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Calculate Your Home Loan Eligibility in Just a Few Clicks

  • Highlights

  • Find out your home loan eligibility using a calculator

  • Use home loan eligibility calculator for better accuracy

  • Fill in the details in just a few minutes

  • Understand your potential loan amount

You are already familiar with the home loan EMI calculator and may have used the same to determine your EMIs and calculate the best home loan interest rates to maximise 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 a rejection, which will ensure that your credit score is not impacted negatively. 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 month salary, other monthly income, and current EMI obligations. Also, enter your prospective home loan tenor.
Based on the information you enter, 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 the home loan eligibility criteria set by lenders vary across Indian cities and states.

Document required for Home Loan | Bajaj Finserv

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 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. Use the Home Loan EMI Calculator on Bajaj Finserv website, for example, to find out the EMI amount which suits your pocket taking the lowest home loan interest rates into consideration. Based on your chosen terms, you can avail a Home Loan of up to Rs.10 crore for a tenor of 25 years from this lender, on nominal interest rates.

What to keep in mind

In order to get accurate results, ensure that you are entering the right details. Since the eligibility calculator gives you the closest results that your lender may offer you when you apply 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 loan, business loans and a host of other financial products. Not only does this simplify the process of availing financing, but also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.
Need instant financing? Think it. Done with Bajaj Finserv.

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