LIC Home Loan Eligibility

LIC Home loans give the loan applicant a facility to calculate their eligibility to avail the home loan schemes. LIC thrusts upon certain eligibility cafeterias before lending home loans to individuals. But interpreting the computations included in the calculation of the home loan eligibility has

always been difficult to understand as it involves a great extent of number crunching. LIC home loans provide its customers with a key online eligibility calculator so as to enable them to calculate their respective eligibility to avail a particular home loan scheme. one has to furnish certain important details on the basis of which the individual wishing to apply for the LIC Home loans can calculate his/her eligibility:

Using the LIC Home Loan Eligibility Calculator

1. Enter the age of the person borrowing the loan
2. Mention professional details
3. Enter net income
4. Rate of interest operated for
5. Present market value of the property for which the loan is applied
6. Loan tenure
7. Click on the calculate button

Since LIC provides home loan facility to the expatriate Indians settled abroad one has to select if he/she is an NRI, in case an NRI is seeking to apply for the home loan he/she are required to mention their profession. The loan applicant then has to mention his/her professional details, like whether he is salaried or non-salaried. One has to given an account of his/her net income and also of their spouse's income if they are working. Then like in case of EMI calculator here too the person has to mention the rate of interest he/she opts for in order to avail the LIC Home loan facility. One has to mention the current market price of the proposed property he/she is seeking loan for. Another important detail is that the individual will have to mention as to how much amount he/she can reserve to pay for the EMI.

Lastly, the loan amount one is seeking to buy a particular property along with the period of the loan he/she wants to opt in terms of years to repay the loan. After mentioning all these details all one has to do is click the 'calculate' button on the online calculator to get the desired result. If you are not satisfied or find that you are not eligible you can always reset the calculator and again furnish all these requisite details.

The home loan eligibility calculator therefore is very beneficial for the individuals applying for home loans and helps them understand the finer details of the home loan thereby helping them ascertain if they are eligible to avail a particular home loan scheme by providing them a rough idea if they are capable to repay the home loan amount and whether that home finance scheme suits their requirements.

To use the home loan eligibility use the home loan eligibility calculator on the LIC website: www.lichousing.com