Buying or building your own home is the ultimate step to being financially ‘settled’ in many countries, including India. While it is a dream for many millions, most do not have the financial wherewithal to buy or own a home on their own. Banks and other lenders have come up with affordable home loan options in order to make this dream into a reality!
Am I Eligible?
In order to be eligible for a home loan, you need to be
• A salaried employee or a self-employed individual/ professional.
• Able to satisfy the minimum and maximum age requirement age
• Fulfill income requirements and be able to demonstrate a stable income.
If you have a spouse who is salaried, then you can add him/her as a co applicant. Your spouse’s income will be taken into account and will help eligibility.
How Do I Calculate My Home Loan Eligibility?
There are a lot of resources available online with which you can check your home loan eligibility and you need to do thorough research to sort out the various offers available on the market.
Different lenders have different eligibility requirements. For example, in order to be eligible for a home loan from Axis Bank you need to be a minimum of 24 years of age at the time of commencement of the loan and salaried/self-employed. In order to be eligible for a Home Loan from DHFL, you need to be above 21 years of age at the time of commencement of the loan.
Most lenders have online eligibility calculators on their websites, which you could use to check if you qualify for a loan.
How Can I Calculate Home Loan EMI?
One of the biggest concerns when planning to apply for a home loan is how much exactly you will have to pay in interest costs for the loan, and how much of your monthly income you can afford to commit towards paying off your home loan. Using an online Home Loan EMI Calculator helps you determine how much your loan will cost on a monthly basis. This way, you will know your exact financial commitment over the tenure of the loan. Knowing this outflow helps you plan your budget accordingly.
If you want a simple and stress free way of calculating your probable EMI, you can use CreditMantri’s online Home Loan EMI Calculator—it is free, very easy to use, and you can use it any number of times with different combinations of loan amount, interest rate and tenure.
If you think you need help evaluating the various loan offers on the market, and advice on home loan eligibility, CreditMantri can guide you through the entire process and match you up with the loan offer that best suits your credit profile and needs.