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How To Increase Your Home Loan Eligibility?

Home loan eligibility plays a deciding role in determining interest rates. The higher your eligibility, the lower the rates. And, if you are lucky enough to get the best rates, the EMIs will never burn a hole in your wallet.

This article contains the tips you need to increase your home loan eligibility and get the best estimate with a home loan EMI calculator.

Five Ways to Increase Home Loan Eligibility

Repay Outstanding EMIs 

If you have any unpaid dues from an existing loan, your home loan eligibility will below. While evaluating a borrower’s eligibility, lenders often look at the debt-to-income ratio or the borrower’s fixed expenses in relation to their net monthly income. For example, if you currently spend INR 20,000 as EMI and your net monthly income is INR 40,000, your debt-to-income ratio will be 50%. Indian lenders generally approve home loans to borrowers whose debt-to-income ratio is below 50%. Hence, to increase your eligibility and get the best estimates with a home loan EMI calculator, try to close your existing loans before applying for a new loan.

Increase Your CIBIL Score

CIBIL score plays a dominant role in determining your home loan eligibility. A score above 800 is considered a healthy credit score. To improve your credit score, you should pay your EMIs on time and refrain from defaulting or delaying loan repayments. Another good way to increase the CIBIL score is to refrain from availing too many loans simultaneously. If you have more than one loan, the lender may consider your loan a threat, as the chances of default will be higher. Hence, before using a home loan EMI calculator to calculate loan costs, you must check your CIBIL score and aim to keep it on the other side of 800.

Apply For a Joint Loan

Adding an applicant with a decent income and a high CIBIL score is another excellent way to get the best results on a home loan EMI calculator. When you apply for a joint home loan, the lender clubs the income of both applicants and decides your eligibility. Adding an applicant to your loan not only makes loan approval easier but also makes you eligible to get the lowest home loan interest rate. You can include your spouse or any close relative in the loan application. To make the deal sweeter, both applicants can claim tax deductions under Section 80C and 24. 

Increase The Loan Term

As home loan eligibility depends on your income, the lender will never want you to stress your finances. If you want to increase the chances of home loan approval, apply for a long-term home loan, the term of which may go up to thirty years. Although a long-term loan will increase the home loan interest rates, it will considerably reduce the EMI burden. Use a home loan EMI calculator to calculate the home loan costs and choose the right loan amount.

Keep a Decent Savings Account Balance

Sometimes, the lender may look at your savings account to check your financial condition. A healthy account balance will send a positive signal to your lender. Hence, before applying for a home loan, aim to keep a high savings account balance. A high savings account balance assures the lender that you have sufficient money to take care of loan repayments. 


A home loan EMI calculator can be a good starting point in your journey to improve home loan eligibility. It will give you accurate details about the home loan amount and interest rates, and you can take steps to improve the eligibility.

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