well as the value of your property and the collateral you offer. This not only ensures that the eligible candidates get the loan they desire but also one they can realistically pay.
The Home Loan Eligibility Calculator by Hinduja Housing Finance is a safety barrier that helps you make practical decisions and take calculated risks based on your monthly income, age, and monthly obligations. You can use the home loan eligibility checker to check the loan value you can receive along with the EMIs you will need to pay.
Using the housing loan eligibility calculator, you can know how much loan you will be approved for regardless of your requirements. That way, you can set your expectations about the property you can buy in that budget or the down payment you need to make to match up. The loan eligibility calculator benefits all aspiring Home Loan borrowers, helping them secure favourable loan terms by enhancing their loan eligibility.Hinduja Housing Finance Home Loan Eligibility Calculator allows users to assess the maximum loan amount they can avail of based on various eligibility factors. Follow the step-by-step guide below to check your housing finance eligibility with our loan amount eligibility calculator.
Enter your date of birth in date-month-year format.
Select your city of residence from the dropdown menu. The city selected helps the housing loan eligibility calculator determine your loan amount suitability as per your income and the market price of the house to be purchased.
Enter your monthly salary or income (including any additional earning sources) in Rupees.
Provide your existing financial obligations, such as EMIs payable, fixed expenses, credit card outstanding, etc.
Once you enter the required values, the calculator instantly reflects your maximum Home Loan amount eligibility. The eligibility calculator provides an accurate and quick estimate of the loan amount you can avail of conveniently as per your current eligibility.
If you are looking for a housing loan from Hinduja Housing Finance, you should meet the below eligibility parameters.
| Eligibility Parameters | Requirements to Fulfil |
| Employment Type | Both salaried and self-employed applicants can apply for a Home Loan |
| Age | For salaried: From 21 (18 if income not considered) to 60 years or retirement age, whichever is earlier ** For self-employed: From 21 to 65 years or retirement age, whichever is earlier ** (If income is not considered, age should not exceed 80 years at loan maturity) |
| Residential Status and Citizenship | Applicants must be residing Indian citizens and as well as NRI |
| Work Experience/Business Vintage | For salaried: Minimum 2 years of work experience For self-employed: A vintage of no less than 3 years in the current business |
Applicants should check their eligibility before applying and take the necessary measures to improve their profile for easy loan approval. Use a housing loan eligibility calculator to determine the maximum loan amount you can avail of before applying. The below tips can help improve your chances of quick loan approval.
A Home Loan with an earning co-borrower represents the combined eligibility of both applicants. Make sure to choose a co-applicant with a high income, reliable credit score, and clean repayment history for improved eligibility.
We recommend applicants use our free Home Loan eligibility calculator online to assess the maximum loan amount available when applying with a co-borrower. Co-borrowing a Home Loan also comes with individual tax benefits for both borrowers.
Opt for an extended tenor for Home Loan repayment to improve your eligibility. A longer tenor divides the total repayment liability into more months, bringing down the EMIs. Individuals with limited income can improve repayment affordability and loan eligibility by selecting a longer tenor and smaller EMIs. Use a Home Loan EMI Calculator to select a suitable repayment tenor as per your income.
The repayment of existing loans enhances your chances of Home Loan approval. This is because paying off debts reduces your total liability, thereby increasing your capacity to repay. For instance, repaying any outstanding liability on vehicle, personal, or short-term loans improves Home Loan eligibility. Check your loan eligibility with an eligibility calculator to confirm increased repayment capacity.
When submitting financial documents, include all sources of income, such as salary (if salaried applicant), business profits (if self-employed), monthly rental earnings, monthly incentives, quarterly/Half yearly bonus and income from investments, among others, to improve your Home Loan eligibility amount. Do note that only a part of the variable pay is considered towards your income and, subsequently, eligibility, and the exact percentage varies from lender to lender on a case-to-case basis. Annual variable pay/ Annual bonus will not be considered for loan eligibility
Taking necessary measures to improve your credit score also enhances your overall credit profile and, therefore, Home Loan eligibility. Making timely repayment of debts and limiting credit utilisation will help you improve your credit score.