How many times have you thought of purchasing your dream home and refrained from it because your finances do not permit you to dream big? With the Yes Bank home loan eligibility calculator, you do not have to worry about your eligibility to avail a home loan. The Yes Bank home loan eligibility calculator is a simple tool that you can use to determine the amount of home loan that you are eligible for, based on certain basic parameters. To determine an approximate loan amount eligibility, below mentioned are some of the fundamental aspects that are ascertained in the process:
Home loans are provided to both, salaried as well as self-employed individuals. The employment status of the individual does not effectively determine the amount of loan. However, coupled with certain other parameters, it becomes a crucial aspect that is considered to evaluate your overall loan eligibility.
A major aspect that is evaluated while assessing your eligibility for home loan is your gross monthly income. If you have a high gross monthly income and do not have many monthly financial obligations to meet, it increases the scope of having a higher home loan eligibility.
A lot of applicants apply with a co-applicant. In that case, there is a good chance that the possibility of a higher home loan being sanctioned increases. However, this increase is also dependent on the monthly income, employment status and monthly obligations of your co-applicant.
How do you Know Your Eligibility?
When you input all the above-mentioned details in our home loan eligibility calculator, you can find out the loan amount you can be eligible for. Along with that, you can also note the rate of interest that would be applicable on your loan, which can vary anywhere between 9.35 and 10.75%. You can also get to know about the additional charges like processing fee which is either 1% of the loan amount or INR 10,000, whichever amount is higher. When you apply for a home loan with Yes Bank, you get a detailed breakdown of the EMI amount and the tenure for which it is applicable. At Yes Bank, we believe in complete transparency, which is why we provide you with a list of possible additional charges that can be levied in case of changes in the initially approved loan requirements.
Now that you are aware about the nuances of the Yes Bank home loan eligibility calculator, check out your eligibility for a home loan today with our easy and convenient eligibility calculator.