Home Loan Eligibility Calculator

Home Loan Eligibility is dependent on factors such as your monthly income, current age, credit score, fixed monthly financial obligations, credit history, retirement age etc. Get the peace of mind by knowing all the details about your loan using Credlume Home Loan Eligibility Calculator

What is Home Loan Eligibility?

Home loan eligibility is defined as a set of criteria basis which a financial institution assesses the creditworthiness of a customer to avail and repay a particular loan amount. Home loan eligibility depends on criteria such as age, financial position, credit history, credit score, other financial obligations etc

How is Home Loan eligibility calculated?

Home loan eligibility is eligibility is primarily dependent on the income and repayment capacity of the individual(s).There are other factors that determine the eligibility of home loans such as age, financial position, credit history, credit score, other financial obligations etc.

Home Loan Eligibility Criteria

• Present Age and Remaining Working Years: The age of the applicant plays a major role in determining home loan eligibility. The maximum loan term is generally capped at 30 years.

• Age Limit for Salaried Individuals: 21 to 65 years .

• Age Limit for Self-Employed Individuals: 21 to 65 years.

• Minimum Salary: ₹10,000 p.m.

• Minimum business income: ₹2 lac p.a.

• Maximum Loan Term: 30 years.

• Financial Position: The present and the future income of applicant(s) has a significant impact on determining the loan amount.

• Past and Present Credit History and Credit Score: A clean repayment record is considered positive.

• Other Financial Obligations: Existing liabilities such as a car loan, credit card debt, etc.

How to enhance Home Loan eligibility?

• Adding an earning family member as co-applicant.

• Availing a structured repayment plan.

• Ensuring a steady income flow, regular savings and investments.

• Furnishing details of your regular additional income sources.

• Keeping a record of your variable salary components.

• Taking actions to rectify errors (if any) in your Credit Score.

• Repaying ongoing loans and short terms debts

The eligibility for Home Loan can be enhanced by :

These calculators are provided only as general self-help Planning Tools. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances.