Let’s say your business venture is doing well enough for you to think of buying a house (or another house). As in any business, your expenses and earnings keep fluctuating – after all, it isn’t a pay check that you get at the end of every month. Add to it an existing debt burden - perhaps a business loan that you are currently paying off?

In effect, the irregular nature of financial outflows in an entrepreneurial setup as yours means that there is no single figure you can go with to calculate if your purse can afford the expense of a new home or property.

This is where we come in. Welcome to our advanced home loan eligibility calculator for the self-employed. What we do here is take into account your existing financial outflows towards existing loan repayment while calculating your loan eligibility.

To start off, the calculator asks critical financial information of you. Apart from putting in your loan requirement, there are other vital statistics, such as:

• Your average business income over the last three years
• Other taxable income received regularly, such as rent, income from equity, etc. etc.
• Other exempt income received regularly, such insurance payouts etc.
• Average depreciation claimed over the last three years

Once you have entered these bits of information, the calculator now asks you to enter the monthly outflow towards repaying existing loans. And then...click Next to get your answers.

The calculator displays two bars – the orange-colored one, that is the loan amount you wish for, and the green one, representing your maximum eligibility. Needless to say, so long as the green bar is taller than the orange one, you have no worries.

The result screen also displays all the information you had entered previously. All these fields can be edited. This means, you can make adjustments in the figures to see how it works out for you. In short, we give you complete freedom to work out the amount of loan, tenure, or interest rate that you are looking for.

Take advantage of the home loan eligibility calculator, all you self-employed, entrepreneurial mavericks! It might come out that you have had options all the while that you weren’t aware of.

Happy calculating!

Note: All calculators and comparators are made based on certain assumptions which may not be true in your case. You should consult your personal financial advisor before taking any decision. Apnaloan disclaims any responsibility for any decision taken based on these calculators and comparators.