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The Nestaway's - Home Loan Eligibility Calculator
A home loan eligibility calculator is a tool that helps you determine how much mortgage you can afford. This tool provides detailed insights into your loan eligibility and helps you secure the best interest rate available.
The Nestaway Home Loan Eligibility Calculator is an intuitive, AI-driven recommendation engine designed to give you a clear understanding of your loan eligibility. It helps you assess how much you can borrow and whether you can afford the property you desire.
Our AI-powered home loan affordability calculator stands out from other basic calculators. It's smarter and more efficient, utilizing machine learning algorithms to understand your financial situation better than a human advisor. It automatically filters out loan options that don't align with your needs and presents only the best-suited options, organized for easy selection. This ensures you get the best deals with the lowest interest rates and EMIs, making the home loan process simpler and more effective.
The Nestaway Home Loan Eligibility Calculator is an intuitive, AI-driven recommendation engine designed to give you a clear understanding of your loan eligibility. It helps you assess how much you can borrow and whether you can afford the property you desire.
Our AI-powered home loan affordability calculator stands out from other basic calculators. It's smarter and more efficient, utilizing machine learning algorithms to understand your financial situation better than a human advisor. It automatically filters out loan options that don't align with your needs and presents only the best-suited options, organized for easy selection. This ensures you get the best deals with the lowest interest rates and EMIs, making the home loan process simpler and more effective.
Home Loan Eligibility
- Your Income and Financial Position:
Your income, spending habits, other bills, and the length of time you've been employed in your current job are crucial in determining your mortgage eligibility. Lenders also evaluate your assets (like stocks and bonds) and outstanding debts (such as credit card balances). - Your Credit History:
Your credit score plays a significant role in your home loan approval. A higher score improves your chances of securing a loan. If you have a poor credit score or no credit history, getting approved for a home loan can be more challenging. - Your Lifestyle:
Lenders consider your spending patterns on things like dining out, entertainment, and vacations. This helps them gauge how much of a mortgage payment you can comfortably afford each month. - Your Down Payment Amount:
The size of your down payment is another key factor in home loan eligibility.If you don't have enough money saved for a down payment, you should consider saving more and using it as the down payment when buying your first home.
Benefits of a Home Loan Eligibility Calculator:
- Provides an estimate of your home loan eligibility.
- Saves you time, money, and effort.
- Offers peace of mind and helps alleviate any doubts.
- Helps you decide whether to proceed with the purchase.
The Components of the Loan Eligibility Calculator
The main components of a home loan eligibility calculator are:
- Income: Your gross monthly income should be sufficient to cover your existing obligations, such as housing, car payments, and other loan installments. It should also account for additional yearly expenses, including vacations, weddings, and other significant events.
- Loan Amount: The amount you wish to borrow must fall within the limits set by the bank or NBFC (Non-Banking Financial Company). These limits vary based on factors like your credit history and current assets. However, some banks may offer higher limits if they find your financial profile attractive (e.g., a consistent repayment history).
- Age & Credit Score: Your age plays a crucial role in eligibility, as banks typically prefer borrowers with some years of professional experience before applying for a home loan. Additionally, applicants with a strong credit score are more likely to receive favorable loan terms compared to those with a poor credit history.
How is Home Loan Eligibility Calculated?
How does the Home Loan Eligibility help you plan better?
A home loan eligibility score lets you know if you are eligible or not for certain products and also helps highlight areas where there may be some room for improvement before applying for anything.
Here are some benefits of knowing home loan eligibility:
Fits your budget: Once you know how much you can borrow, you can plan accordingly. If you have a fixed income, you must look for houses within that budget. If you have an unpredictable income, it would be best to look for houses within a range of your budget so that if something changes, there are options available.
Allows comparison between lenders: You can compare interest rates, fees, and other terms and conditions such as length of the repayment period, prepayment penalties etc., which may vary from one lender to another but not necessarily by much. This way, you can get the best deal possible without compromising on any aspect of finance-related matters.
Helps with decision-making : Knowing your home loan eligibility helps you make an informed decision when buying or refinancing your home loan. You can compare different types of loans which suit your requirement as well as financial condition so that there are no surprises later on when applying for any kind of loan.
A home loan eligibility score lets you know if you are eligible or not for certain products and also helps highlight areas where there may be some room for improvement before applying for anything.
Here are some benefits of knowing home loan eligibility:
Fits your budget: Once you know how much you can borrow, you can plan accordingly. If you have a fixed income, you must look for houses within that budget. If you have an unpredictable income, it would be best to look for houses within a range of your budget so that if something changes, there are options available.
Allows comparison between lenders: You can compare interest rates, fees, and other terms and conditions such as length of the repayment period, prepayment penalties etc., which may vary from one lender to another but not necessarily by much. This way, you can get the best deal possible without compromising on any aspect of finance-related matters.
Helps with decision-making : Knowing your home loan eligibility helps you make an informed decision when buying or refinancing your home loan. You can compare different types of loans which suit your requirement as well as financial condition so that there are no surprises later on when applying for any kind of loan.
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Frequently Asked Questions
We're here to answer your questions.
Which bank will give the best ROI ?
The Rate of Interest (ROI) varies based on factors such as your CIBIL score, income, age, and overall financial profile. If you meet all the eligibility criteria set by the lenders, you can qualify for the lowest rates available in the market. At present, the lowest ROI in the market is 8% per annum, but this is subject to meeting all conditions specified by the bank. It's advisable to compare offers from multiple banks and financial institutions to ensure you secure the best rate tailored to your requirements.
What are the factors that primarily affect loan eligibility?
Loan eligibility is determined by several key factors, including:
- Cumulative Net Monthly Income: The combined net monthly income of the applicant and any co-applicants plays a significant role in determining eligibility.
- Existing Debt Obligations: The total outstanding loans and credit card dues already in your name can impact your eligibility.
- EMI-to-Income Ratio: Most banks follow a guideline where the total EMI obligations, including the proposed home loan, should not exceed 60-70% of your net take-home salary.
My loan got rejected even though I have a decent income?
The final decision to grant a loan rests with the bank's credit department, and there can be several reasons for rejecting a home loan request. While income is a significant eligibility criterion, other common issues include:
| Possible Issues / Reasons for Rejection | Possible Way Out |
|---|---|
| Several ongoing loans |
|
| Issues in your credit history as reflected in your CIBIL, Equifax reports |
|
| Not meeting the minimum cut-off for or hidden internal credit parameters crucial to evaluating a loan request | Nestaway (in association with AurumKuberX) can re-apply for your loan in one of the other 30 plus lenders that we are affiliated with |
What is the difference between Pre Closure & Part Prepayment?
Pre-closure refers to a situation where the customer wants to settle the entire outstanding principal amount in one lump sum. Part prepayment, on the other hand, means the customer intends to repay only a specific portion of the due amount. Please consult our advisor for more details once your loan is processed.
Is Pre-Payment or Part Payment allowed in a loan?
Yes, home loan pre-closures are allowed without extra charges, provided the repayment mode you have chosen is a floating rate of interest and not a fixed one. For part payments, some banks may impose restrictions on the number of times you can make a part payment per year, as well as the amount you can repay in total within a year. Please connect with our financial advisors or the bank's loan advisor to clarify these factors before signing the loan document.