Home loan eligibility calculator
Buying your own home is quite an achievement and a dream, isn’t it? But this dream is often laced with a lot of uncertainty – people fear applying for expensive loans, getting caught in a loan repayment cycle for years, and not being able to manage their finances properly while the loan is being repaid.
The prices of houses are also a big determinant to the home buying process. Keeping all these factors in mind, it is important to partner with the best real estate developers, who don’t merely build homes with integrity and transparency, but also eases the process of getting your finances sorted for purchasing the house.
One such real estate developer is Puranik Builders. They provide you all the help you need - right from selecting the home of your dreams to getting the housing finance in place. Home loans from reputed lending institutions are easily available, since all permissions are already in place and due legal processes are followed at every stage of construction. Thus, each of the Puranik Builders’ project is pre-approved for housing finance – all you have to do is apply for the home loan and supply the necessary paperwork as and when required.
Before you proceed with the loan application, do take care to check your housing loan eligibility. Your eligibility will let you know how much loan amount you can get for the house you wish to buy. Using a housing loan eligibility calculator, you can find out the expected loan amount against a certain rate of interest and the desired tenure (in months).
Knowing your housing loan eligibility helps you assess your finances so that you can get a fair idea of how much money you need to raise from your private resources. The home loan eligibility calculator gives you a fair idea of what to expect from the loan process.
Plan your housing finances with the help of the Home Loan Eligibility Calculator
Buying a home has become a big achievement for many. However, this achievement is often laced with a lot of uncertainty – such as applying for home loans. The fright of getting caught in a loan repayment cycle for years and being unable to manage all the finances properly does lead to a dilemma. While opting for a home loan, the price of the apartment plays a big role in the process too. Thus, keeping such factors in mind, it is essential to opt for banks and financial institutions that ease the process of getting your finances sorted when purchasing a new home.
Opting for a loan has become easy these days with the only hassle being calculating the loan EMI and tenure etc. However, with the introduction of loan EMI calculators, you get all the help you need for getting your housing finances in place.
At Puranik Builders, we understand that investing in a home is a huge step, and thus, to help you plan your finances the right way, we offer a home loan eligibility calculator. With each of Puranik Builders’ properties being pre-approved for housing finance, all you have to do is apply for home loan and supply the necessary paperwork as and when required. With the help of this home loan eligibility calculator, you can now know how much loan amount you can get for the apartment you wish to purchase. With such a tool, you can find out the expected loan amount against a specific rate of interest and the specified tenure in months. Knowing your housing loan eligibility will help you assess your finances precisely so that you get a fair idea of how much income you need to raise from your private funds. Puranik Builders aim to make your process of buying a home as smooth as possible, and thus offer guidance at every step of the way.
Why should you Use a Home Loan Eligibility Calculator
Like mentioned above, a home loan eligibility calculator helps you understand your home loan eligibility depending on your income and repayment capacity. There are multiple other factors that determine being eligible for a home loan, such as age, financial position, credit history, and other financial liabilities. However, if you still aren’t convinced as to why you should use a home loan eligibility calculator, here are a few points to help you make a decision:
Calculations are somehow tricky when it comes to loan and EMIs. Figuring it out manually can be much of a hassle and might lead to errors. Thus, a home loan eligibility calculator can help you find the accurate results, giving you a fair idea about your housing finances.
A loan eligibility calculator can be used as per your convenience. Calculations can be made quickly with little room for error. The interface and overall structure of calculators are easy to understand, thus giving you a chance to use it without much assistance.
The primary advantage of loan eligibility calculator is that you can use this toolkit for calculating home loan for any amount. The calculator is designed in such a way that allows you to choose your amount type, and once you select the amount, the loan calculator displays all the necessary information related to it within minutes.
- Speedy Results
The traditional way of calculating loans is not only a hassle but also time consuming. A loan calculator performs calculations very fast, in few seconds, and delivers precise results. You need to provide inputs and click on the available CTA button to get all the required information. Similarly, since it is reliable, you need not check the calculations twice or thrice.
What is a Home Loan?
Home loan is a loan paid by a bank or financial institution to an individual specifically for buying a residential property. Here, the creditor holds the title of the property until the loan is paid back in full along with interest specified.
- What is the tenure of a home loan?
Home loans are long-term deriving instruments with a minimum tenure of 5 years and a maximum tenure of 30 years.
- How can I enhance my home loan eligibility?
By combining your income with your spouse or with your earning parents/children, you can stretch the loan available to you.
- What is the eligibility criteria for a home loan?
Mostly it depends on your repayment capacity which depends on factors such as your age, monthly income and expenditure, credit history, the value of the property etc.
- How to use a Home Loan Eligibility Calculator?
While applying for a Home Loan, there can be a lot of confusions regarding the payments. However, technology has made it easier for borrowers, and potential borrowers to now use the home loan eligibility calculator to accurately calculate the eligibility if one has to apply for home loan. By just entering a few details about your loan tenure, loan amount, interest, etc. the eligibility calculator will be able to assess your financial status accurately.
- What factors are considered by a lender/bank while approving a home loan?
Several factors are considered by banks or lenders to determine if you are eligible for a loan.
- Applicant’s age
- Applicant’s income level
- Qualification of the applicant
- The income level of the spouse
- Resident status
- Existing loan status
- Credit score and credit history