1. What is Loan Eligibility Estimation?

This calculator provides an estimate of home loan eligibility based on credit score and annual income. Actual loan approval depends on additional factors considered by lenders.

2. How Does the Calculator Work?

The calculator uses a simplified model of typical lender requirements:

Note: Actual lender criteria may vary significantly.

3. Importance of Credit Score

Details: Your credit score affects both loan eligibility and interest rates. Higher scores typically qualify for better terms.

4. Using the Calculator

Tips: Enter your current credit score (300-850 range) and gross annual income before taxes. The calculator provides a rough estimate only.

5. Frequently Asked Questions (FAQ)

Q1: What's considered a good credit score for mortgages?
A: Generally 700+ is good, 760+ is excellent. Below 640 may have difficulty qualifying.

Q2: What other factors affect loan eligibility?
A: Debt-to-income ratio, employment history, down payment amount, and property value.

Q3: How often should I check my credit score?
A: At least annually, and several months before applying for major loans.

Q4: Can I get a mortgage with bad credit?
A: Some government-backed loans may be available, but terms are less favorable.

Q5: How accurate is this calculator?
A: This provides a general estimate. Consult lenders for precise qualifications.