Education Loan on Property Calculator

Loan Against Property Eligibility Calculator

Loan Against Property Eligibility Calculator

DATE OF BIRTH

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Age should be within 25 - 60 years

City

 

Please select Property location

Monthly Salary/Income

Rs
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0
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1L
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2L
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3L
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4L
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5L

Minimum salary should be above Rs.35,000

Monthly EMI/Obligations/Expenses

Rs
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0
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1L
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2L
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3L
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4L
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5L

Avail loan against property up to

Rs. 25,00,000

Not Eligible For Normal Offer

 

Loan Against Property Eligibility Calculator: Process and How to Use

About Loan Against Property Eligibility Calculator

A loan against property eligibility calculator tells you the loan amount you are eligible for based on several criteria. An eligibility calculator works by analysing the following data –

  • Date of birth.

  • City.

  • Net monthly salary.

  • Loan tenure.

  • Other monthly income.

  • Existing EMIs or obligations.

How Does an Eligibility Calculator Work?

A higher net monthly salary along with low existing financial obligations will enable you to secure a high loan amount.
For example, you will be eligible for a loan against property of approximately Rs.37 lakh if you have a monthly income of Rs.50,000 and have opted for a 20-year tenure.
The loan amount will reduce to approximately Rs.26 lakh if you have existing EMIs/obligations worth Rs.10,000.
The loan amount will become approximately Rs.22 lakh if your monthly income is Rs.30,000 without any existing EMI obligations.
Foreclosing any existing loan and paying off credit card debts also increases the loan eligibility as per the loan eligibility calculator.
Applying for the loan jointly will also increase the amount you are eligible for. A joint applicant can be a parent, brother, sister, son, or unmarried daughter. Co-applicants must also fulfil certain eligibility criteria. They can be either salaried or self-employed. Applying with a co-applicant also increases the loan amount you are eligible for.
Do note that the loan amount calculated by the loan against property eligibility calculator is tentative. Borrowers can avail loans up to 80% of their property value.
The loan-to-value will also determine the approval or rejection of the loan. Applying for a high LTV can lead to rejection as it makes the loan riskier. A lower LTV will make you more eligible for the loan.
The final eligible loan amount will also depend on the several other eligibility criteria that you have to satisfy.

What Are the Eligibility Criteria?

The loan against property eligibility criteria you have to fulfil include –

  • Minimum CIBIL score of 750.

  • Age between 33 and 58 year for salaried applicants and 25 and 70 years for self-employed applicants.

  • Minimum 3 years of work experience for salaried customers.

  • Minimum 5 years of business vintage for self-employed customers.

What Are the Documents Required to Apply?

Applicants have to submit the following documents apart from fulfilling the eligibility criteria

  • Documents of the property to be mortgaged.

  • Aadhaar or PAN.

  • Address proof.

  • Income Tax returns.

  • Bank account statements – 3 months for salaried applicants; 6 months for self-employed applicants.

  • Form 16 or latest salary slips.

Note that the above list of documents is indicative. You may have to provide additional documents on demand.

How To Calculate Loan EMIs?

Use a loan against property calculator for EMI calculations and know the monthly instalments you need to pay before applying for the loan. This tool also helps you find the suitable loan tenure as per your repayment capabilities.