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Home Loan Eligibility Calculator

Last Updated 25th Jun 2017

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

    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.

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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

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Home Loan News - Jun 2017
  • 2017-06-23 : AU small finance bank plans to get into housing finance next year news
    AU small finance bank is planning to enter into the housing finance segment during the first quarter of FY18-19. However, the bank has yet not decided on which category it will continue its focus, whether housing finance or the affordable housing which is the fastest growing segment in recent years.
  • 2017-06-23 : ICRA report highlights home loan growth slows down to 16% in FY17 news
    As per the report presented by the leading rating agency ICRA, growth in the home loan segment slowed down to 16 percent during the FY16-17 as against 19 per cent during the previous year. However, the report also highlighted that the outstanding home loans increased to Rs. 14.4 lakh during 31st March, 2017 as against Rs. 12.4 lakh crore during 31st March, 2016.
  • 2017-06-22 : HUDCO ties up with EPFO to aid buyers avail home loan subsidy news
    In a move to help home buyers to avail home loan subsidy and interest subvention under the Pradhan Mantri Awas Yojana (PMAY), HUDCO has announced its tie up with employees provident fund organization (EPFO). Under the scheme, subscribers will be able to withdraw upto 90% of their EPF accumulations to buy homes under the PMAY scheme which will help them to make their down payments for buying houses and paying their EMIs on home loans.
  • 2017-06-19 : Dena Bank lowers home loan rates by 5-10 basis points news
    Dena Bank has announced a rate cut of 5-10 basis points in its home loans. The rates have been reduced by 5 basis points to 8.60 per cent for loans upto Rs. 75 lakhs and by 10 basis points to 8.7 per cent for loans above Rs. 75 lakhs. The new home loan interest rates are effective from 15th June, 2017.
  • 2017-06-15 : Repco Home Finance raises Rs. 272 crore from International Finance Corporation news
    Leading housing finance company, Repco Home Finance Limited (RHFL) has raised the capital of Rs. 272 crore from World Bank’s arm, International Finance Corporation (IFC) via the issue of non-convertible debentures (NCDs). The company has received approval from its board for issuing a total of 272 secured, redeemable, non-convertible and non-cumulative debentures. The bonds will carry a face value of Rs. 10 lakh each aggregating to Rs. 272 crore and will be raised on a private placement basis.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.