ABOUT HOME LOAN CALCULATOR
Know how a bank provides a deal for their customers
Every borrower needs to meet the eligibility criteria required to qualify for a home loan. This ensures that he/she can repay the loan amount effortlessly without defaulting. Failing to meet the eligibility criteria may lead to rejection of the loan application, leaving a negative mark on the individual’s credit profile. So, ensure to complete the processing faster and smoothly by fulfilling the required eligibility criteria. An easier way to check home loan eligibility is by using an online calculator. SuGanta home Loan Eligibility Calculator instantly computes the amount you are eligible to borrow. It helps in better financial planning and reducing the chances of application rejection. This tool also eradicates the hassle of manual calculation completely.
Frequently asked questions about Eligibility Calculator
1) what are the eligibility criteria for a home loan?
||Indian Residents, Non-Indian Residents
Maximum- 70 years
|Total Work Experience
||At least 2 years of work experience is required
||At least 3 years of business continuity is required
||Rs 25000/- per month
|Loan To Value (LTV) ratio
||Up to 90% of property’s value
2) How is eligibility for home loan calculated?
The eligibility criteria for a home loan differ from lender to lender, so once you shortlist a loan, visit the lender’s website to learn more. You can check the specifications, or make use of the eligibility calculator. The calculator will then tell you if you are eligible for a home loan and how much you can borrow. Not only will you know if you are eligible, but you will also know if the loan amount that you are eligible for is in line with what you had in mind.
3) What is the minimum salary requirement for home loan?
You can calculate your home loan eligibility using the home loan eligibility calculator.
4) What are the eligibility criteria for an NRI seeking a home loan?
- Applicant should be minimum 18 years of age (might differ from bank to bank) with regular sources of income. The total income can be calculated by clubbing income of co-borrowers, guarantors and expected rental income on proposed property are permitted.
- The applicant should have a valid passport.
- The applicant should have been employed abroad for at least two years or should be serving a valid job contract for a minimum period of two years abroad. An applicant who has served for six months government agencies abroad can also apply for a loan.
- The applicant should be an existing NRE/NRO (non-resident rupee and non-resident ordinary) account holder with the lender.
- Some banks have a minimum-income clause for granting an NRI home loan.