A home loan is the most demanded banking product in India because home is the supreme privilege for our people. But the prices of them are so high that not many of us can not own their homes by paying the amount at one go so they go for the home loan facility provided by various banks and financial companies. LIC is one of the important financial institutions that provide the various banking products to the customers of which Home Loan is one of the famous ones.
LIC home loan is available to those customers who want to achieve their dream of owning their home. But before taking the home loan, it’s important to know your eligibility because this is the deciding factor while taking the loan. And if you’re thinking of where you can check your eligibility, then let me tell you that you can do with the LIC Home Loan eligibility calculator. In this article, we will be telling you about the various details that you will need to use the eligibility calculator and many other things. Reading this piece will solve all your queries about the LIC home loan eligibility. Keep reading!
What are the details that you will need to use the LIC Home Loan Eligibility Calculator?
There are a few basic details that you will have to need the LIC home loan eligibility calculator. If you want to know about them in detail, you can have a look at them below.
Gross Monthly Income: In order to check your eligibility, this is the first thing that you will be need – your gross monthly income. You can either do it by scrolling to the scroller to your desired value or you can fill it by yourself at the required space. Your monthly income plays a huge role in determining your eligibility as your repayment capability depends on nothing but your income.
Total Current EMIs: Here, you will need to fill the total amount of existing EMIs that you’re liable for currently. Suppose, that you’re paying INR 10,000 monthly as your personal loan EMI, then fill 10,000 at the required place. If there are not any kind of existing liabilities, then you can leave that space blank.
Rate of Interest: This is the most important part of your home loan eligibility. As the rate of interest decides your EMI amount, and also it depends on various factors such as your age, nature of your job, job history, and your credit score.
Desired Tenure: In this part, you’ll have to fill the number of months for which you want to take the loan amount. Remember to choose the loan term according to your repayment capability otherwise, it can hurt you in the long run while repaying the loan because a higher tenure will fetch higher interest amount on your loan amount.
Monthly Repayment Capability: In this part, fill the amount that you can set aside monthly to repay the loan amount beside all your monthly expenses. Choose this amount only after giving a hard thought about it because this is the amount that you will be paying every month. And, it shouldn’t affect your monthly budget at all.
After filling all these details, the calculator will give you the exact loan amount that you’re eligible for and the EMI amount that you’ll be paying over the loan period. You can also check the EMI amount and total interest outgo with the help of the LIC home loan calculator.