Home Loan

Ultimate Guide on Home Loan Eligibility Calculator


Building a house is everyone’s dream. It is a lifetime achievement and investment. It is important to have enough funds to build a beautiful home. Do not sacrifice comfort for a lack of funding.

A home loan is a one-stop solution for all of your funding needs. You should take a look at the eligibility requirements for a home loan. It is smart to compare and check the terms before applying.

You can check your eligibility online at home. The home loan eligibility calculator helps you fill in details and know your eligibility. Details like job type, monthly income, and amount check eligibility.

The monthly income of an individual determines the loan amount. It helps divide EMIs and offers a repayment mode. This manual is all about the home loan eligibility calculator.

What is home loan eligibility?

If applicants want easy approval, they must meet the eligibility criteria. The criteria are simple yet mandatory. The lender decides the criteria for a home loan.

The criteria ensure the lenders are safe with their money. The monthly salary ensures timely repayment. It helps determine EMIs and interest rates. During the tenure, the principal and interest amounts are gradually repaid.

If the applicant fails any criteria, it may result in rejection. The negative remark may degrade your credit score. A low credit score can affect future loans and finances.

It is better to read the eligibility criteria properly. Complete them prior to applying for a home loan. These steps will lead you to easy approval and disbursal.

Factors in the home loan eligibility calculator

Here are the following details for the eligibility criteria for the applicant:

  • Age of the applicant

The age bar for a self-employed individual is 23–70 years old. The salaried applicant’s minimum age is 21 years. Government employees with pensions can apply until 70 years age limit. 

Other age-related information can be found on the official website.

  • Monthly income

The monthly income of government employees is fixed. So, repayment is not an issue. But salary applicants might not have a stable income. 

So they have to provide an alternative way to repay the loan. If they fail to pay on time, the nominee has to pay.

In the eligibility criteria, you have to provide an income statement as proof. It creates a safety net for lenders. 

  • Credit score

Credit, or CIBIL, scores provide information about past credit performance. It is a three-digit number that defines creditworthiness. The minimum credit score is 750 for home loans. 

A low CIBIL score may result in rejection. Maintain your score of more than 750 for a quick approval. Pay your bills on time and make a score of 900. The higher the credit score, the lower the interest rate.

The applicant can lower the interest rate with a good CIBIL.

  • Property and LTV value

The property value can increase the loan amount. The lender offers a high loan amount for the high-value property. It also helps in quick approval.

  • Occupation

The applicant must be employed in the public or private sector. It can be a government office or a multination organization. 

The company’s reputation also contributes. It increases the chances of approval.

How to use the Piramal Finance home loan eligibility calculator?

The Piramal home loan eligibility calculator is easy to use. You can use it online. Follow the steps given below.

Step 1: Visit the Piramal Finance website. Go to the calculator on the top left area of the home page.

Step 2: Select the home loan eligibility calculator.

Step 3: Fill in the mode of employment, from self-employed to salaried.

Step 4: Enter the gross monthly income of the applicant.

Step 5: Select the loan tenure period. Longer tenure facilitates approval.

Step 6: Fill in the interest rate of your choice. To find the current interest rates, enter % per year.

Step 7: Enter the EMI amount of the existing loan (if any).

Step 8: Click the “Apply Now” button.

That’s how you can calculate it using the home loan eligibility calculator.

Documents for Piramal Finance home loan

Banks and financial institutions ask for documents in loan processing. The documents vary for self-employed and salaried applicants.

Please check the list of documents given below.

  • Complete the application with the borrower’s signature.
  • Two passport-size pictures.
  • Identity proof includes a PAN card, an Aadhaar card, a driver’s license, a passport, and a voter ID card.
  • Age proof of the applicant, like an Aadhaar card, 10th grade mark sheet, birth certificate, and bank account passbook.
  • Residence proof like utility bills.
  • Income proof of applicants like ITR statement and profit and loss statement of last 3 years.
  • Proof of all educational certifications. Suppose the co-applicant is part of the loan, then their qualifications. You can include additional certificates, such as sports skills.
  • Property documents like occupancy certificates and sales deeds.

How to get easy approval for a home loan?

Some factors can affect your loan approval. You may follow these tips for fast approval of a home loan.

  • The applicant should board a co-applicant for extra coverage.
  • Plan a repayment plan for a disciplined process.
  • The applicant must maintain a stable income. They should invest and save for repayment.
  • You can mention your extra income.
  • Please keep track of loan money and use it in the best way possible.
  • You should pay your credit card bills on time. It increases the credit score.
  • You must pay off past debts for a clean image.

The bank sees every factor separately. You should use tips to keep each of them in good condition. Small steps can lead to fast and easy disbursal. 

Top 10 home loans with an interest rate

The applicant should compare the interest rates of different banks. You can use the home loan eligibility calculator to test your eligibility. Only apply if you meet the eligibility requirements.

S.NoBank nameAge LimitInterest Rate
1.SBI Home Loan18-70 years8.05-8.55%
2.HDFC Home loan18-70 years8.60-9.50%
3.Axis Bank21-60 years7.80-8.05%
4.ICICI Bank23-70 years8.45-9.80%
5.Bank of Baroda21-65 years7.40-8.45%
6.PNB Home Loan23-65 years8.30-11.40%
7.LIC Home loan21-60 years8.0-9.25%
8.Aditya Birla Home Loan18-65 years8.10-13.00%
9.Bajaj Housing Finance265 years7.70-14.00%
10.Citibank Home Loan21-60 years6.50-7.40%


The home loan eligibility calculator is a tool for easy assessment. Any individual can use a calculator to check eligibility for a home loan. The loan will help you build a new home.

The applicant should fulfil all eligibility criteria before applying. This practice helps facilitate easy approval. Check the above manual for fast disbursal.

Visit Piramal Finance for similar blogs and look at the products and services they offer.