Home loan Eligibility Calculators India

Most of the people have gone through difficult times of selecting best loan which best satisfy their needs. It’s quite easy to pick one product from the no of products that are available in the market but choosing the right product in right time makes the difference for the whole repayment tenure. One need to sure about their requirement before going for product hunting as it is the basic factor which comes into effect when we start comparing the products available with our requirements.

Before selecting any product with the loan amount we should cross check the eligibility that we have on basis of our income and the amount we desire to avail. There are numerous no of eligibility calculators available in the market which can help you to know about these values. It needs some inputs like your Date of Birth, repayment period, loan product, product interest rates and the details of any existing liabilities if any.

Most of these calculators give approximate values only which can give you some idea of the loan amount that you can raise for you home loan needs. All these eligibility calculators in India calculate eligibility in two ways i.e considering applicants Gross Income and Net Income. The amount of loan amount value changes when calculated the eligibility on Gross value when compared to Net value, but it is always suggestible to all the customers to avail all the home loan on net income as it the eligibility and the EMI which gives you peace of mind of owning a house and which takes the real figures of your income post deduction of components like IT, PF, PT et., into count for the calculation of eligibility and which gives a comfortable EMI figure to repay for the whole tenure of home loan.

Take note of banks terms and conditions in regard of the product obtained and benefits of Income Tax under section 80© of income tax act which can save a maximum of Rs. 1,50,000 on the amount of interest paid towards the home loan during a year.