A home is much more than just a place to stay. It is your cosy corner in this big wide world. There is undoubtedly no place like one’s house but very rarely do people have the financial stability to purchase a house without a helping hand. This is where home loan eligibility calculators come into the scene.
Calculating eligibility for home loan
Home loan eligibility is calculated by taking various factors into consideration. These factors mostly include fixed monthly obligation, monthly income, current age, time left in retirement etc. The top three home loan eligibility calculators in India are hands down the three leading banks of the economy.
The top 3!
The State Bank of India:
SBI offers you house loans starting from fifteen lacs to ten crores. The tenure for repayment varies between one to thirty years and the rate of interest is calculated after taking various factors into consideration. However, the interest rate range is 9.45% (floating). SBI also charges a processing fee of 0.35% which should not cost you more than ten thousand rupees in any case.
The Industrial Credit and Investment Corporation of India:
ICICI bank offers a higher home loan amount on income and the home loan eligibility can also be further enhanced by taking the co-applicant’s income into consideration. On a more general note, ICICI offers loan varying between rupees five lacs to ten crores and the period of repayment varies anywhere between three years to thirty years. It charges a processing fee of 0.5%, the minimum amount of which will come to around rupees ten thousand only. Also, this processing amount is a one-time fee to pay. The interest rate range is decided by taking a multitude of factors into consideration however, the interest rate range floats from 9.45% to 9.70%.
The HDFC bank:
HDFC allows you to apply either individually or jointly for a home loan. The bank however has an additional requirement which needs to be fulfilled. If there is a co-owner of the to-be house then the person will by default become the co-applicant for the loan. However, all co-applicants are not necessarily co-owners. The bank offers a loan varying between rupees five lakhs to rupees ten crores and the tenure of the loan depends on the profile of the customer which includes his age, time of retirement and other such information that the bank may deem necessary. The tenure also takes into account the specific repayment schemes. However, on a more general note, the tenure for repayment can vary anywhere between one to thirty years. The processing fee charged by the bank varies from 0% to 0.5%, which should not cost you more than ten thousand rupees! The interest rate charged also depends on a number of factors but the general interest rate range floats from 9.55% to 9.60%.
Let’s do the math!
Calculating eligibility for home loan has become much easier now as the bank offer this facility on their web site. All you need to do is fill in the details that are asked for, e.g your income, age of retirement and the like and within a couple of seconds you will get to know how much home loan you are eligible for.