Loan Against Property Eligibility Calculator
All Loan Against Property Calculators
About Loan Against Property Eligibility Calculator
The Loan Against Property Eligibility Calculator is an effective tool for aspiring loan applicants, helping them secure attractive loan terms, such as a low property loan interest rate, a sizeable loan sum and a repayment tenor in tune with their financial capacity. The calculator is intuitive and easy to navigate, letting you calculate your Loan Against Property EMI based on your primary inputs and income profiling.
Applicants should evaluate their Loan Against Property eligibilitybefore applying for the loan to maximise their gains and savings from the credit facility. It minimises the chances of having your application overturned and serves as a way to enhance your eligibility so you can avail of more competitive loan terms and enjoy easy funding for housing or business requirements, or debt consolidation.
Steps to Use a Loan Against Property Calculator
Follow these simple steps to determine your eligibility for a Loan Against Property:
- Select the city where your property is located
- Select your date of birth
- Enter your monthly income
- Enter your monthly obligations
Once you enter these details your eligible loan amount will be displayed on the screen on the right-hand side.
How does a Property Eligibility Calculator Work?
A Loan Against Property Eligibility Calculator is an online tool that uses crucial factors such as monthly income, monthly expenses, your city and birthdate to precisely determine your eligibility for a Loan Against Property.
Benefits of Property Loan Eligibility Calculator
The Bajaj Housing Finance Loan Against Property Eligibility Calculator is a handy tool for applicants who wish to apply for a Loan Against Property. The calculator has several features that applicants can benefit from, such as the following:
- Accurate Calculations: Applicants no longer need to rely on manual interest rate calculations, which can get particularly tricky for financial obligations such as a property loan. The calculator helps you arrive at your potential EMI amount based on the information you provide, using the formula digitally – saving you both time and effort.
- Instant Results: Besides providing accurate results, the Loan Against Property Eligibility Calculator also calculates your results instantly, in real time, with almost no errors. This reduces your time spent and allows you to apply for your Loan Against Property at the earliest.
Property Loan Eligibility Calculator FAQs
Loan Against Property sanctions can go up as high as Rs.5 Crore*, with almost no end-use restrictions, allowing you to use the funds as you please for a variety of expenses including business expenses, overseas education and even wedding costs. Given the size of the sanction amount, your income has a high impact on your Loan Against Property eligibility.
To be able to repay the amount in time and schedule as planned with your lender, you must be able to establish a strong income source that is likely to continue through your repayment tenor. Lenders deem this extremely important and use income propensity to calculate the loan amount they can extend to you, depending on your repayment capacity.
Loan Against Property is an easy funding solution for borrowers who have a property to mortgage. However, lenders do have certain requirements for the property that can be used as collateral for the Loan Against Property extension. If your property meets the mark, then it boosts your eligibility for a Loan Against Property. Here are the types properties that are not eligible for a loan sanction:
- Agricultural land or plots
- Unoccupied land or plots
- Properties that fall under Gram Panchayat jurisdiction
- Properties under 600 sq.ft. in size
You can refer to the list of accepted property collaterals that most lenders extend a Loan Against Property for:
- Residential properties
- Commercial properties
- Self-occupied property
- Leased property
Besides this, lenders have their own way of evaluating properties before sanctioning the loan amount, which includes the following:
- Appointing an independent valuer to visit the property to take stock of its physical conditions
- The value is based then assessed against trending property prices in the relevant neighbourhoods
Enhancing your Loan Against Property eligibility is must if you would like to be able to avail of the loan with competitive terms. Here are some ways you can achieve this:
- Focus on boosting your CIBIL score. Most lenders accept a CIBIL score of 750 and above, to extend attractive interest rates and flexible tenors. If your CIBIL score is not up to par, consider boosting your score first.
- Free up your repayment capacity. While focusing on boosting your CIBIL score, consider repaying other dues and loans to free up your repayment bandwidth. This allows you to be eligible for a higher loan sanction, that could possibly lead to a sizeable EMI.
- Ensure that your property is in good shape, to be able to mortgage it against competitive lending terms.
Yes. While not too many, borrowers who have taken a Loan Against Property are still eligible for select tax benefits under certain conditions, such as:
- Tax exemption under Section 24: Salaried borrowers can avail of tax rebates on Loans Against Property is the sanction is used for buying a new residential property.
- Tax exemption under Section 37(1): Particularly applicable for business owners, who use the Loan Against Property sanction to address business expenditure and costs. One can claim rebates on the interest component of their repayment amount and some of the ancillary fees of the loan sanction process.
*Terms and conditions apply
