Home Loan Eligibility Calculator

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

Last Updated 27th Feb 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 - Feb 2017
27th Feb 17 Private Equity Firm True North plans to buy major stake in Home First Finance Company for Rs. 600 crore
Private equity firm, True North is likely to buy a major stake in a mortgage firm Home First Finance Company (HFFC) for Rs. 600 crore. True North is expected to invest half of the amount in the company and remaining funds will be paid to the existing shareholders of the company. HFFC primarily deals in providing affordable home loans to low and middle income customers Who are first time home buyers.
25th Feb 17 SEBI eases norms for Debt Mutual Funds to invest in Indian Housing Finance Companies
Securities Exchange Board of India has eased the norms for Debt Mutual Funds for investing in Indian HFCs. Debt Mutual Funds can now invest up to 15 percent of their total net assets in housing finance companies as compared to 10 percent earlier. The norms have been relaxed with a view to attract more funds for affordable housing activities. As a result, shares of housing finance companies rose by 4 percent on 23rd February, 2017.
21st Feb 17 Kissandhan loan facilities extended to Asia’s largest grain mandi in Narela
Kissandhan Agri Financial Services Pvt. Ltd, NBFC regulated by RBI has announced the launch of its loan products to the farmers of largest grain mandi of India in Narela, Delhi. The NBFC is currently offering loans in Haryana, Maharashtra, Madhya Pradesh, Rajasthan, Delhi, Uttar Pradesh and Uttrakhand and plans to expand to the states of West Bengal and Bihar. The company has disbursed cumulative loans of Rs. 772 crore to farmers across India, since its inception in April, 2014.
18th Feb 17 ESAF Microfinance to launch small finance bank operations
ESAF Microfinance and Investment Pvt. Ltd plans to launch its small finance bank on 11th March, 2017 in Kerala by running a pilot at five branches. The bank intends to initiate its banking operations from 18th March, 2017 and expects to open 70 branches over the next three months. The bank has a target to garner 20 percent of its loan portfolio from MSME borrowers with the rest 10 and 70 percent from home loan and microfinance respectively.
17th Feb 17 Affordable housing segment to get better returns in FY18
Government has recently introduced a series of reform to encourage affordable housing segment in India. Several measures such as granting infrastructure status to real estate and launch of new regulatory act for realty sector are likely to benefit the real estate developers and investors operating in the affordable housing segment.
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