How the Calculator Helps You
Using this calculator can make your loan planning smarter and safer. Here’s why it’s useful:
Know Your Borrowing Limit: Find out the maximum loan you can afford without overburdening your monthly budget.
Plan EMIs Effectively: Ensure your monthly installment fits comfortably with your existing EMIs and expenses.
Choose the Right Tenure: Determine a suitable loan tenure that balances EMI affordability with total interest cost.
Compare Loan Options: Make informed decisions when choosing between different banks and interest rates.
How it Works
Grah Sankalp’s Loan Eligibility Calculator helps you estimate how much loan you can comfortably afford based on your income and existing obligations. It’s simple, fast, and gives you a clear idea before applying for a loan. Follow these steps:
Step 1: Enter your monthly income (₹).
Step 2: Enter your existing EMIs (₹), if any.
Step 3: Enter the rate of interest (%) for the loan.
Step 4: Enter the loan tenure (in years).
Step 5: Click “Calculate Eligibility” to see the maximum loan amount you can avail.
Once calculated, you can plan your property purchase or other financial commitments confidently.
Factors Affecting Your Loan Eligibility
Several key factors determine how much loan you can avail:
Monthly Income: Higher income increases your eligibility for bigger loans.
Existing EMIs: Current loan obligations reduce your loan eligibility.
Interest Rate: Higher interest rates reduce the loan amount you can comfortably repay.
Loan Tenure: Longer tenure allows for smaller EMIs but may increase total interest paid.
Illustration of Loan Eligibility
Here’s an example to show estimated loan eligibility based on different income and existing EMI levels (assuming 7% interest rate):
| Monthly Income | Existing EMIs | Tenure | Estimated Loan Eligibility |
|---|---|---|---|
| ₹50,000 | ₹5,000 | 10 Years | ₹40 Lakhs |
| ₹75,000 | ₹10,000 | 15 Years | ₹80 Lakhs |
| ₹1,00,000 | ₹15,000 | 20 Years | ₹1.25 Crores |
| ₹1,50,000 | ₹20,000 | 25 Years | ₹2 Crores |
Tips to Improve Loan Eligibility
Reduce existing EMIs or pay off small loans to increase eligibility.
Maintain a stable income and provide proper income proof to lenders.
Opt for longer tenure carefully to lower EMIs while managing total interest.
Compare offers from multiple banks to get the best eligible amount at a lower interest rate.
Keep your credit score healthy to improve chances of higher loan approval.
