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Home Loan Eligibility Calculator

One of the simplest ways to check home loan eligibility is to use a home loan eligibility calculator. Lending institutions take into account a variety of elements, including monthly wage, loan repayment tenure, other sources of monthly income, any other obligations, and EMIs due, among other things. A housing loan eligibility calculator allows you to rapidly enter figures or inputs into various fields and assess their eligibility. It will assist purchasers in making an informed decision and avoiding loan application rejections.

Home Loan Eligibility

To qualify for a home loan, every applicant must meet the housing loan eligibility requirements. This ensures that he or she will be able to repay the loan without difficulty. Failure to meet the qualifying conditions may result in the loan application being rejected, resulting in a negative mark on the applicant's credit profile. As a result, ensure that you meet the required qualifying criteria to fasten the processing.

How to use PCHF Home Loan eligibility calculator?

The home loan eligibility calculator from PCHF allows you to assess your housing loan eligibility online.

  • Select the type of job: For example - Working in a government institution, MNC, etc.
  • Fill in your monthly earnings: Enter your monthly gross income.
  • Loan Tenure (in Years): Enter the loan term you'd want to take out. A longer period of service improves eligibility.
  • Enter the interest rate: Input the current PCHF housing loan interest rate in percent per annum. To find out what the current interest rates are, go here.
  • Fill up the blanks with your existing EMIs (on a monthly basis): Enter the EMIs for any other loans you have.
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Home Loan Eligibility Criteria

Individuals' ability to repay a housing loan is mostly determined by their income and repayment capacity. Other factors that impact house loan eligibility include age, financial situation, credit history, credit score, and other financial responsibilities, among others.

Factors determining home loan eligibility

A borrower's housing loan eligibility is determined by a number of variables. The following are some of the most important:
  • Age Range: Applicants must be self-employed and between the ages of 23 and 70 to be eligible for the loan. To be eligible, salaried individuals the minimum age is 21 years. But the maximum age is 70 years for government employees considering Pension and 62 years for others.
  • CIBIL Score: A CIBIL score is a three-digit number that indicates a person's creditworthiness. The minimal credit score required to qualify for a loan is 750 on a scale of 300 to 900. A good CIBIL score for a home loan will help you get better features and lower interest rates.
  • Occupation: Applicants must be self-employed or employed by a private or public sector enterprise or a multinational corporation.
  • Minimum Earnings: PCHF provides a monthly net income based on the place where you live. Applicants must meet the necessary minimum standards.
  • LTV and Property Value: If the property's market value is higher, the chances of securing a larger loan are higher.

Documents Required by PCHF to Check Home Loan Eligibility

Applicants who are salaried:
  • Proof of Address (Eg - Voter ID, Aadhar Card, Rent Agreement etc)
  • Identity Verification (Eg - PAN Card, Passport, etc)
  • Age Validation (Birth Certificate, 10th Marksheet, Driving License, etc)
  • Form 16
  • Employer's certified letter
  • Salary slips from the previous two months
  • IT returns from the previous three years (increment or promotion letter)
  • Two passport-size photos
  • Property documents include a letter of authorization from the society/builder, a construction estimate, and an occupancy certificate, among other things
For applicants who are self-employed:
  • Proof of Address (Eg - Voter ID, Aadhar Card, Rent Agreement, etc)
  • Identity Verification (Eg - PAN Card, Passport, Aadhar Card, etc)
  • Age Validation (Birth Certificate, 10th Marksheet, PAN Card, Aadhaar Card, Passport, Driving License)
  • Income Tax Returns (ITR) from the previous three years
  • Company Balance Sheet and Profit & Loss Account Statement (duly attested by a C.A.)
  • Information on the Business License (or any other equivalent document)
  • Professional Practice License (For Doctors, Consultants, etc.)
  • Certificate of Establishment Registration (For Shops, Factories & Other Establishments)
  • Business Address Proof: Property documents include a letter of authorization from the society/builder, a construction estimate, and an occupancy certificate, among other things

How can you improve housing loan eligibility?

Housing loan eligibility can be enhanced by a variety of factors.
  • Apply for a joint home loan with a co-applicant to improve your chances of getting a larger loan.
  • Obtaining a repayment plan that is well-structured.
  • Maintaining a consistent income stream, as well as regular saves and investments.
  • Providing information about your usual sources of extra income.
  • Keeping track of the various components of your variable pay.
  • Taking steps to correct any problems in your credit score that you may have.
  • Paying down existing debts and short-term obligations.

About Piramal Capital and Housing Finance (PCHF)

PCHF is a wholly-owned subsidiary of Piramal Group Enterprises Limited and is registered with National Housing Bank (NHB). It provides retail funding as well as wholesale opportunities to companies across different industries. PCHF also engaged in several financial services businesses. With the plethora of business loan benefits, many businesses tend to lean towards PCHF for their financial needs.