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Home Loan Eligibility Calculator

Looking to avail a home loan? When you are seeking financial assistance to fulfil your goal of owning a home, knowing your housing loan eligibility beforehand is essential. 

That means having a fair estimate of how much home loan amount you are eligible for depending upon your income, age, credit rating, loan tenor, obligations and more. After all, your home loan eligibility reflects the confidence a lender has in you.

With so many factors in play, it is easy to get confused. 

But you can make an informed decision with the help of PNB Housing’s quick and simple-to-use home loan eligibility calculator. No more fiddling with documents and making manual calculations. Get a fast, accurate and accurate home loan eligibility estimate below!

Check Your Home Loan Eligibility Now 

Check home loan eligibility with PNB Housing within seconds and get a customised quote for you to meet your home loan amount requirement – right from the eligible loan amount and your estimated EMI. 

Simply enter the mentioned details and our smart calculator for home loan eligibility will do the rest. Get started now:


Gross Monthly Income (in INR) 10000

Loan Tenure (in Years) 120 Years

ROI (annual) 6.99 %

Other Existing EMIs(in INR) 0

Monthly EMI ₹

Eligible Loan Amount ₹

How the Home Loan Eligibility Calculator Works?

So, how does our advanced housing loan eligibility calculator provide you with instant results with precision and speed? It takes your details and compares them with the different criteria required for obtaining a Housing loan of a certain amount in its regularly updated database. Thereafter, you get the closest estimate as per the criteria you match. 

Steps to use PNB Housing Home loan Eligibility Calculator

You can easily check your eligibility with our home loan eligibility calculator. Just follow the below mentioned steps and the calculator will display your eligibility:

  1. Enter the net monthly income
  2. Enter the loan tenure
  3. Enter the interest rate
  4. Enter the other existing EMIs

Play around with the sliders to get the desired quote and calculate home loan eligibility. You can also opt for a call back to discuss your eligibility for home loan and customised quote with our representatives, or get an instant e-sanction if you are eligible!  

Home Loan Eligibility Based on the Value of Property

It is common knowledge that no lender agrees to provide the entire property value as the home loan amount. Here, the Loan to Value ratio (LTV ratio) comes into the picture.

So, what exactly is the LTV ratio? In simple terms, it is the ratio of the maximum loan amount you can get to the market value of the property you want to purchase. Thus, the LTV ratio tells you how much of the property’s cost that your lender is ready to finance. The rest of the cost must be borne by the applicant beforehand.

Naturally, the higher the LTV ratio, the more you will be able to avail of a home loan. Your LTV ratio depends upon both your property’s valuation, whether it is residential or commercial, location, and other factors. Here’s a table that reveals what LTV ratio you are eligible for depending upon the property value:

PROPERTY VALUE LOAN AMOUNT
Under INR 30 lakh

90%

Between INR 30 lakh to INR 75 lakh

80%

Above INR 75 lakh

75%

Eligibility as per CIBIL Score – For Amount up to 35 Lakhs

 

CIBIL Score

 

Eligibility

Rate of Interest

Salaried / Self – employed professional (SEP)

Self – employed non – professional (SENP)

Below 611

No

611-700

Yes

8.35%

8.55%

700-750

Yes

7.45%

7.60%

750-800

Yes

7.35%

7.50%

>=800

Yes

6.99%

7.25%

Eligibility as per CIBIL Score – For Amount Above 35 Lakhs

 

CIBIL Score

 

Eligibility

Rate of Interest

Salaried / Self – employed professional (SEP)

Self – employed non – professional (SENP)

Below 611

No

611-700

Yes

8.55%

8.75%

700-750

Yes

7.70%

7.80%

750-800

Yes

7.40%

7.55%

>=800

Yes

7.15%

7.30%

Top 5 Factors Affect Home Loan Eligibility

Home loan eligibility in India and across the globe is judged on your perceived ability to pay back. Effectively, your home loan eligibility is determined by the lender based on:

  1. Your Age – This determines what the tenure of the loan will be, which in turn will determine your home loan EMI. The longer the tenure, the lower will be the EMI and vice-versa for a given loan amount and interest rate.
  2. The Nature and Size of your Income – Your monthly income would determine how much of an EMI commitment you are capable of taking on. This would determine how much of a surplus you make to repay your loan via EMI after your other financial commitments are met.
  3. Your Prior Loan Commitments – Your prior financial commitments have a bearing on your eligibility as the same as deducted as regular monthly outflow from your existing income, post which a portion of EMI set for home loan repayment is calculated.
  4. Your Credit Report – Your credit report helps the lender judge your repayment health score on other commitments which becomes an important criterion for approval or rejection of your loan.
  5. Regulatory Guidelines – NHB too has laid down restrictions on the maximum loan amount as a percentage of the home cost. This limit varies slightly on the basis of the property cost, with lower cost homes being eligible for a higher limit and vice-versa.

How can you increase your Home Loan Eligibility?

  1. Applying Jointly: Include either your earning spouse or a co-applicant as a joint applicant of the loan, your loan eligibility could improve substantially. This is because the joint applicant’s income will also be taken into consideration while determining the loan eligibility. But remember, the factors discussed above would be applicable to the joint home loan applicant too.
  2. By Closing Other Loans: If you are paying other EMIs, you may consider closing them immediately by pre-paying, so that you have a larger surplus available to channel towards your home loan EMI. This helps push up your eligibility.

We hope this short bite on eligibility has helped you understand the basics of eligibility. Please make the best use of housing loan eligibility calculator below and be on your way to finding your dream house

FAQs:

What is a Home Loan Eligibility Calculator?

As the name suggests, a home loan eligibility calculator is an online tool that you can use to calculate home loan eligibility. You can find such a calculator for home loan eligibility on the website or apps of your lender or financial service provider. It is a great financial planning tool that is easy to use and lets you figure out how much home loan amount and monthly EMI you are eligible for, depending upon various factors that you input. 

All you need to do is enter the following information:

  • Gross monthly income
  • Desired home loan tenure
  • Rate of interest
  • Any existing EMIs

With PNB Housing home loan eligibility calculator, you even get the option to request a call back or get an instant e-sanction! 

How to Check Home Loan Eligibility Based on Salary?

We all know that income/salary is central to your housing loan eligibility. After all, how much you earn dictates if and when you will be able to pay off a certain amount of home loan. To qualify for a PNB Housing home loan, you need to have a minimum gross monthly income of INR 15,000. This holds true whether you are a salaried individual or self-employed.

Can I Take Two Home Loans?

As long as you are financially capable with a good credit history, then why not? There is no written rule or law that restricts the number of home loans an individual can take to just one. Thus, you are free to apply for as many home loans as you want – whether it’s just two or more. Property and real estate investors often take up more than one home loan basis their good track record in repaying previous home loans. Our experts recommend adequate financial planning before taking up two or more home loans as it can be quite an economic burden to pay multiple home loan EMIs. Reach out to our customer care today for proper guidance on how to avail two or more home loans!

What is the Minimum Age to Apply for Home Loan?

your age should be 21 years at the time of applying for a home loan from PNB Housing.

How to Calculate Home Loan Eligibility?

You can check the loan amount you are eligible for by filling your details on our online home loan eligibility calculator.

Is Home Loan Eligibility Linked With Age?

Yes, your age should not be more than 70 years at the time of loan maturity. For ex. if you are 45 years old, the maximum loan you can get is for 25 years and EMI would be spread throughout the loan tenure.