Eligibility Calculator

You've applied for a loan before but were rejected. Do you know why? Was it because of your inability to provide an eligible income? What is an Eligibility Calculator? The eligibility calculator functions on a mathematical formula to evaluate the eligible loan amount. It takes into consideration loan tenor, net monthly salary, existing obligations or EMIs, other monthly incomes, etc. With this tool, you can check eligibility and save yourself from the chance of getting a rejection for a loan application. Don't you want to know if you can buy that new car or not? Or how much you will be spending on the house? Use our eligibility calculator tool and know more about your future loans.

Loan Eligibility

The eligibility criteria for taking loans differ from one lender to another. Whether you are purchasing a flat or car or planning on building one, these financial institutions verify and confirm whether the applicant is eligible for a certain loan amount. 

Let’s discuss the basic criteria for availing of a Loan: 

• The Age of the applicant should be 18-70 years.
• The Income of the applicants should not be less than Rs. 25,000
• The Credit Card Score of the applicant should be 800
• Salaried or Non-salaried, both can apply
• The applicant should have a work experience of 2 years or more
• Permanent resident or Non-resident Indian (NRI) both can apply
• The LTV Ratio should be up to 90%

When searching for a  loan, it can get pretty confusing with all the different banks and lenders out there. Each bank has its own eligibility criteria, interest rates, and other terms which can be overwhelming if you don't know what you're looking for. We will help cut through the confusion by listing some of the top banks and their eligibility for Home Loans in India.

How to Use ReferLoan Eligibility Calculator 

By using the home loan eligibility calculator available on ReferLoan, you can easily find out which are banks offering you a home loan based on your salary and other parameters entered. Follow below mentioned simple steps to check your eligibility and find what home loan fits you the best:

1. Visit ReferLoan’s Eligibility Calculator section
2. Now select your type of employment from the options given.
3. Fill in your gross fixed monthly income and click on ‘Continue’.
4. Enter your current residential address PIN code.
5. Now select the purpose of your home loan.
6. Submit your contact number.
7. Check the box to authorize contact permissions.
8. Now enter your full name, date of birth, and email ID in the given sections and continue
9. Enter the OTP received on your phone number and click on the ‘Submit’ button.

At the end of the process, you will have the results of your eligibility and a list of lenders to that you can apply for your loan. 

What are the factors that affect Home Loan eligibility?

• Age Limit
• Income
• Rate of Interest
• Loan Terms 
• Outstanding Loan(s)
• CIBIL Score Report