If you are on this page, it must be either because you are on your home buying journey or are planning to start your home buying journey. But before you start the application process, it is essential for you to check how much of a home loan you are eligible to afford. If you are successful in comprehending this, you will be
able to manage your finances more efficiently and effectively. Moreover, the home loan affordability calculator will ensure that you are paying your EMIs on time without affecting your budget.
To check your home loan affordability, you can use the home affordability calculator India, available on our website. The benefit of using a home affordability calculator in India is that you will be able to narrow down your search to properties that you believe are best suited to you and your budget. In addition, it will also benefit you in organising your finances in a better way, and you will be well aware of how much down payment you have to pay and how much approximate EMI you have to pay so that you can plan your monthly budget more efficiently. A detailed version of the home affordability calculator's benefits is listed below.
5 Benefits of Using a Home Loan Affordability Calculator
The home affordability calculator consists of several benefits, some of which are listed below:
A user-friendly too:
A home affordability calculator is designed in a manner to help those who are seeking information to assess their home loan affordability. You don't have to have the advanced financial knowledge to use a home affordability calculator in India; you just have to use your instincts while using the tool. The home affordability calculator will ask for some information, and you just have to fill in the boxes. Then, the home loan affordability calculator will provide you with your results
No cost involved:
The best advantage anyone can ask for is that the home loan affordability tool is free of cost. There is no cost involved in assessing it, and you can use the home affordability calculator as many times as you want
Less time-consuming:
The home loan affordability calculator involves less time, which means that there is no need for you to visit lenders in order to discuss loan rates to check if you can afford the loan. By using an online home loan affordability calculator, you will get all the information you need from the comfort of your home.
Helps in budget planning:
The home loan affordability calculator involves less time, which means that there is no need for you to visit lenders in order to discuss loan rates to check if you can afford the loan. By using an online home loan affordability calculator, you will get all the information you need from the comfort of your home.
Customised Results
There is no debate about the fact that financial status varies from person to person, based on which home affordability will also vary. So, the online home loan affordability calculator will provide results relevant to the user.
There is no debate about the fact that financial status varies from person to person, based on which home affordability will also vary. So, the online home loan affordability calculator will provide results relevant to the user.
Factors affecting home loan affordability
Age:
Your current age is the most influential factor that affects how much of a home loan you can receive. A younger individual stands a higher chance of receiving a higher loan amount and being approved for a loan, as they have a more significant number of years ahead to repay the loan. The situation is reversed for older people. They have a lower number of earnings years ahead, which will limit their earning potential and will ultimately affect their repayment potential.
Income:
In your home affordability journey, income is a crucial factor. Your in-hand salary will give you a better picture of how much you can quickly repay without any hassle.
Existing EMIs:
When calculating your home loan affordability, existing loans and EMIs are essential factors that one can't neglect. If you already have any existing EMIs, it will reduce your affordability because existing EMIs tend to reduce one's ability to repay the home loan every month.
CIBIL Score:
A CIBIL Score is something that every lending institution checks before providing a home loan. If you have a low score, the chances of your application getting rejected are high, which is why it is said that having a higher CIBIL score is directly proportional to your affordability. month.
Availability of Collateral:
Having collateral like land or gold that can easily be used as security will increase your chances of getting a home loan. Even if you have a low CIBIL score but are offering collateral, you may boost your chances of receiving a loan.