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19 APRIL, 2022
Getting a home loan is, without a doubt, an important financial decision that involves multiple aspects and meticulous planning. A home loan helps you buy the house of your dreams and ensure that you have enough savings to meet your other crucial needs and goals. However, before availing a loan, you must know if you are eligible. And if yes, how much loan amount you can take.
So, in addition to applying for a home loan, you also need to check your home loan eligibility. You can approach a lender, or opt for tools that can find your eligibility while being comfortably sitting at home. A home loan eligibility calculator is one such tool to determine your eligibility and get the right amount of loan you qualify for.
What are the eligibility criteria to avail a home loan for individuals?
To be eligible for a home loan, you must:
If you apply as a member of HUF, as a partnership firm or as an Indian company, you might need to meet different eligibility criteria.
If you meet the above-mentioned criteria, you can avail a home loan from banks and financial institutions. However, you still might want to know the amount of the home loan you can avail. Based on your financial profile and eligibility, the lenders determine the amount of loan you are eligible for and can avail. However, you can also find the eligible amount with the help of a home loan eligibility calculator.
What is a home loan eligibility calculator?
A home loan eligibility calculator is a software-based computation tool that you can use any number of times to determine your eligibility. With this calculator, is it easy to find the eligible loan amount for you. To use this calculator, you need to input a few of your financial details. Following are the steps to use a home loan eligibility calculator -
You can use the sliders or manually input the details. You will get the eligible loan amount instantly.
With a home loan eligibility calculator, you can find the maximum loan amount you can avail. This can help you narrow down your house hunt. The calculator is available for free on various aggregators and lenders' websites. Moreover, you can plan your finances beforehand and arrange for a down payment. However, remember that the values of the calculator are indicative and can be changed by the lender.
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