Home Loan Eligibility Calculator

The TATA AIG home loan eligibility calculator is an online tool that calculates the amount of home loan you are eligible to receive to purchase a home. The tool is a simple one and can be used from the comfort of your home. It calculates eligibility by taking into account a few essential factors that help to determine the individual's ability to repay the loan.

Before you apply for a home loan, you must check housing loan eligibility so that the application process is a smooth one.

Let us consider an example. Karthik is 30 years old and earns ₹90,000 per month, whereas Ganesh is 45 years old, earning ₹50,000. In this scenario, both Karthik and Ganesh can use the TATA AIG home loan eligibility calculator to find out the amount of home loans they are eligible to receive, considering their age, income and other factors.

The TATA AIG housing loan eligibility calculator works by taking into account certain factors related to the individual. It uses a mathematical formula beneath the user-friendly interface, which helps to evaluate the loan amount one is eligible to receive.

You can quickly input the details into the calculator and find out the exact amount of the loan you can get along with the EMI calculation.

The calculator works by considering the following factors:

-Age of the Individual

Younger individuals are eligible for higher loan amounts as they are more capable of repaying the loan.

-Monthly Income Earned

A higher monthly income means more capacity to pay the principal and interest and vice versa. Thus, individuals with higher monthly incomes are eligible for higher loan amounts.

-Fixed Monthly Financial Obligations

One must also know that their existing financial obligations also have an impact on the home loan eligibility. Higher loan obligations reduce the repayment ability, resulting in lesser loan amount eligibility.

-City of Residence

Along with the above factors, the city of residence of the borrower also affects the amount of home loan he is eligible for.

Despite the soaring real estate prices, home loans have made it possible for individuals to fulfil their aspirations and buy their dream homes. However, taking a home loan also comes with a financial obligation. Using an eligibility calculator will assist you in making wise financial decisions.

The eligibility requirements for home loan varies from one lender to another. Thus, it is very crucial to check house loan eligibility with the lender you wish to borrow from.

Here are some ways in which the house loan eligibility calculator can assist you:

-Saves Loan Rejection

By using the eligibility calculator, you can find out the exact amount of loan that you can apply for. Thus, you do not have to apply for random loan amounts. It will prevent loan rejection.

-Gives A Precise Amount

The eligibility calculator uses a mathematical formula which provides you with a precise loan amount. Thus, you can arrange for alternative finances to fund your purchase and make efficient decisions.

-Saves Time

Using the calculator to determine home loan eligibility saves you time that would otherwise be wasted on manual calculation.

-Assists in Financial Planning

The eligibility calculator allows you to plan your finances smartly, whether you want to apply for a fresh loan or are looking at refinancing options. Knowing the maximum loan amount eligibility will allow you to choose a property which suits your budget.

The home loan EMI calculator is an efficient tool for finding out eligibility for the maximum loan amount as well as the monthly EMI that you would need to pay. The calculation will give you an estimate of your financial liabilities, helping you to be better prepared to manage the payments in future.

Let us consider an example to help you understand how to calculate using the tool.

For using the eligibility calculator, we shall fill in the details as follows:

Monthly Income- ₹80,000

Existing Monthly EMIs- 0

City of Residence

Date of Birth

The EMI calculator will display the eligible loan amount and the EMI that you must pay.

An amortisation schedule is a systematic and comprehensive table that depicts your periodic loan payments. It gives you a breakdown of each instalment by showing the principal and interest amount separately. The schedule helps to understand the liability, know the interest component charged at each instalment, etc.

The crucial elements of an amortisation schedule are as follows:

-Principal Repayment

It reflects that portion of your EMI which is used to repay the principal amount. As time progresses, you pay a higher principal amount, leading to a reduction in the outstanding balance.

-EMI

EMI is the total amount that the borrower must pay towards loan repayment. It includes both the interest and principal components.

-Interest

It is the interest that you pay for availing the loan. Your initial interest amount will be high and will gradually reduce as the repayment amount decreases.

-Outstanding Loan Amount

This component reflects the total outstanding amount of your loan, including the principal and interest. The outstanding balance reduces with the payment of each EMI.

For example, considering a ₹80,000 monthly salary, an individual is eligible for a loan of ₹51, 73, 583. The amortisation schedule will appear as follows for the first few years.

With the TATA AIG home loan eligibility calculator, you can find out the eligible loan amount along with the EMI calculation instantaneously. Here are a few simple steps that you must follow.

-Go to the Calculator: You can access the calculator from the official website of TATA AIG.

-Enter the city: Use the drop down menu to select the city of your residence. As mentioned above, the city affects your eligibility for a home loan.

-Fill out the Monthly Salary: In the calculator, you must input your monthly salary. For instance, if your salary is ₹90,000, you must adjust the slider or input the values to fill this amount in the corresponding field.

-Other EMIs: If you have existing loans for which you pay EMIs, you must include the amount of EMI in this field through the slier or the input tab.

-Date of Birth: Use the drop down calendar to enter your correct date of birth to facilitate the calculation..

-View Loan Amount: Once you fill in all the fields, the calculator will automatically show the home loan amount you are eligible for. .

TATA AIGs house loan EMI calculator is a simple and effective tool that allows borrowers to find out their eligibility to avail of home loans. Here are some of its benefits:

-Easy to Use

Our home loan eligibility calculator provides users with an easy-to-use interface. Borrowers looking to find out about their eligibility criteria can derive the answer by simply putting the required values. One does not require any expert knowledge to use our calculator.

-Saves Time and Money

By using the TATA AIG eligibility calculator, you save time and money. The calculator will give you the loan amount, which can further help you choose the right property and loan that suits your budget. Once you know the eligibility limit, you can apply for the right loan amount in the first instance.

-Free Tool

Our calculator is a free tool which you can use multiple times without bearing any additional or hidden charges. All you need to do is visit our website and you can explore multiple loan options using the calculator and make the best home loan decision.

-Assists in Financial Decisions

Our calculator will help you to assess your situation and budget and enable you to take the most suitable financial decision.

Before you apply for a home loan, it is advisable to know the liability that you must bear in the future while paying off the loan. While there are many manual ways to do the calculation, the housing loan eligibility calculator is the most reliable one.

The criteria for determining the home loan eligibility is primarily based on two factors; age and salary. Let us understand how both these factors affect the eligibility of an individual:

-Based on Salary

An individual's salary is the most crucial factor as it determines an individual's ability to repay the borrowed money without sacrificing the basic needs. Besides, the employment type such as salaried, professional etc., also depicts the stability and consistency of your earnings.

However, one must also consider the existing liabilities. A person with a high salary and existing liabilities has a lesser chance of getting a loan than a person with less salary and no existing EMIs to pay.

-Based on Age

Age is another factor that determines the eligibility of a person for home loan purposes. The minimum age criteria across all lending institutions is 18 years and above. Also, younger applicants stand a higher chance of getting the loans for an extended tenure, resulting in lower EMIs.

Similarly, older individuals have the advantage of a stable income, which allows them to get loans for a shorter tenure. In India, most lenders prefer salaried individuals between 23 to 62 years and self-employed individuals between 25 to 70 years for grating a home loan.

If you are not eligible for a home loan due to unfulfillment of any of the eligibility criteria mentioned above, do not despair. There are multiple ways in which you can increase the chances of your home loan eligibility and buy your dream house.

-Pay Off Existing Liabilities

If you have an existing loan or EMI payment, it can lower your credibility and make you ineligible for further loans. Before you apply for a home loan, you must consider paying off the existing liability. Paying the loan on time boosts your credit score and keeps you in an advantageous position.

-Apply For a Joint Loan

Consider applying for a joint home loan by adding an earning family member as the co-applicant. When you apply jointly with another earning individual, it strengthens your credit score. The borrowers consider your repayment capacity to be stronger, enhancing your chances of getting the loan.

-Ensure A steady Income and Savings

Income is the primary determinant of your home loan eligibility. A higher income establishes your repayment capacity. Therefore, before you apply for a home loan, ensure that your current income is sufficient to get you a good deal. If not, you can consider increasing your income by switching jobs or starting a side business.

-Maintaining a High Credit Score

Your credit score plays a crucial role in deciding your home loan eligibility. Lenders see your credit score as your creditworthiness and judge your repayment capacity based on it. To maintain a high credit score ensure you pay the bills on time, do not default on loan payments and maintain a low credit utilisation ratio.

-Opt for A Longer Loan Tenure

Another way to enhance your loan eligibility is to choose a longer tenure for loan repayment. A longer loan tenure means low EMI amounts, which can improve your chances of getting a loan. However, a lower loan tenure attracts higher interest rates. Thus, choose a tenure which matches your financial situation.

-Maintain Consistent Employment

All lenders prefer borrowers who have a consistent employment record over the years. Whether you are a salaried person or a self-employed, it is crucial to maintain a consistent employment record as it assures the lenders of your repayment capabilities.