Home Loan Eligibility Calculator

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

Last Updated 29th Apr 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 - Apr 2017
29th Apr 17 Indiabulls home launches new campaign to connect with migrants
Indiabulls home Loans has launched ‘Sheher Mein Apna Ghar Ho Toh’ campaign that directly connects with the migrant population in a city. This initiative enables migrants to connect better with the new city while buying their new house. Moreover, the company’s target is to provide the convenience and superior home loan experience.
25th Apr 17 SBI and Credai sign MoU to develop real estate sector
State Bank of India has entered into an agreement with Confederation of Real Estate Developers’ Association of India (CREDAI) to collaborate and work towards the development of the real estate sector, specifically aimed at developing affordable housing and greenhousing projects. This initiative will help millions of home buyers fulfill their dream of owning a home. SBI, the largest mortgage lender, will give CREDAI member developers an interest concession up to 35bps for construction finance for eligible affordable housing projects.
25th Apr 17 Indiabulls Housing Finance Q4 net up 24%
Indiabulls Housing Finance has reported a 24 per cent increase in net profit for the March quarter.Net profit for the fourth quarter of this fiscal year stood at Rs. 841 crore as against from Rs. 676 crore a year ago. Vice chairman, Gagan Banga, Indiabulls, stated that the company has observed a good growth in the geographies of Bombay, Pune, Bangalore and Hyderabad in its home loan portfolio.
21st Apr 17 Government to promote rental housing in urban areas
The government is planning to implement a policy plan to reduce shortage of housing in the urban areas by encouraging renting of vacant homes lying across the country. M. Venkaiah Naidu, minister of urban development, housing and poverty alleviation said that the draft for national urban rental housing policy is ready and it will go the union cabinet soon for its approval.
15th Apr 17 Supertech to invest Rs. 2,500 crore to deliver 15,000 homes in FY18
Supertech, Delhi based Real estate developer plans to invest Rs. 2,500 crore to deliver 15,000 low cost homes in the current Financial Year. The company further added that they have already delivered 8,500 units in the last financial year and are committed to deliver another 15,000 units this fiscal year.
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