Planning to buy a Home? Know the Loan amount you can afford
The Eligibility Calculator for Home Loans is quite popular among those who seek a Home Loan. It is also popularly known as Eligibility Calculator for Home Loan. Such Loan Eligibility Calculators are used by major banks such as SBI, HDFC, ICICI, Axis Bank etc. InvestmentYogi provides a very simple calculator for knowing the amount of loan a person can get based on factors such as Monthly Salary, Existing loans (if any).
Why should you use this calculator?
If you are eager to know how much loan you would be eligible for, so that you can plan your down payment for the home as well as arrange for the remaining amount that needs to be paid for the house. Thousands of our users have used this to make better decisions with their loans. So can you.
How to use this calculator?
The entries to make are:
Monthly Gross Salary – The total amount of gross salary (not take home) received from the organization (without any deductions).
Existing EMI’s – If you have a home loan already and you are paying EMI’s for the same, you can enter the existing EMI amount in this field.
Loan Tenure (in months) – Enter the number of months (loan tenure) of payment for the existing loan.
For your convenience, here is the number of months in these years:
10 years – 120 months
15 years – 180 months
20 years – 240 months
30 years – 360 months
Interest Rate(in %) – Enter the interest rate of the home loan which you would be applying.
Total EMI you can afford (% of gross salary) – The amount of EMI you can afford in terms of percentage of the gross salary.
Once you have entered these values, the result would be stating the amount of EMI affordable, maximum loan that can be taken, estimated price of the house, tentative down payment that needs to be made.
When should you use this Calculator?
This calculator is to be used by those who are looking for a home loan.
Can it be used in any other situation?
This home loan calculator is specifically used when thinking of a home loan. There might be cases where there is an existing home loan and you want to apply another one. This calculator can be used in such situations also.
Frequently asked questions about Home Loans
Some frequently asked questions on home loans are answered in the following articles:
Which is better – Fixed or Floating Interest Rates? The article explains the difference between fixed and floating interest rates on home loans and also states which is better.
Best Interest Rates on Home Loans It states the interest rates offered by different banks on home loans currently. It also states which is better among these.