Home Loan Eligibility Calculator
Determine the Eligibility on your home loan using Piramal Finance Home Loan Eligibility Calculator
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Factors Affecting Home Loan Eligibility
The answer to “how much home loan can I get” depends on the following factors:
Self Employed
Self-employed professionals like doctors and architects can also apply for a home loan. The age limit for self-employed professionals to qualify for a home loan is 23 years to 70 years.
Income
Piramal Finance has set a specific monthly net income for applicants according to where they live. While using a home eligibility calculator, you will have to enter your net annual income to check whether your loan application will get approved.
Independent Professionals
Independent professionals like business owners, partners of partnership firms, and proprietors are also eligible for a home loan from Piramal Finance. The age limit for independent professionals to qualify for a home loan is 23 years to 70 years.
Loan Term
The loan tenure you choose has a huge impact on your housing loan eligibility amount. When you have chosen a longer home loan tenure, your EMIs will be lower. When you enter a high loan tenure on a home loan eligibility checker, your chances of approval are higher because the EMIs become more affordable.
Age Limit
Banks want to know how many years applicants have left as salaried or working professionals. When you are getting a home loan years before your retirement, the chances of approval are higher. You will certainly have the edge over other applicants when you are in the early years of your career.
Outstanding Loan(s)
When you check housing loan eligibility, multiple loans and debts won’t affect your chances. However, too many unpaid loans are going to be a problem. Missing EMI payment dates and undisciplined credit history are going to negatively impact your chances of home loan approval.
CIBIL Score Report
Your CIBIL Score Report shows whether you have been good at managing your credit history. Your CIBIL score depends on factors like your repayment history, credit card dues, and existing loans. An ideal CIBIL score to be eligible for a home loan is 750 on a scale of 300 to 900. The purpose of checking your CIBIL score is to assess your repayment capacity and financial credibility.
Rate of Interest
A fixed rate, a floating rate, or a mixed interest rate are all options. Floating interest rates fluctuate in response to Reserve Bank of India changes (RBI). If the latest RBI guidelines result in lower interest rates, your EMIs will be lower as well, and vice versa. A fixed interest rate remains constant throughout the term of your loan. Loans with mixed interest rates begin with a fixed interest rate for a set period of time before switching to a floating interest rate.
LTV and Property Value
Lenders are also concerned about the property for which you are taking a loan. If the market value of your dream home is higher, you will qualify for a higher loan value, and vice versa. Therefore, you need to be able to choose the right value to substantially increase your funds.
The bank will also check the down payment you make and the financing amount you need. It becomes easier to get a home loan when you have the capital for a 20% down payment. If you need more funds, you will usually have to pay a higher rate of interest.
The bank will also check the down payment you make and the financing amount you need. It becomes easier to get a home loan when you have the capital for a 20% down payment. If you need more funds, you will usually have to pay a higher rate of interest.
Salaried Individual
Salaried individuals working in either the public or private sector are eligible for a home loan. Employees in government institutions, MNCs, proprietorship concerns, and partnership firms are also eligible. Moreover, people working in NGOs or related organizations are also eligible.
The minimum age to be eligible for a housing loan is 21 years, and the maximum is 60 years. But for government professionals, the age limit is up to 70 years because they have pensions. However, the home loan can be availed as long as the individual stays an income contributor.
The minimum age to be eligible for a housing loan is 21 years, and the maximum is 60 years. But for government professionals, the age limit is up to 70 years because they have pensions. However, the home loan can be availed as long as the individual stays an income contributor.
తరచూ అడిగే ప్రశ్నలు
What is the minimum salary to get a home loan?
The minimum salary to get a home loan depends on where you live and your loan amount. The net income requirements usually vary from one lender to another.
How much home loan can I get for my salary?
You can use a home loan EMI eligibility calculator to determine how much you will be able to borrow. Using the calculator is quite easy because you only need to enter certain details like your net income, age, and the amount you intend to borrow.
Is it beneficial to use a home loan eligibility checker?
An online housing loan eligibility calculator is extremely beneficial because it lets you understand whether your home loan application will get approved. If you see that your home loan application is likely to get rejected, you can take the necessary measures to enhance your eligibility.
How much housing loan can I get from the bank?
You will not qualify for 100% of the housing loan from the bank. But you can expect to secure around 80% to 90% of your property’s cost from a home loan. The amount you can secure as a housing loan usually varies across lenders. Moreover, it depends on various factors like your income, repayment history, and more.
What are home loan eligibility documents?
At Piramal Finance, applicants are required to provide the following home loan eligibility documents:PAN card Identity proof (passport/ driving license/ Aadhaar card / Voter ID/ Letter issued by the National Population Register with name and photo/ Job card issued by NREGA) Address proof (passport/ driving license/ Aadhaar card / Voter ID/ Letter issued by the National Population Register with name and photo/ Job card issued by NREGA/ utility bills like telephone or electricity bills) Property-related documents (stamped agreement of the sale, possession certificate, NOC from the builder, in-depth construction cost estimation, bank account statement, occupancy certificate if it’s an already-constructed apartment) Income proof for salaried professionals (salary slips from the last three months, banks statements from the last six months, Form 16, collateralized property document) Income proof for self-employed individuals (ITR with computation for the last two years, primary bank statement of last six months, CA audited financials wherever necessary) Income proof for self-employed individuals (ITR with computation for the last two years, primary bank statement of last six months, CA audited financials wherever necessary) Passport-size photographs
What is the role of a co-applicant in home loan eligibility?
A co-applicant is basically a co-borrower of your home loan. They remain responsible for repaying the loan as well as other obligations. When the original borrower fails to repay the loan, the co-applicant is held accountable.
What are the eligibility criteria for home loan Subsidy?
Beneficiaries of low-income groups and economically weaker sections are eligible for home loan subsidies. The interest subsidy is offered at 6.5% per annum for 20 years or throughout the tenure of the loan, depending on whichever is shorter.
Can I get a top-up loan in addition to my existing home loan?
At Piramal Finance, you are eligible for a top-up facility on your existing home loan. However, you will have to pay your EMIs diligently to be eligible for the top-up facility.
Can I borrow a loan for an under-construction property?
Yes, you are eligible to borrow a loan for an under-construction property. You can calculate housing loan eligibility for an under-construction property using the Piramal Finance calculator.
Who is eligible for a joint home loan?
You can make an application for a joint home loan with your spouse, parents, or children. A joint home loan needs a minimum of 2 and a maximum of 6 applicants.
Are my children eligible to be co-applicants for my home loan?
Yes, your children can be co-applicants for your home loan. But before adding them as co-applicants, remember that they will be held accountable if you fail to repay the loan.
Am I eligible for tax benefits if I take a home loan?
Section 80C of the Income Tax Act declares that you are entitled to tax benefits on a home loan. You are allowed to claim up to Rs 1.5 lakhs on the principal amount, stamp duty charges, and registration cost of the housing loan.
Will I be eligible for a home loan if I have a bad credit score?
Securing a home loan will become difficult if your credit score is bad. However, some lenders are still willing to offer you a home loan. But the interest rate might go higher due to a bad credit score.
What is the process of disbursement for an under-construction property?
A housing loan for an under-construction property is usually disbursed in segments. You will receive portions of the loans as your builder demands you to pay. Several lenders only charge EMIs on the amount they have disbursed.
What security needs to be provided when applying for a home loan?
You will have to provide your lender with security against your housing loan only when your application has been approved. Usually, the first mortgage of the property or the title deed has to be provided as security.
Can I get a higher loan through my existing loan account to buy a new property?
Yes, you are allowed to use your existing loan account to buy a new property. However, it varies from one lender to another.
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