Home Loan Eligibility Calculator_banner_WC
Home Loan Eligibility Calculator
What Are Home Loan Eligibility Criteria?
Before availing of a Home Loan, make sure to check and fulfil the eligibility requirements to improve your chances of hassle-free loan processing and approval. Bajaj Housing Finance has simple and easy-to-meet eligibility requirements. Some of the top eligibility factors that determine your loan qualification are age, income, existing obligations, employment type, city of residence, etc.
Use our Home Loan Eligibility Calculator to assess the maximum loan amount you can apply for. Make an informed decision by checking your loan eligibility to reach a suitable loan amount as per your income and repayment capacity.
Home Loan Eligibility Criteria_WC
Home Loan Eligibility Criteria
If you are looking to apply for a loan with Bajaj Housing Finance, you should meet the below eligibility parameters. You can also use our eligibility calculator to check your home loan eligibility and apply for a suitable loan amount accordingly.
|Eligibility Parameters||Requirements to Fulfil|
|Employment Type||Both salaried and self-employed applicants can apply for a Home Loan|
|Age|| For salaried: From 23 to 62 years** |
For self-employed: From 25 to 70 years**
|Residential Status and Citizenship||Applicants must be residing Indian citizens|
|Work Experience/Business Vintage|| For salaried: Minimum 3 years of work experience |
For self-employed: A vintage of no less than 5 years in the current business
**The upper age limit is considered as the applicant’s age at the time of loan maturity.
How to Use a Home Loan Eligibility Calculator?
The Bajaj Housing Finance Home Loan Eligibility Calculator allows users to assess the maximum loan amount they can avail of based on various eligibility factors. Follow the below mentioned step-by-step guide to check your eligibility for housing finance with our loan amount eligibility calculator.
- Enter your date of birth in date-month-year format.
- Select your city of residence from the dropdown menu. The city selected helps the housing loan eligibility calculator determine your loan amount suitability as per your income and the market price of the house to be purchased.
- Enter your monthly salary or income (including any additional sources of earning) in Rupees.
- Provide your existing financial obligations, such as EMIs payable, fixed expenses, credit card bills, etc.
Once you enter the required values, the calculator instantly reflects your maximum Home Loan amount eligibility. The Home Loan amount eligibility calculator provides an accurate and quick estimate of the loan amount you can avail of conveniently as per you r current eligibility.
Housing Loan Eligibility Calculated_WC
How is Housing Loan Eligibility Calculated?
The eligibility for a Home Loan is calculated based on multiple factors that a lender uses to determine a borrower’s capability to repay and the risk involved in lending. The basic factors that determine your Home Loan eligibility include your income and repayment affordability.
Other essential factors include your age, financial and employment profile, place or city of residence, credit profile including the credit or CIBIL score and report, existing repayment liabilities, etc. These factors also contribute to interest rate determination, whereby low-risk profiles attract attractive interest rates and vice versa.
Provide all necessary documents required for a housing loan to confirm your eligibility when applying. Here is a break-up of the effects of different eligibility factors on the Home Loan amount and the interest levied.
- Income and Employment Profile: A high monthly/annual income indicates an increased capacity to repay the Home Loan. A high income also indicates a reduced risk of default. Thus, borrowers with high income can negotiate more attractive rates. Similarly, the employment profile of a borrower also impacts his/her eligibility. A salaried employee working with a recognized company stands a better chance of securing a high-value loan at competitive rates. Self-employed individuals with established business profiles can also negotiate for the required loan amount with the right profile.
- Age: Borrowers stand a better chance of availing of a high-value Home Loan at competitive rates early on in their career. Individuals nearing their retirement age can avail of a high-value Home Loan too, although at higher rates of interest and reduced repayment tenor.
- Credit Profile: A borrower’s credit profile depends on multiple factors, including their repayment history, credit habits such as debt repayment, credit utilisation, and debt-to-income ratio, credit mix, etc. The credit score and report numerically sum up these parameters, with a high score indicating a reliable credit report and a creditworthy profile.
HLBT-What Home Loan _WC
What Home Loan Amount Can You Avail of Based on Your Salary?
Home Loan eligibility differs with the applicant’s age and income. For salaried individuals, their net monthly income determines their maximum loan eligibility. Given below is the estimated housing loan eligibility for salaried individuals based in Bhopal as per their monthly income variations.
|New Monthly Income (Rs.)||Maximum Home Loan Eligibility (Rs.)|
Factors That Affect Home Loan Eligibility
An individual’s housing loan eligibility is determined on the basis of various factors.
The age of an applicant directly affects the total Home Loan eligibility amount. As long-term financial commitments, home loans are favourable for younger individuals due to extended working years and a higher earning capacity.
Younger applicants can also select a suitable tenor extending up to 30 years as per the loan amount required and their repayment capacity. Use a Home Loan Calculator when applying for housing finance to estimate your fixed monthly outgo and apply suitably.
Type of Employment
Employment type is a critical determinant of the maximum loan amount an applicant can avail of. Bajaj Housing Finance offers home loans worth Rs.5 Cr* or even higher, basis eligibility.
An individual’s monthly income determines the affordability of EMIs they can service towards loan repayment every month without experiencing any financial stress. Check your Home Loan eligibility criteria based on salary or business income before proceeding to apply.
Credit Report and Score
The credit score represents an applicant’s past credit behaviours as well as reliability for timely repayment and impacts their loan approval chances. Maintain a healthy credit score of 750 and above to improve your chances of easy loan approval.
Existing Loan Commitments
Any existing loan commitment is deducted from the total monthly income to determine your repayment capacity during application evaluation. Repay your existing advances before applying for a home loan to increase repayment capacity.
The Loan-to-Value ratio or LTV is a measure of the maximum loan amount a lender can sanction as a percentage of the mortgaged property’s current market value. As per RBI guidelines, you can avail of up to 75–90% of your property value as a Home Loan.
The Home Loan interest rate levied is also based on these factors, which indicate the risk involved with lending. A high Home Loan amount eligibility indicates reduced risks with competitive rates and vice versa.
Tips to Enhance Home Loan Eligibility
Applicants should check their eligibility for a Home Loan before applying and take the necessary measures to improve their profile for easy loan approval. Use a housing loan eligibility calculator to determine the maximum loan amount you can avail of before proceeding to apply. The below tips can help improve your chances of quick loan approval.
Apply with a Co-applicant
A Home Loan with a co-borrower represents the combined eligibility of both applicants. Make sure to choose a co-applicant with a high income, reliable credit score, and clean repayment history for improved eligibility.
We recommend applicants use our Home Loan Eligibility Calculator to assess the maximum loan amount available when applying with a co-borrower. Co-borrowing a Home Loan also comes with individual tax benefits for both borrowers.
Select an Extended Loan Tenor
Opt for an extended tenor for Home Loan repayment to improve your eligibility. A longer tenor divides the total repayment liability into a higher number of months and brings down the EMIs.
Individuals with limited income can improve their repayment affordability and overall loan eligibility by selecting a longer tenor and smaller EMIs. Use a Home Loan EMI Calculator to select a suitable repayment tenor as per your income.
Repay Existing Debts
The repayment of existing loans enhances your chances of Home Loan approval. This is because paying off debts reduces your total liability, thereby increasing your capacity to repay. Making timely credit card payments and repaying any outstanding liability on vehicle or personal loans also improves Home Loan eligibility. Check your loan eligibility with an eligibility calculator to confirm increased repayment capacity.
Document All Sources of Income
When submitting financial documents, include all sources of income, such as salary (if salaried applicant), business profits (if self-employed), monthly rental earnings, and income from investments, among others, to improve your Home Loan eligibility amount.
Take Necessary Measures to Improve Credit Score
Taking necessary measures to improve your credit score also enhances your overall credit profile, and therefore, Home Loan eligibility. Making timely repayment of debts and limiting credit utilisation will help you improve your credit score.
Include Any Variable Annual Pay in Your Income Documents
When providing Home Loan documents, include any variable pay received annually, such as yearly bonuses, and incentives, to increase your overall loan eligibility. Add the amount when entering income value in a housing loan eligibility calculator to determine your actual eligibility for the Home Loan amount.
What Are the Eligibility Criteria for a Home Loan Balance Transfer?
Applicants must meet the following eligibility criteria to avail of a Home Loan Balance Transfer with Bajaj Housing Finance. Make sure to fulfil all requirements and use our home loan balance transfer calculator to assess eligibility before applying. Complete the transfer of your outstanding Home Loan amount to Bajaj Housing Finance at reduced rates and enjoy several other benefits as well.
- Employment Type: Both salaried and self-employed individuals can avail of a balance transfer.
- Age: Salaried applicants must be between 23 and 62 years** of age and self-employed applicants must be between 25 and 70 years**.
- Employment Stability: Salaried individuals must be able to show at least 3 years of work experience and self-employed applicants must show a minimum business vintage of 5 years.
- Fulfil all the criteria and submit the documents required for Home Loan Balance Transfer to apply with Bajaj Housing Finance
*Terms and conditions apply
Home Loan Eligibility Calculator_PAC