Home Loan Eligibility Calculator
Check loan eligibility
Calculate Your Eligibility
Note: Lenders typically allow up to 50% of your net monthly income for EMI payments. Your eligibility is calculated based on this standard.
Your Eligibility Results
Eligible Loan Amount
$2,880,771
Payment Breakdown
Understanding Home Loan Eligibility
Before extending a loan to an individual, a financial institution ensures to run a check to evaluate whether the applicant is eligible to avail of a home loan. Usually, it is decided based on different criteria such as age, credit history, credit score, financial position, other financial debts, etc.
Home Loan Eligibility Criteria:
| Age |
|
| Credit Score | Above 750 |
| Employment Status | Salaried or Self-Employed |
| Minimum Net Income | 25,000 per month (varies by lender) |
| Loan-to-Value Ratio | Up to 90% |
| Type of Residence |
|
| Type of Property |
|
Note: The above-mentioned home loan eligibility criteria are purely indicative and vary depending on different financial institutions. Each lender might have different eligibility criteria.
How to Use the Calculator:
You can use our Home Loan Eligibility Calculator to check whether you qualify for a home loan or not. It will produce details based on the figures you enter in the given fields.
- Enter your Monthly Income
- Enter your Existing EMI obligations (if any)
- Select the Interest Rate (current market rate)
- Choose your desired Loan Tenure
- The calculator will instantly show your eligible loan amount
Primary Factors That Affect Home Loan Eligibility:
1) Income
The first factor that influences home loan eligibility is an individual's income. Based on a salaried/self-employed's gross income and repayment capacity, the loan will be provided. Lenders typically allow up to 50% of your net monthly income for EMI payments.
2) Age
A borrower must fall within the age limit decided by a financial institution that is taken into consideration before giving a loan. If the borrower meets the age criteria, the loan will be easily given. Younger borrowers may get longer tenure options.
3) Credit Score
A credit score is another factor that determines the home loan eligibility. If the credit score of the borrower is good (above 750), the loan sanction process wouldn't take much time. In addition, good credit history signifies good repayment capacity, which ultimately helps avail the loan quickly.
4) Outstanding Loan or Debts
Existing unsettled loans can affect home loan eligibility. Getting a home loan can become challenging if the EMI to Income Ratio is not between 50 and 60 per cent. Lenders assess your total debt burden before approving new loans.
How to Enhance Home Loan Eligibility?
To improve your Home Loan Eligibility chances, you can try:
- Reduce existing outstanding loans and debts: Pay off smaller loans to improve your debt-to-income ratio
- Create a systematic plan for repayment: Show lenders you have a clear financial plan
- Improve your Credit Score: Maintain timely payments and keep credit utilization low
- Ensure stable income flow: Longer employment tenure and consistent income help
- Apply for a joint home loan: Adding a co-applicant with income increases eligibility
- Increase down payment: Higher down payment reduces loan amount needed
- Choose longer tenure: Longer tenure reduces EMI, improving eligibility
Documents Required for Home Loan:
For Salaried Individuals:
- Identity proof (Aadhaar, PAN, Passport)
- Address proof (Utility bills, Aadhaar)
- Last 3 months' salary slips
- Last 6 months' bank statements
- Form 16 or IT returns (last 2 years)
- Employment proof
For Self-Employed:
- Identity proof (Aadhaar, PAN, Passport)
- Address proof (Utility bills, Aadhaar)
- Business proof (Registration, License)
- Last 6 months' bank statements
- IT returns (last 3 years)
- Balance sheet and P&L statements
Example Scenario:
Profile:
- Monthly Income: 80,000
- Existing EMI: 10,000
- Interest Rate: 8.5% p.a.
- Loan Tenure: 20 years
Results:
- Net Monthly Income: 70,000
- Maximum EMI (50%): 35,000
- Eligible Loan Amount: 42,50,000 (approx.)
- Total Interest: 41,50,000 (approx.)
- Total Payable: 84,00,000 (approx.)
💡 Pro Tips for Home Loan Eligibility:
- Maintain a credit score above 750 for better interest rates
- Keep your debt-to-income ratio below 50%
- Consider adding a co-applicant to increase eligibility
- Compare offers from multiple lenders before deciding
- Check for special schemes (women borrowers, first-time buyers)
- Factor in processing fees, insurance, and other charges
- Pre-approval can help you negotiate better property prices
Important Disclaimer
For Educational and Informational Purposes Only: This calculator is provided solely for educational and informational purposes. It is designed to help you understand potential investment outcomes and should not be considered as financial, investment, tax, or legal advice.
Not Professional Advice: The calculations, results, and information provided by this tool do not constitute professional financial advice, investment recommendations, or tax guidance. Always consult with a qualified financial advisor, certified financial planner, tax consultant, or legal professional before making any investment or financial decisions.
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