Individuals earning Rs.30,000 per month who want to fulfill their dream of owning a home must secure a Home Loan with the correct financial planning and help. Many lenders offer affordable interest rates and flexible repayment terms, making homeownership affordable for everyone.
Individuals who are salaried or self-employed can apply for a house loan if they meet the lender's qualifying criteria. A Home Loan Eligibility Calculator allows you to assess loan eligibility based on a variety of factors other than your income.
The term "home loan eligibility" refers to a predetermined set of criteria that financial institutions use to assess your creditworthiness to determine if you can afford to take out and repay a particular loan amount.
Monthly income, present age, credit score, fixed monthly financial responsibilities, credit history, and retirement age all play a role in home loan eligibility.
A Home Loan Eligibility Calculator is a free online tool that helps borrowers determine the amount of home loan they are eligible for. It determines your loan eligibility based on your city of residence, date of birth, monthly income, and monthly obligations.
The calculator is simple to use and saves you from having to manually calculate the loan amount. Here is how to use a home loan eligibility calculator:
Enter your monthly income.
Include any existing EMIs.
Choose your preferred tenure.
Interest Rate: Enter the rate of interest.
Click 'Calculate' to automatically calculate your Home Loan eligibility.
Change the variables to test alternative loan scenarios and eligibility amounts.
The eligibility for a Home Loan is determined by several factors, including a borrower's ability to repay and the risk of lending. Your income and repayment ability are the primary elements that determine your qualifying for a home loan.
Your age, employment and financial history, credit profile, current loan obligations, etc., are additional crucial considerations. These criteria also help to determine your interest rate, with low-risk profiles attracting lower interest rates and vice versa.
A higher income suggests a greater ability to repay the home loan and a lower probability of default. Similarly, a borrower's job profile affects their eligibility.
A salaried employee working for a reputable company has a higher chance of obtaining a large loan at affordable rates. Those with established business profiles can also negotiate the right loan amount with the right profile.
Borrowers of a certain age are more likely to be approved for a considerable home loan that can be repaid over a long period. Individuals nearing retirement age can also apply for a Home Loan but with a shorter payback term.
A borrower's credit profile is determined by their payback history, credit behaviors such as debt repayment, credit utilization, debt-to-income ratio, and credit mix, among others.
The credit score and report sum up this criteria, with a high score suggesting a trustworthy credit report and creditworthy profile.
Here are a few effective ways to increase your home loan eligibility.
One of the key features of deciding whether you qualify for a home loan is your credit score. A good score represents your creditworthiness, which lenders evaluate to determine your repayment potential. You must maintain a decent credit score by paying bills on time, not defaulting on loans, and keeping your credit utilization ratio low.
Any financial organization must evaluate your income when determining your eligibility for a loan. Higher income naturally implies greater repayment capacity, making you a more viable borrower.
If you intend to apply for a home loan, you should consider if your present income will get you a good offer.
Every reputable lender will consider your debt-to-income (DTI) ratio when determining your eligibility for a home loan. This ratio effectively compares the amount of debt you have to what you make.
If you have a high DTI ratio, it means you may have problems repaying the loan. This is why it is critical to lower your debt by paying off credit card payments, personal loans, and other obligations.
A down payment is the amount of money you pay upfront when purchasing a home. Lenders prefer borrowers who can make a significant down payment since it reduces the amount of loan required while also lowering the chance of default. Saving enough money to make a significant down payment can increase your eligibility.
The loan tenure is the loan's duration, and it influences practically every other aspect of your home loan. If you choose a longer loan term, your EMI will be reduced, which may increase your home loan eligibility. However, keep in mind that a longer loan term increases the total interest you must pay on the loan. So choose a tenure. You should choose a tenure that suits your financial situation.
The loan-to-value (LTV) ratio represents the percentage of the property's worth that can be borrowed as a home loan. A lower LTV ratio reduces the amount of money you take on a loan while increasing your eligibility.
A solid employment history reflects your ability to repay the loan over the payback period.
Moneyview offers home loans ranging from Rs.5 Lakh to Rs.3 Crore across India. They are hassle-free and completely digital. You can take a loan easily from Moneyview and use it to fulfill your dream of owning a home.
The eligibility requirements for a Moneyview Home Loan vary based on our partner lenders. The basic eligibility requirements are:
A salaried or self-employed person
Monthly in-hand income of Rs.15,000 or higher, if you are salaried
Yearly turnover of Rs.3 Lakh, if self-employed
Income should be received straight into a bank account
A minimum CIBIL or Experian score of 600
Should be aged between 21 and 70 years.
Here’s the list of all the documents you will need to apply for a Moneyview loan:
PAN Card.
Aadhar Card./ Voter card
Income document (salary slip if available)
12 months bank statement.
ITR.
Property papers on own/immediate family member's name (if applicable)
Moneyview provides affordable interest rates for home loans. No hidden fees or costs are associated with our interest rates and charges.
| Charges | Rates |
|---|---|
|
Interest Rate |
Starting from 8.50% p.a. |
|
Processing Fee/Felicitation Charges |
Rs.1,000 to Rs.7,000, based on loan amount |
Here's how you can get a low-interest home loan:
STEP 1: Fill out the form to take a home loan from Moneyview.
STEP 2: You will receive a call from either Moneyview customer support or partner call center to determine intent and additional eligibility.
STEP 3: The login fee will be collected, and after personal discussion, and legal and technical evaluation, the loan will be sanctioned.
Your Dream Home is Now a Click Away
It is possible to take a home loan on a salary of Rs. 30,000. However, different lenders offer different loan amounts with varying interest rates. You can use a home loan eligibility calculator to understand how much loan you can avail of. It is simple to use and very effective.
In case you are looking for an affordable home loan, you can visit the Moneyview website and apply. You can also download the app to learn more.
Depending on the lender, eligibility requirements change. However, these are the most common criteria.
These variables have a huge impact on your loan.
Home Loan Types & Eligibility Guide
Home Loan Insights and Guides
Moneyview UPI Insights and Guides
Personal Loan by Income and Purpose
Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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