Want to avail a home loan but don’t know how much loan amount you can actually get from the lender? Well, all this and much more can easily be known to you with a home loan eligibility calculator. That’s Right! One such magical online device that lets you know how much loan amount you can get from the lender based on your eligibility.
Now when it comes to home loan eligibility, it would not be wrong to say that your income and repayment capacity these are two critical component that actually decides your loan eligibility.
However, one thing that needs to be mentioned here is the fact that there are other factors also that determine your home loan eligibility online. That’s Right! Lenders do consider many factors to decide your eligibility for HL. Your age, financial position, credit history, credit score and other financial liabilities also give their contribution to the process.
Well, in order to keep you away from the hassle of calculating the loan amount eligibility, there is no denying the fact that an online device as mentioned above, an HL eligibility calculator is here to help. Yes, this time-saving and smart tool has been well-designed for this purpose only, wherein it helps the loan-seekers to know the exact loan amount they are eligible to get.
Moreover, when it comes to using the same, the device is easy to use and can be accessed anytime, 24×7. More to the point, because of its easy accessibility, there is no denying the fact that this tool has been widely used online as it helps the applicants to have a better vision about their deal. If we talk more about this online tool, all you need to do is just enter:
- Monthly Income
- Interest Rate
- Other EMIs(if any)
After entering the above credentials, within few seconds,you would be able to know the Monthly Installments along with the actual loan amount you can get from the lender based on your eligibility. With just one click of your mouse, you would be able to know the loan amount, you can get from the lender, hence can plan your expenses accordingly. It also helps the loan seekers with the financial planning as it gives a quick check to the loan amount.
In order to get more clarity on the same, let’s just take the help of an example below so that you can have a better understanding of the same.
Suppose, Avani Jain, an Interior Decorator by profession wants to apply for home loan online of ₹40 Lakh. She has a monthly income of ₹60,000 and out of the same she saves around 50%,i.e. ₹30,000 each month. In order to get the same loan amount, she has sent an online home loan application and after checking her profile and considering other factors, the lender finally decides the actual loan amount for her.
So, let’s just know the calculation below:
Amount: ₹1 lakh
Loan Tenure: 30 years
Rate of Interest: 8.30%
Your per lakh EMI will be: ₹755
Maximum Loan Amount=(1,00,000×30,000)/755=₹39.70 Lakh (approx)
As you can see above, Avani can get a loan of around ₹39 Lakh based on her eligibility. Her actual need was ₹40 Lakh but because she has enough savings, hence she can use them to contribute to the loan. If we talk more about the same, lenders calculate the loan eligibility of an individual after taking into account, the per lakh loan amount, savings, per lakh EMI, tenure and interest rate.
However, the exact figures can vary as there are other parameters that lenders keep in mind while calculating the loan amount eligibility. The above calculation is just for the reference purpose only so that you can get the basic idea how a home loan eligibility calculator online works and on which phenomenon.
Hope this article was worth reading for you!