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Housing Loan EMI Calculator

Calculate Home Loan EMI Online

Last Updated 21st Oct 2021

  • Calculate home loan eligibility using an online home loan eligibility calculator in a few minutes.
  • Main factors that determine your eligibility for a home loan are :-
Age of the Applicant18 to 70 years
Eligible Salary₹ 25,000 per month and above
Work Experience for Salaried3 years and above

Watch Tips to get Best Home Loan in India

Home Loan Eligibility Calculator

What is a Home Loan Eligibility Calculator?

Home Loan Eligibility Calculator is an online tool that gives you an estimate of the funds you can get against the mortgage of your house. You can easily calculate the affordable EMI based on multiple eligibility factors. A home loan eligibility depends on factors, including your age, net monthly income, organisation, employment history, LTV and CIBIL score, etc.

Eligibility for Home Loan

When planning to take a home loan, one of the crucial factors you must consider is knowing about the home Loan eligibility of various lending institutions. Home loan eligibility parameters vary for every financial institution and are mentioned below:

  • Age : You must be between 18 to 70 years of age. Some banks offer home loans above the age of 23 for salaried, self-employed professionals and businessmen.
  • Net Monthly Income : Your net monthly income should be more than ₹ 25,000. If your net monthly income is between ₹ 25,000 – ₹ 40,000, you may be eligible for a loan if your fixed obligations (rent, EMI) do not exceed 50% of income. For a net monthly income greater than ₹ 40,000, you may be eligible for loans if your fixed obligations do not exceed 65% of your income.
  • Company & Employment History : You should have an income history and job continuity of 3 years. Ensure that the bank does not blacklist the company or sector in which you work. In addition, Some professionals such as practising lawyers, police personnel, builders may be considered negative profiles by some banks.
  • Co – applicants: Adding an earning family member as a co-applicant can increase your housing loan eligibility. However, the co-applicant must have a share in the property as well. Eligible co-applicants include direct family members such as spouses, parents, siblings and children.
  • Loan to value ratio (LTV) : Banks only fund 75% to 90% of the total cost of the house. LTV for loans upto ₹ 30 Lakh for buying affordable segment homes; 80% LTV for loans above ₹ 30 Lakh and upto ₹ 75 Lakh and 75% LTV for loans above ₹ 75 Lakh.
  • CIBIL Score : Generally, banks require a CIBIL score of 650 and above. If your CIBIL score is low by a few numbers, you can be eligible for a Home loan at a higher interest rate and a higher margin.
  • Property Approval and Valuation : You should get approval on the builder and property against which you are taking a home loan. The criteria for approval may vary based on the property. For instance, for higher ticket size loans (₹ 1 Cr and above), housing loan lenders may get valuation reports from two independent valuers.

How is Home Loan Eligibility Calculated?

Banks and NBFCs calculate the home loan eligibility by considering various factors such as age, income, loan tenure, existing debt obligations etc. Then, the home loan eligibility is calculated using an online calculator. The calculator functions on a mathematical algorithm to give accurate results regarding the eligible loan amount.

Home Loan Eligibility Based on Age

Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower is your age, higher will be the tenure of the loan, and hence higher loan amount eligibility. The minimum age limit to get a home loan is 18 years of age at the time of loan commencement. The maximum tenure that you can avail on home loan is of 30 years subject to the condition that the borrower’s age at the end of the tenure must not exceed 70 years for salaried borrowers and 70 years for self employed borrowers. The maximum loan tenure that you may be eligible for based on your age is as follows :-

Age Maximum Tenure for Salaried Maximum Tenure for Self Employed
25 years 30 years 30 years
35 years 25 years 30 years
45 years 15 years 20 years
50 years 10 years 15 years

Home Loan Eligibility Based on Salary

Your net monthly income i.e. your take home salary after all deductions like PF, ESI, gratuity determines your home loan servicing capacity. It determines how much EMI you are capable of paying after meeting your monthly expenses. Some of the examples of loan amount eligibility for different income and different age groups are as follows assuming you have no EMIs to pay and the interest rate on the loan starts at 6.50%.

Eligible Home Loan Amount Net Monthly Income (₹)
Age 25,000 50,000 75,000
25 years51.42 Lakh77.13 Lakh1.03 Cr
30 years51.42 Lakh77.13 Lakh1.03 Cr
35 years48.13 Lakh72.20 Lakh96.27 Lakh
40 years43.59 Lakh65.39 Lakh87.18 Lakh
45 years37.31 Lakh55.96 Lakh74.62 Lakh
50 years28.62 Lakh42.93 Lakh57.24 Lakh

How to Check Home Loan Eligibility?

You can check home eligibility online by visiting the website of the preferred lender or use an online Home Loan eligibility calculator for personalized quotes based on the information provided by you. Enter details such as city, net monthly salary, existing obligations or EMIs etc to get quick results. You can use the Home Loan Eligibility Calculator on our website to calculate the loan amount that you can borrow from different lending institutions.

How to use MyLoanCare Home Loan Eligibility Calculator?

You can check your home loan eligibility at MyLoanCare with the following steps:-

  • Fill in the required details like name, mobile number, income etc in Home loan eligibility calculator form.
  • Click on ‘Check Eligibility’.
  • Complete OTP authentication by entering OTP (One Time Password), which you have received on the entered mobile number.
  • After OTP verification, enter additional details about your profession, the reason for taking a home loan, and your current work experience.
  • Verify all the details and click ‘Get Offers’.
  • You can now view the multiple banks for which you are eligible based on the details filled in by you.
  • You can choose the bank after a complete comparison, or a MyLoancare advisor will contact you in a while to assist you with the process.

Home Loan Eligibility Criteria of Banks

Bank Loan Amount Eligibility for Max Tenure Age of Eligible Borrower Maximum Loan on Property Value
SBI Home Loan Eligibility
Compare
₹ 7 Cr for 30 years 18 to 70 years Upto 90%
HDFC Home Loan Eligibility
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₹ 5 Cr for 30 years 24 to 60 years Upto 90%
Citibank Home Loan Eligibility
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₹ 5 Cr for 25 years 23 to 60 years Upto 80%
Bank of Baroda Home Loan Eligibility
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₹ 7 Cr for 30 years 21 to 60 years Upto 90%
ICICI Bank Home Loan Eligibility
Compare
₹ 7 Cr for 30 years 21 to 60 years Upto 90%
Axis Bank
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₹ 2 Cr for 30 years 24 to 60 years Upto 90%
PNB Housing Finance
Compare
₹ 5 Cr for 30 years 21 to 70 years Upto 90%
LIC Housing Finance
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₹ 15 Cr for 30 years 21 to 60 years Upto 80%
Bajaj Home Finance
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₹ 3.50 Cr for 20 years 23 to 62 years Upto 80%
Sundaram Home Finance
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₹ 3 Cr for 20 years 21 to 60 years Upto 85%
Kotak Bank
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₹ 5 Cr for 20 years 21 to 60 years Upto 80%
Yes Bank
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₹ 5 Cr for 25 years 21 to 60 years Upto 90%
Syndicate Bank
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₹ 5 Cr for 30 years 21 to 60 years Upto 90%
IDFC First Bank
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₹ 10 Cr for 30 years 21 to 60 years Upto 85%
PNB
Compare
₹ 1 Cr for 30 years 21 to 60 years Upto 80%

Factors that Affect Home Loan Eligibility

Your eligibility for a home loan is dependent on factors as mentioned below:

  • Age : Age is an essential factor that may affect your chances of home loan approval. Some banks may approve you a loan easily if you are young. On the other hand, there is a possibility of home loan rejection or lower eligibility if you are near your retirement age.
  • Income & Profession : Having a job with a stable income flow is crucial to getting a home loan. If your job is unsecured or has inconsistent income sources, banks may question your capability to repay the loan.
  • Credit Score : A credit score determines the borrower's creditworthiness and may actively affect the home loan eligibility.
  • Age of the Property & LTV : Lenders assess the property's value before providing a home loan. If the property is too old, has legal or technical issues, or the loan to value ratio of the property is not significant, it would not be easy to get a home loan.
  • Existing Debt Obligations : Missing your EMI regularly or defaulting on EMI may further impact your eligibility for a home loan. It is thus crucial to clear all your existing dues on time.

How to Improve Home Loan Eligibility?

You can improve your home loan eligibility by:

  • Applying with a co-applicant : If your home loan eligibility is low, you can improve your eligibility by adding an earning spouse or your parents as a co-applicant. Taking a joint loan with the co-applicant increases your income and eligibility to borrow more money.
  • Clearing your existing debts : Lenders assess your debt to income ratio to estimate your repayment capacity. You must thus pay your credit card dues or any other pending debts and then apply for a new home loan for a higher loan amount.
  • Increasing loan tenure : Applying for a housing loan for a maximum tenure of upto 30 years will enhance your eligibility as the EMIs go down. In this case, however, you will end up paying more interest by the end of the tenure. In contrast, if you take a ten-year tenure loan, you might be eligible for a lower loan amount, but you will save more on interest.
  • Complete market research : Doing thorough market research may also help you get a higher home loan amount at low rates. The home loan interest rates keep fluctuating, and you must know the changes in the home loan rate of various banks in response to the repo rate
  • Mention other income source : You must not forget to mention other sources of income, such as rent, as it would increase your eligibility for a high loan amount.

FAQs

How much home loan can I get on ₹ 30,000 salary?

The amount of home loan is decided based on the FOIR (Fixed obligation ratio) or LTV (Loan to value) of property. The lower of these two factors are considered to determine the loan amount. Suppose if your income is ₹ 30,000, your FOIR is 50% and LTV ratio is 90% for the property, which costs ₹ 66,00,000. Now, if you do not have any other EMI going on, then the maximum amount you can pay each month is ₹ 30,000*50% = ₹ 15,000.
If you choose the tenure to be 30 years, then as per FOIR, your loan amount = ₹ 15,000*12*30 = ₹ 54,00,000. However, LTV is ₹ 66,00,000*90% = ₹ 59,40,000. So, the loan you can get on ₹ 30,000 salary is ₹ 54,00,000.

How much home loan can I get on ₹ 70,000 salary?

You can calculate the eligibility based on the FOIR (Fixed obligation ratio) or LTV (Loan to value) of property. For an income of ₹ 70,000, if the FOIR is 50% and LTV is 85% for the property, which costs ₹ 80,00,000. Now, if you do not have any other EMI going on, then the maximum amount you can pay each month is ₹ 70,000*50% = ₹ 35,000.
If the tenure for home loan is 30 years, then as per FOIR, your loan amount = ₹ 35,000*12*30 = ₹ 1,26,00,000. However, LTV is ₹ 80,00,000*85% = ₹ 68,00,000. So, the loan you can get on ₹ 70,000 salary is ₹ 68,00,000.

How much loan amount is eligible for my salary?

Your loan eligibility for your salary depends on the FOIR. Suppose, the FOIR provided by the bank is 50% and tenure is 30 years. Then, your loan amount eligibility based on various income will be:

IncomeLoan Amount
₹ 50,000₹ 90 Lakh
₹ 75,000₹135 Lakh
₹ 1,00,000₹180 Lakh

Is a guarantor required for a home loan?

Since the home loan is secured , banks usually do not ask for a guarantor. However, if a bank asks you explicitly for a guarantor, you can ask your family or friends. Bringing in a co-applicant may be required when you have a low home loan eligibility.

How can you increase your home loan eligibility?

Below-mentioned is some tips to improve your home loan eligibility:

  • First, add a co-applicant with a good credit score.
  • Maintain a credit score above 750
  • Repay your debts duly on time
  • Declare your additional income sources
  • Choose a longer home loan tenure

How much home loan can I get on ₹ 40,000 salary?

Ideally, banks approve up to 60 times your in-hand salary as a home loan. So, if your income is ₹ 40,000, you can avail a maximum of ₹ 24,00,000 as a home loan. However, other factors like your CIBIL Score, LTV, Age, location of property etc., will also impact the home loan amount you can avail from any financial institution.

How much loan can I get on ₹ 25,000 salary?

You can get a home loan up to ₹ 15 Lakh on a salary of ₹ 25,000. In general, banks provide home loan amounts based on your eligibility based on age, good credit score, LTV, property location income, and occupation.

What is Joint Home Loan Eligibility?

To avail of a joint home loan with co-applicants, you need to fulfil the eligibility criteria as mentioned below:

  • Must be above 18 years of age
  • Should have work experience of 2 years.
  • More than six people cannot avail of joint home loan
  • Relations such as husband-wife,brother-brother, mother-son & father-son can be co-applicants.

What is the minimum CIBIL Score to get a home loan?

It would be best if you had a CIBIL score of 650 or above to get a home loan. However, if your CIBIL is low, you can avail of a home loan with a co-applicant to improve your home loan eligibility.

Will I have to pay a fee to check my home loan eligibility?

No, you can easily check the home loan eligibility using an online home loan eligibility calculator free of cost. The calculator gives you an accurate estimate of the funds you can avail of based on multiple eligibility factors. These factors include age, income, LTV etc.

Why is determining my eligibility so important while applying for a home loan?

It is essential to calculate your eligibility while applying for a home loan to avoid any chances of home loan rejection. Further, checking your eligibility gives you an estimate of funds you can avail against the mortgage of your house.

How can I use a house loan amount eligibility calculator?

A home loan eligibility calculator is an online tool that is simple to use. All you need to do is enter inputs like age, income, work experience, employment type, and the calculator will display offers as per your eligibility.


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*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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