In today’s generation, working professionals are always hunting for finding and building their own homes. Establishing an address that belongs to them is one of the most critical goals in their life. For attaining this goal, financial support is required.

This stage is precisely where the concept of home loans comes in. For taking a home loan, you must determine and calculate your eligibility by using a home loan eligibility calculator. This tool is very beneficial as it helps you plan your finances and prepares you in a manner so that your applications are not rejected. It also plays an essential role in eliminating the need for manual computations.


How to Use the Calculator?

By making use of a home loan calculator, it is effortless to compute and check your eligibility. Your net monthly income, the duration of the tenure of the required loan, the applicable rates of interest, and the existing equated monthly instalments (EMIs) are the required parameters that need to be set.

However, before taking a home loan, you must constantly evaluate the services given by the different vendors. This can assist you in choosing a lender that suits your repayment schedules and gives you comfort when it comes to the terms and conditions.

What Factors Determine Your Eligibility?

Your eligibility is usually based on how much you can pay back in the given duration. The factors that can affect your eligibility are listed as under:

●      Age

Age plays a crucial role in determining the duration of the loans. It is indirectly linked to equated monthly instalments (EMIs). It means the higher the tenure, the lesser will be the equated monthly instalments.

●      Your Monthly Income

The size of the money you earn each month determines your capabilities and the determination towards your EMI payments. The surplus you have remaining after paying your home loan via EMI and meeting all other financial needs is determined.

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●      Commitments Made to Previous Loans

The financial commitment you have to set apart for your previous loans affects your eligibility. The amount that you committed for earlier loans is deducted from your income to compute your EMIs finally.

  • Your Credits Reports

For a lender, this is the most critical document. It helps the lender determine your commitments for repayments, which is essential for getting your loan approved. Your home loan rates depend on your credit scores.

  • Restrictions and Guidelines

National Housing Bank has listed the guidelines about the highest amount taken, which is at par with the home cost. It is indirectly linked with the cost of the homes. Properties that have a higher cost become valid for lesser limits.


Different financial institutions offer various services for such loans. For instance, PNB Housing provides complete solutions with top-quality services and has simplified procedures for applications. You must compare and evaluate multiple financial institutions and choose one that best suits your needs. Moreover, you can now check your eligibility and factors with the above-mentioned points.

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