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Home Loan Eligibility Calculator
Housing Loan Eligibility Details
Main factors that determine eligibility for home loan are
Age of the Applicant | 18 to 70 years |
Eligible Salary | ₹ 25,000 per month and above |
Work Experience for Salaried | 3 years and above |
Business Stability for Self Employed | 5 years and above |
Minimum CIBIL Score | 650 |
Maximum Loan on Property Value | Up to 90% |
Maximum EMI as percent of income | 65% |
Eligibility with Co-applicant | Up to 3 earning family members may be added to get higher loan eligibility |
Lowest Home Loan Interest Rates | 6.75% |
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Housing Loan Eligibility Details
Bank | Loan Amount Eligibility for Max Tenure | Age of Eligible Borrower | Maximum Loan on Property Value |
---|---|---|---|
SBI Home Loan Eligibility | ₹ 7 Cr for 30 years | 18 to 70 years | Upto 90% |
HDFC Home Loan Eligibility | ₹ 5 Cr for 30 years | 24 to 60 years | Upto 90% |
Citibank Home Loan Eligibility | ₹ 5 Cr for 25 years | 23 to 60 years | Upto 80% |
Bank of Baroda Home Loan Eligibility | ₹ 7 Cr for 30 years | 21 to 60 years | Upto 90% |
ICICI Bank Home Loan Eligibility | ₹ 7 Cr for 30 years | 21 to 60 years | Upto 90% |
Axis Bank | ₹ 2 Cr for 30 years | 24 to 60 years | Upto 90% |
PNB Housing Finance | ₹ 5 Cr for 30 years | 21 to 70 years | Upto 90% |
LIC Housing Finance | ₹ 15 Cr for 30 years | 21 to 60 years | Upto 80% |
Indiabulls | ₹ 3 Cr for 25 years | 23 to 65 years | Upto 90% |
DBS Bank | ₹ 5 Cr for 20 years | 21 to 60 years | Upto 80% |
Aavas Financiers | ₹ 5 Cr for 30 years | 21 to 60 years | Upto 85% |
Aadhar Housing Finance | ₹ 1 Cr for 30 years | 21 to 60 years | Upto 80% |
Kotak Bank | ₹ 5 Cr for 20 years | 21 to 60 years | Upto 80% |
Edelweiss | ₹ 5 Cr for 25 years | 21 to 60 years | Upto 80% |
Bank of Maharashtra | ₹ 10 Cr for 30 years | 21 to 60 years | Upto 70% |
Tata Capital | ₹ 1 Cr for 30 years | 21 to 65 years | Upto 90% |
Syndicate Bank | ₹ 5 Cr for 30 years | 21 to 60 years | Upto 90% |
Lakshmi Vilas Bank | ₹ 5 Cr for 20 years | 21 to 65 years | Upto 80% |
IDBI Bank | ₹ 10 Cr for 30 years | 22 to 70 years | Upto 90% |
Andhra Bank | ₹ 10 Cr for 30 years | 21 to 65 years | Upto 90% |
LT Housing Finance | ₹ 10 Cr for 30 years | 23 to 65 years | Upto 90% |
RBL Bank | ₹ 10 Cr for 25 years | 24 to 60 years | Upto 90% |
Karnataka Bank | ₹ 5 Cr for 30 years | 21 to 60 years | Upto 80% |
Federal Bank | ₹ 15 Cr for 30 years | 21 to 60 years | Upto 85% |
Canara Bank | ₹ 10 Cr for 30 years | 21 to 55 years | Upto 80% |
IDFC First Bank | ₹ 10 Cr for 30 years | 21 to 60 years | Upto 85% |
Standard Chartered Bank | ₹ 15 Cr for 20 years | 21 to 60 years | Upto 80% |
UCO Bank | ₹ 5 Cr for 30 years | 21 to 60 years | Upto 90% |
Indian Bank | ₹ 5 Cr for 20 years | 18 to 60 years | Upto 90% |
DCB Bank | ₹ 10 Cr for 20 years | 21 to 60 years | Upto 80% |
IIFL | ₹ 5 Cr for 30 years | 18 to 70 years | Upto 90% |
PNB | ₹ 1 Cr for 30 years | 21 to 60 years | Upto 80% |
Reliance Capital | ₹ 5 Cr for 30 years | 21 to 60 years | Upto 80% |
Karur Vysya Bank | ₹ 5 Cr for 25 years | 21 to 60 years | Upto 75% |
GIC Housing Finance | ₹ 3 Cr for 20 years | 21 to 60 years | Upto 80% |
Central Bank of India | ₹ 10 Cr for 30 years | 18 to 60 years | Upto 90% |
Piramal Housing Finance | ₹ 5 Cr for 30 years | 23 to 60 years | Upto 90% |
Union Bank of India | ₹ 5 Cr for 30 years | 21 to 60 years | Upto 80% |
OBC | ₹ 3 Cr for 25 years | 18 to 60 years | Upto 80% |
Indian Overseas Bank | ₹ 5 Cr for 30 years | 21 to 60 years | Upto 80% |
Dhan Laxmi Bank | ₹ 2.50 Cr for 20 years | 21 to 60 years | Upto 80% |
Sundaram Home Finance | ₹ 5 Cr for 20 years | 21 to 60 years | Upto 85% |
Bank of India | ₹ 5 Cr for 30 years | 21 to 60 years | Upto 85% |
Yes Bank | ₹ 5 Cr for 25 years | 21 to 60 years | Upto 90% |
South Indian Bank | ₹ 5 Cr for 30 years | 21 to 65 years | Upto 90% |
HSBC Bank | ₹ 10 Cr for 25 years | 21 to 60 years | Upto 80% |
Corporation Bank | ₹ 5 Cr for 30 years | 18 to 65 years | Upto 90% |
Bajaj Finserv | ₹ 3.50 Cr for 20 years | 23 to 62 years | Upto 80% |
Allahabad Bank | ₹ 10 Cr for 20 years | 21 to 60 years | Upto 90% |
United Bank of India | ₹ 3 Cr for 30 years | 21 to 60 years | Upto 90% |
Punjab and Sind Bank | ₹ 5 Cr for 30 years | 21 to 70 years | Upto 80% |
Jammu And Kashmir Bank | ₹ 5 Cr for 15 years | 21 to 60 years | Upto 80% |
About Home Loan Eligibility
When planning to take a home loan, one of the crucial factors that a home loan borrower must consider is knowing about Home Loan Eligibility of various lending institutions as per the set standards of these institutions. Knowing about home loan eligibility ensures that there is no hassle in getting a loan, and the home loan application does not get rejected. Thus you can avail a loan smoothly and quickly without hurting your credibility.
What is Home Loan Eligibility?
Home Loan Eligibility are the specific criterias that a borrower needs to fulfill when applying for a home loan. These sets of parameters vary for every Bank and Non-Banking Financial Institutions and evaluate the creditworthiness of the borrower to repay the home loan on time without any default.
Housing Loan Eligibility Criteria
Minimum and Maximum Age |
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Net Monthly Income |
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Loan Tenure |
|
Interest Rate |
|
Company, Employment History |
|
Higher Eligibility with Co - applicant |
|
Current EMI’s |
|
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:
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CIBIL Score and Credit Report |
|
Property Approval and Valuation |
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Home Loan Eligibility Based on Salary
Your net monthly income (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 group are as follows assuming you have no EMIs to pay and the interest rate on the loan starts at 6.75%.
Age | Net Monthly Income (₹) | ||
---|---|---|---|
25,000 | 50,000 | 75,000 | |
25 years | 50.11 Lakh | 75.16 Lakh | 1 Cr |
30 years | 50.11 Lakh | 75.16 Lakh | 1 Cr |
35 years | 47.04 Lakh | 70.56 Lakh | 94.08 Lakh |
40 years | 42.74 Lakh | 64.11 Lakh | 85.49 Lakh |
45 years | 36.73 Lakh | 55.09 Lakh | 73.45 Lakh |
50 years | 28.30 Lakh | 42.46 Lakh | 56.61 Lakh |
Housing Loan Eligibility Based on Age
Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower 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. Banks offer home loans for a maximum period of 30 years subject to the condition that the borrower’s age at the end of the tenure must not exceed 30 years for salaried borrowers and 30 years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be 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 |
How is Home Loan Eligibility Calculated?
Borrowers can check home eligibility online using a Home Loan eligibility calculator by entering details such as loan tenor, net monthly salary, existing obligations or EMIs etc. They can use the Home Loan Eligibility Calculator on our website to calculate the loan amount that they can borrow from different lending institutions.
What factors determine home loan eligibility?
There are several factors that determine the borrower's eligibility for a home loan. Some of them are mentioned as below:
- Age: The age of the borrower determines the maximum tenure of a home loan. The young applicant can avail a home loan for a maximum tenure of 30 years.To avail a home loan, your age should be above 21 years at the time of availing the loan, and it cannot be more than 30 years at the end of its tenure.
- CIBIL Score: The CIBIL score also determines the borrower's eligibility for a home loan. A credit score of 750 or above is considered an ideal score for availing a home loan. However, some banks give home loans at a credit score of 650 and above.
- Profession: Both self-employed and salaried individuals can avail a home loan. However, the interest rates are generally lower for salaried applicants.
- Income: Income is one of the crucial factors that affect the home loan eligibility of the borrower. For salaried persons, regular and timely salary credit is essential for loan eligibility. Also, to improve home loan eligibility, you can add an earning family member as a co-applicant.
- LTV and Property Value: If the market value of your property is high, then there are more possibilities of getting a home loan of a higher payment. Loan to Value Ratio also determines the Loan amount. As per the RBI guidelines, borrowers can get a maximum LTV of 90% on a home loan.
Housing Loan Eligibility – Tips
- Apply with a co-applicant: You can boost 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. Suppose, your monthly income is ₹ 30,000 and the loan amount you are eligible for is ₹ 15 Lakh, If you add your spouse as co-applicant, earning ₹ 20,000 per month, can increase your eligibility to ₹ 25 Lakh. So, it is advised to add a co-applicant, wherever possible, to improve your eligibility.
- Clear your existing debts: If you have running loans and you are paying other EMIs because of which your loan amount eligibility is low, you may want to prepay some of your existing debts to improve your eligibility. Say, your monthly income ₹ 35,000 per month and you have a credit card outstanding of ₹ 10,000. In this case, your eligibility decreases as your FOIR is calculated on your income left after paying obligations. So, pay your credit card dues and then apply for a fresh loan for higher loan amount
- Increase loan tenure: Apply for a maximum tenure as per your age. If you apply for housing loan for 30 years, it 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 loan for 10 years tenure, you might be eligible for a lower loan amount.
- Complete market research: Do complete market research as the home loan interest rates keeps on fluctuating. Fixed rates remain same during the tenure and floating rates change with change in RLLR/repo rate or PLR. It is important to study the changes in home loan rate of various banks in response to repo rate to understand the responsiveness of banks to market rate changes.
- Other income source: Higher income enhances your eligibility. If you are earning income through other sources such as rent, then don't forget to mention the income with complete proof as it can increase your eligibility for a high loan amount.
Illustration – Mr. A, 30 years old, wants to purchase a home whose property value is ₹ 60 Lakh, His net income is ₹ 50,000 per month and he has no other fixed obligations. Banks will calculate Mr. A’s loan amount eligibility based on his age, net income and his fixed expenses as a % of his net income. Based on the loan amount Mr. A is eligible for, he will be offered home loan rate corresponding to the slab he falls in and that will be used to calculate his EMI. In Mr A’s case, he will get the following results for various banks on a home loan eligibility calculator.
Bank | Loan Amount Eligibility | Interest Rate | EMI |
---|---|---|---|
SBI | ₹ 57.35 Lakh for 30 years | 6.80% | ₹ 37,390 |
HDFC | ₹ 44.12 Lakh for 30 years | 6.80% | ₹ 28,761 |
ICICI Bank | ₹ 57.35 Lakh for 30 years | 6.80% | ₹ 37,390 |
Axis Bank | ₹ 57.78 Lakh for 30 years | 6.75% | ₹ 37,475 |
PNB Housing Finance | ₹ 53.06 Lakh for 30 years | 7.35% | ₹ 36,558 |
DBS Bank | ₹ 53.42 Lakh for 20 years | 7.30% | ₹ 42,388 |
DHFL | ₹ 44.57 Lakh for 30 years | 8.75% | ₹ 35,064 |
IDBI Bank | ₹ 52.70 Lakh for 30 years | 7.40% | ₹ 36,490 |
IDFC Bank | ₹ 43.33 Lakh for 30 years | 9.00% | ₹ 34,867 |
Indiabulls | ₹ 35.68 Lakh for 25 years | 9.25% | ₹ 30,552 |
- As you can see in the above table, loan amount eligibility differs for different banks. Hence, it is extremely important to compare the eligibility terms and interest rates of different banks before choosing the bank.
- Bank offering highest eligibility of ₹ 57.78 Lakh is Axis Bank.
- Minimum eligibility of ₹ 35.68 Lakh is offered by Indiabulls.
- EMI amount ranges from ₹ 28,761 to ₹ 42,388 at different interest rates offered by banks.
Other Loan Calculators
FAQs
✅What is the eligibility for home loan?
The minimum eligibility criteria to avail a home loan are:
- Age: Your age should be above 18 years at the time of availing the loan, and it cannot be more than 70 years at the end of its tenure.
- Income: The minimum monthly income required is ₹ 25,000.
- Employment: For salaried minimum continuous employment required is 3 years. For self-employed minimum business vintage required is 5 years.
- Credit Score: The minimum credit score required to avail the home loan is 650.
✅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 FOIR is 50% and LTV 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?
The home loan amount 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 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 = ₹ 12,60,00,000. 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 bank is 50% and tenure is 30 years. Then, your loan amount eligibility based on various income will be:
Income | Loan Amount |
---|---|
₹ 50,000 | ₹ 90,00,000 |
₹ 75,000 | ₹ 1,35,00,000 |
₹ 1,00,000 | ₹ 1,80,00,000 |
✅Is guarantor required for home loan?
Since the home loan is a secured loan, banks usually do not ask for a guarantor. However, if a bank asks you explicitly for a guarantor, then you can ask your family or friends.
Nowadays, almost all banks offer attractive schemes on Home Loan at competitive rates with many customer friendly features. You can do rates comparison, check your eligibility, calculate EMI, apply online and get the best Home Loan rates. MyLoanCare helps you throughout the loan process from the day you apply to the time you get disbursement. You can register with us, track your loan status on a regular basis and get an option to earn attractive cashbacks and refer and earn benefits.
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- 2021-02-24 : Indiabulls Housing Finance issues foreign currency convertible bonds (FCCBs)
Indiabulls Housing Finance Limited has issued Foreign Currency Convertible Bonds (FCCBs) to raise US$200 million. The securities issuance committee has fixed the floor price at Rs227.09 per FCCB. - 2021-02-23 : Bank of Maharashtra waived its processing fee
Bank of Maharashtra reduced the processing fee of home and car loans to zero. The primary aim of the move is to lure the borrower and increase the credit portfolio. - 2021-02-19 : Loan growth is back to pre covid levels
Credit bureau TransUnion Cibil and MSME lender SIDBI reported that the loan growth is again back to pre covid levels. The revival was mainly due to the Emergency Credit Line Guarantee Scheme by public sector banks. - 2021-02-12 : SBI planning to double the home loan portfolio to 10 Lakh Crores
State Bank of India is planning to double the home loan portfolio to 10 lakh crore in the next 5 years. SBI is the market leader in the home loan segment with a market share of 33%. The Bank took more than 10 years to grow its home loan book to ₹5 lakh crore. - 2021-02-11 : SBI reduced Processing fee in its home loan to zero
To make affordable housing accessible, State Bank of India has waived the processing fee on home loans till 31 March 2021. The Bank offers home loans at an interest rate, starting as low as 6.80% per annum.

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