Home Loan Eligibility Calculator

How is Home Loan Eligibility calculated?

The home loan online eligibility calculator calculates your home loan eligibility mathematically after considering factors such as your age, take-home salary, common deductions, remaining working years, among others. These factors indicate your borrowing capacity and repayment capability. Always check your housing loan eligibility before applying for a home loan.

How to use IDFC FIRST Bank’s Home Loan Eligibility Calculator?

Our home eligibility calculator is designed to make it easy for you to check your housing loan eligibility. The loan eligibility calculator tells your home loan eligibility by factoring in your monthly income, tenure of the loan, home loan interest, and common deductions.

Before you apply for a home loan, use the online eligibility calculator for home loans to check how much you can borrow. Enter your take-home salary, loan tenure that you’re looking for, rate of interest, and current EMIs you’re paying. When you enter all this data, the housing loan eligibility calculator evaluates the home loan amount you’re eligible for.

What Factors determine your home loan eligibility?

Certain factors help lenders to determine to your loan eligibility and help you get larger borrowing amounts such as.

1. CIBIL score – Also known as the credit score, portrays your credit worthiness to the lender. A decent score of 750 or above can help you get loan approvals conveniently and at affordable rates.
   
   
2. Expense to Income ratio – It is also known as FOIR (Fixed Obligations to Income Ratio). An individual with low FOIR has more income to repay loans due to lower fixed expenses. It reduces the risk on the lender to provide home loans.
   
   
3. Applicant’s age – Age of the applicant helps lenders decide a suitable tenure for loan repayments. Younger applicants tend to have longer repayment tenures, making it easier to pay off their loans without default.

How to Increase Home Loan Eligibility?

You can control a few factors that determine your home loan eligibility. We’ve explained them in detail below:

Pay your existing credit card debts

Credit card debt affects your home loan eligibility. Ensure that you clear all of it before you apply for a home loan.

Prepay your previous loans

Home loan lending institutions factor in your previous loans while assessing your home loan application. Try to prepay your previous loans as it might increase the home loan amount lending institutions give you.

Declare your investment details

A strong investment portfolio can help you secure more home loan amounts and better home loan interest.

What are the Documents Required for Home Loan?

Valid Identity Proof

1. Aadhaar Card
2. PAN Card
3. Passport

Valid Address Proof

1. Aadhaar Card
2. Passport
3. Recent Utility Bills

Valid Income Proof

1. Salaried: Last 2 months salary slip/ latest ITR or Form 16/ last 6 months bank statement
2. Self-employed: Latest ITR/ balance sheet or P&L statement/ GST return/ last 6 months bank statements or CC statements, etc

Property Proof

1. Photocopy of draft sale deed and chain title documents (if any)
2. Allotment/Possession letter
3. No objection certificate from the society and other documents as per legal report