You may have used the home loan EMI calculator to determine your EMIs and calculate the best home loan interest rates to maximize your affordability. However, there is one more thing to check before applying for a home loan, and that is your eligibility for it. Instead of enquiring with separate lenders, you can use the home loan eligibility calculator available on lender websites to assess if you qualify for a home loan as per the lender's criteria. Doing this reduces your chances of facing rejection. Additionally, it prevents your credit score from decreasing owing to multiple home loan applications.
Here is all you need to know about a home loan eligibility calculator.
How a home loan eligibility calculator works
This calculator evaluates whether you qualify for a home loan with your chosen lender. It also reveals the potential home loan amount you may be eligible for. To use the calculator, enter personal details like your date of birth, city of residence, along with your net monthly salary, other monthly income, and current EMI obligations. Also, enter your prospective home loan tenor.
Based on the information you provide, it calculates your loan eligibility. It will provide you with the amount of home loan you are eligible for based on your financial standing. This way, you can find out your eligibility for a home loan within seconds.
Benefits of the eligibility calculator
The home loan eligibility calculator is high on accuracy. It gives you a chance to skip reading the eligibility criteria and get right down to the amount you may be eligible to borrow. This saves you time and effort. You can also access the eligibility calculator anywhere and at any time, which increases your convenience.
Since the calculator automatically takes all the concerned parameters for a home loan into consideration for calculation, you can be sure that nothing is missed. Moreover, these calculators are specific to your location. This is particularly useful as lenders' home loan eligibility criteria vary across Indian cities and states.
Here you will also get a chance to determine your financial limits as the calculator specifically tells you the amount you as most likely to receive as a home loan. So, it allows you to plan your home purchase with a more realistic budget. Furthermore, you can use the calculator as many times as you want and alter the information you feed. This way, you can see how your potential increase in salary or reduction in EMI obligations may get you a higher home loan sanction.
You can then take your financial planning a step ahead and use a home loan EMI calculator alongside the eligibility calculator to take a more informed decision regarding your home loan.
For instance, use the home loan EMI calculator on the Bajaj Finserv website to determine the EMI amount that suits you. Based on your chosen terms, you can avail of a Home Loan of Rs.5 Crore and even more, for a tenor of 30 years, basis eligibility from this lender on nominal interest rates.
Things to keep in mind
To get accurate results, ensure that you enter your details accurately. Since the eligibility calculator gives you the closest results that your lender may offer you when applying for a home loan, there is no point in entering false information. It is also important to enter the right city or location while calculating your eligibility. This is because different locations may require different qualifications in terms of income.
Along with checking your eligibility, be sure to look at home loan documents that will be required to prove your eligibility to ensure you get a quick sanction on your chosen amount.
Bajaj Finserv brings you pre-approved offers for personal loans, home loans, business loans and a host of other financial products. Not only does this simplify the process of availing of financing, but it also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.
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