Home Loan Eligibility Calculator

Home loan eligibility in SBI, HDFC, Citibank, ICICI Bank, Axis and others

Last Updated 24th Mar 2017
Factors used to calculate maximum eligibility for salaried and self employed:
  • EMI that you can pay: based on your monthly income(including that of co-applicants), occupation and current fixed obligations (such as EMI’s, rent)
  • Maximum Loan Tenure: depends upon your age and the maximum loan tenure available
  • Lowest Interest Rate: lower the rate, higher the eligibility
The loan amount cannot exceed 75% to 90% of the market value of the property.
Home Loan Eligibility Calculator
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What are the main eligibility criteria for housing loans in banks?

Home Loan Eligibility Criteria
Minimum and Maximum Age:
  • 18 - 70 years. However, some banks different minimum and maximum age for salaried, self employed and self employed professionals
Net Monthly Income
  • Net monthly income should be more than Rs. 25,000.
  • In case your net monthly income is between Rs. 25,000 – Rs. 40,000, you may be eligible for loan such that all fixed obligations (rent, EMI) do not exceed 50% of income.
  • For net monthly income greater than Rs. 40,000, the eligibility may be higher such that the fixed obligations do not exceed 65% of income
  • For salaried persons, regular and timely salary credit is important for home loan eligibility
Company, Employment history
  • Income history and job continuity of 3 years and more required (except for some professionals)
  • Company or sector in which you work should not be black listed by bank
  • Some professionals such as practicing lawyers, police personnel, builders may be considered as negative profiles by some banks
Higher Eligibility with Co - applicant
  • Adding an earning family member as a co- applicant can increase your housing loan eligibility.
  • Banks can add upto three or four family members or firms or companies owned by applicants as co-applicants
  • Eligible co-applicants include direct family members such as spouse, parents, siblings and children.
  • Indirect family members like cousins, distant relatives and friends cannot be considered as co-applicants
Current EMI’s
  • Monthly EMI of existing loans reduces the new EMI that you can afford to pay.
  • In some cases, it may be possible to increase eligibility by repaying loans with balance tenure of less than 10 years
LTV Banks only fund 75% to 90% of the total cost of the house. The maximum loan to value of the property or LTV specified by the RBI is as below:
  • 90% LTV for loans upto Rs. 30 lakh for buying affordable segment homes
  • 80% LTV for loans above Rs. 30 lakhs and upto Rs. 75 lakhs
  • 75% LTV for loans above Rs. 75 lakhs
CIBIL score and Credit report
  • Home loan is a form of secured loan. Hence CIBIL score is one of the criteria but not the only criteria, on which banks will decide your loan eligibility.
  • Generally banks require a CIBIL score of 700 and above
  • But if your CIBIL score is low then you can be eligible for home loan from some banks and housing finance companies with some additional conditions, higher rate of interest and higher margin.
Property approval and valuation
  • The builder and property against which you are taking loan should be approved by banks
  • For property being bought in resale, banks get a valuation report from an independent valuer. For higher ticket size loans (Rs. 1 cr and above), banks may get valuation reports from two independent valuers and take an average of the two to arrive at value for the purpose of calculating maximum loan eligibility based on LTV
  • For arriving at property value of under construction property being bought from a builder, most banks include basic cost, development charges, preferred location charges and cost of parking in cost but do not include heads like stamp duty, club charges, registration charges, maintenance charges, security deposit etc. Service tax and VAT are included in cost by some banks and home finance companies but not by all banks.

Home Loan Eligibility of All Banks

Home Loan Eligibility Calculator News - Mar 2017
18th Mar 17 Citibank India cuts processing fees to zero
Citibank India decision to introduce zero processing fees has brought in good news for borrowers. The bank has revised its loan processing fees to nil from 0.50 percent earlier for its home loan and loan against property borrowers. Loan segments including home loan and loan against property.
18th Mar 17 Home loan revives post demonetization
Real estate developers are hopeful to see an increase in the purchase of new house units post demonetization as the banks are flushed with funds and likely to push home loans aggressively. According to a senior ICCI Bank representative, the bank has witnessed a healthy growth in home loan queries after demonetization. Real Estate experts expect the housing sector in India to witness a strong growth in FY18.
18th Mar 17 Axis Bank kept its MCLR for March 2017 unchanged
Axis Bank has kept its marginal cost of lending rate unchanged for the month of March 2017. The bank has kept its overnight and six month MCLR unchanged at 7.90 and 8.15 percent respectively. Similarly, Axis Bank did not change its one year MCLR that stands at 8.25 percent. With the unchanged MCLR, interest rate for home loans continues to be at 8.65 percent.
18th Mar 17 Bad loans of Indian banks rise to Rs. 9.64 trillion
Banking industry is getting increasingly burdened with the rising quantum of bad loans. As per statistics released by Finance Ministry, stressed loans of Indian banks have reached Rs. 9.64 trillion during December, 2016 as compared to Rs. 8.97 trillion in September, 2016.
17th Mar 17 SBI Chief says the merger with associate banks may lead to small rise in costs
Chairman of State Bank of India has stated that the merger of SBI with its associate banks may lead to marginal increase in the costs for the bank, especially till the third quarter of FY18. Post merger, the bank expects to report higher growth in its business across all loan segments including home loan and personal loans.
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