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Home Loan Eligibility Calculator
About the Home Loan Eligibility Calculator_WC
About the Home Loan Eligibility Calculator
The Home Loan Eligibility Calculator benefits all aspiring Home Loan borrowers, helping them secure favourable Home Loan terms by enhancing their loan eligibility. Maximising your Home Loan eligibility is crucial to ensuring that you benefit from all that the Bajaj Housing Finance Home Loan has to offer – competitive interest rates, flexible repayment terms, loan sums tailored to your requirements and more.
What is Home Loan Eligibility?
Before availing of a Home Loan, make sure to check if you fulfill the eligibility requirements to improve your chances of hassle-free loan processing and approval. Bajaj Housing Finance has simple and easy-to-meet eligibility requirements. Some of the top eligibility factors that determine your loan qualification are age, income, existing obligations, credit score, employment type, city of residence, etc.
Use our Home Loan Eligibility Calculator to assess the maximum loan amount you can apply for. Make an informed decision by checking your loan eligibility to reach a suitable loan amount as per your income and repayment capacity.
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Home Loan Eligibility Criteria
If you are looking to apply for a loan with Bajaj Housing Finance, you should meet the below eligibility parameters. You can also use our eligibility calculator to check your home loan eligibility and apply for a suitable loan amount accordingly.
|Eligibility Parameters||Requirements to Fulfil|
|Employment Type||Both salaried and self-employed applicants can apply for a Home Loan|
|Age|| For salaried: From 23 to 62 years** |
For self-employed: From 25 to 70 years**
|Residential Status and Citizenship||Applicants must be residing Indian citizens|
|Work Experience/Business Vintage|| For salaried: Minimum 3 years of work experience |
For self-employed: A vintage of no less than 5 years in the current business
**The upper age limit is considered as the applicant’s age at the time of loan maturity.
How to Use a Home Loan Eligibility Calculator?
The Bajaj Housing Finance Home Loan Eligibility Calculator allows users to assess the maximum loan amount they can avail of based on various eligibility factors. Follow the below mentioned step-by-step guide to check your eligibility for housing finance with our loan amount eligibility calculator.
- Enter your date of birth in date-month-year format.
- Select your city of residence from the dropdown menu. The city selected helps the housing loan eligibility calculator determine your loan amount suitability as per your income and the market price of the house to be purchased.
- Enter your monthly salary or income (including any additional sources of earning) in Rupees.
- Provide your existing financial obligations, such as EMIs payable, fixed expenses, credit card outstanding, etc.
Once you enter the required values, the calculator instantly reflects your maximum Home Loan amount eligibility. The Home Loan amount eligibility calculator provides an accurate and quick estimate of the loan amount you can avail of conveniently as per your current eligibility.
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How is Housing Loan Eligibility Calculated?
The eligibility for a Home Loan is calculated based on multiple factors that a lender uses to determine a borrower’s capability to repay and the risk involved in lending. The basic factors that determine your Home Loan eligibility include your income and repayment affordability.
Other essential factors include your age, financial and employment profile, place or city of residence, credit profile, which includes your CIBIL score and bureau report, existing repayment liabilities, etc. These factors also contribute to interest rate determination, whereby low-risk profiles attract lower interest rates and vice versa.
Provide all necessary documents required for a housing loan to confirm your eligibility when applying. Here is a break-up of the effects of different eligibility factors on the Home Loan amount and the interest levied.
- Income and Employment Profile: A high monthly/annual income indicates an increased capacity to repay the Home Loan. A high income also indicates a reduced risk of default. Thus, borrowers with high income can negotiate more attractive rates. Similarly, the employment profile of a borrower also impacts his/her eligibility. A salaried employee working with a recognized company stands a better chance of securing a high-value loan at competitive rates. Self-employed individuals with established business profiles can also negotiate for the required loan amount with the right profile.
- Age: Borrowers stand a better chance of availing of a high-value Home Loan at competitive rates early on in their career. Individuals nearing their retirement age can avail of a Home Loan too, although for a shorter repayment tenor.
- Credit Profile: A borrower’s credit profile depends on multiple factors, including their repayment history, credit habits such as debt repayment, credit utilisation, debt-to-income ratio, and credit mix, among others. The credit score and report numerically sum up these parameters, with a high score indicating a reliable credit report and a creditworthy profile.
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What Home Loan Amount Can You Avail of Based on Your Salary?
Home Loan eligibility differs with the applicant’s age and income. For salaried individuals, their net monthly income determines their maximum loan eligibility. Given below is the estimated housing loan eligibility for salaried individuals based in Bhopal as per their monthly income variations.
|New Monthly Income (Rs.)||Maximum Home Loan Eligibility (Rs.)|
Factors That Affect Home Loan Eligibility
An individual’s housing loan eligibility is determined on the basis of various factors.
The age of an applicant directly affects the total Home Loan eligibility amount. As long-term financial commitments, home loans are favourable for younger individuals due to extended working years and a higher earning capacity.
Younger applicants can also select a suitable tenor extending up to 30 years as per the loan amount required and their repayment capacity. Use a Home Loan Calculator when applying for housing finance to estimate your fixed monthly outgo and apply suitably.
Type of Employment
Employment type is a critical determinant of the maximum loan amount an applicant can avail of. Bajaj Housing Finance offers home loans worth Rs.5 Cr* or even higher, basis eligibility.
An individual’s monthly income determines the affordability of EMIs they can service towards loan repayment every month without experiencing any financial stress. Check your Home Loan eligibility criteria based on salary or business income before proceeding to apply.
Credit Report and Score
The credit score represents an applicant’s past credit behaviours as well as reliability for timely repayment and impacts their loan approval chances. Maintain a healthy credit score of 750 and above to improve your chances of easy loan approval.
Existing Loan Commitments
Any existing loan commitment is deducted from the total monthly income to determine your repayment capacity during application evaluation. Repay your existing advances before applying for a home loan to increase repayment capacity.
Some of these factors, such as your credit score, also affect the Home Loan interest rate offered to you.
Tips to Enhance Home Loan Eligibility
Applicants should check their eligibility for a Home Loan before applying and take the necessary measures to improve their profile for easy loan approval. Use a housing loan eligibility calculator to determine the maximum loan amount you can avail of before proceeding to apply. The below tips can help improve your chances of quick loan approval.
Apply with a Financial Co-applicant
A Home Loan with an earning co-borrower represents the combined eligibility of both applicants. Make sure to choose a co-applicant with a high income, reliable credit score, and clean repayment history for improved eligibility.
We recommend applicants use our Home Loan Eligibility Calculator to assess the maximum loan amount available when applying with a co-borrower. Co-borrowing a Home Loan also comes with individual tax benefits for both borrowers.
Select an Extended Loan Tenor
Opt for an extended tenor for Home Loan repayment to improve your eligibility. A longer tenor divides the total repayment liability into a higher number of months and brings down the EMIs.
Individuals with limited income can improve their repayment affordability and overall loan eligibility by selecting a longer tenor and smaller EMIs. Use a Home Loan EMI Calculator to select a suitable repayment tenor as per your income.
Repay Existing Debts
The repayment of existing loans enhances your chances of Home Loan approval. This is because paying off debts reduces your total liability, thereby increasing your capacity to repay. For instance, repaying any outstanding liability on vehicle or personal loans improves Home Loan eligibility. Check your loan eligibility with an eligibility calculator to confirm increased repayment capacity.
Document All Sources of Income
When submitting financial documents, include all sources of income, such as salary (if salaried applicant), business profits (if self-employed), monthly rental earnings, and income from investments, among others, to improve your Home Loan eligibility amount.
Take Necessary Measures to Improve Credit Score
Taking necessary measures to improve your credit score also enhances your overall credit profile, and therefore, Home Loan eligibility. Making timely repayment of debts and limiting credit utilisation will help you improve your credit score.
Include Any Variable Annual Pay in Your Income Documents
When providing Home Loan documents, include any variable pay received annually, such as yearly bonuses, and incentives, to try and increase your overall loan eligibility. Add the amount when entering income value in a housing loan eligibility calculator to determine your actual eligibility for the Home Loan amount. Do note that only a part of the variable pay is considered towards your income and, subsequently, eligibility, and the exact percentage varies from lender to lender on a case-to-case basis.
Home Loan Eligibility Calculator FAQs_WC
Home Loan Eligibility Calculator FAQs
A Home Loan Eligibility Calculator can be used for the purpose of establishing your Home Loan eligibility, depending on your salary. Here is how you can use the Bajaj Housing Finance Home Loan Eligibility Calculator:
- From the drop-down menu, choose your city of residence
- Enter your birth date
- Enter your monthly income
- Enter your existing financial obligations
Based on the information you provided, the Home Loan amount you are eligible for will be displayed on screen.
The minimum salary required for a Home Loan is Rs.30,000, earned monthly. Ensure that you account for all your income sources while declaring your monthly income to optimise your chances of securing a good Home Loan deal.
Younger applicants enjoy an advantage when they apply for a Home Loan, as chances of approval is higher, in such cases – considering their salary earning years and repayment capacity. Older applicants can also apply for a Home Loan, but they may be offered steeper rates.
You can use the Bajaj Housing Finance Home Loan Eligibility Calculator to establish the Home Loan you can receive on a salary of Rs.50,000.
Consider this as an example: An applicant residing in Pune, of an eligible age of 27 with a monthly income of Rs. 50,000 without any existing financial obligations, can receive a Home Loan of Rs.25,83,791 as per the calculator.
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