Home Loan Eligibility Calculator
Estimate how much home loan your income can support, and how much a lender may finance on the property you want. Every figure here is an estimate, not an approval.
This is an estimate from two common rules, not a loan offer. Each lender sets its own share of income, and also weighs your credit score, age, job and the property. Use your lender's own figure before you commit to a property.
How this is calculated
Step 1, the income limit. Take-home pay × the share a lender allows, minus the EMIs you already pay, gives the most you can add as a new EMI. The calculator then works out the loan that EMI repays at your rate and tenure.
Step 2, the property limit. RBI caps a home loan as a share of the property value: 90% for loans up to 30 lakh rupees, 80% for loans above 30 lakh up to 75 lakh, and 75% above 75 lakh. Stamp duty and registration are generally not counted in the property value.
Your estimated eligible loan is the lower of the two. Whatever the loan does not cover is your down payment.
A worked example
Illustration at 8.5% a year, with lenders allowing 50% of take-home pay for EMIs:
- Take-home pay 50,000 rupees a month, no other loans: a 25,000 rupee EMI supports a loan of about ₹28.8 lakh over 20 years, or about ₹32.5 lakh over 30 years.
- Take-home pay 1 lakh rupees, with a 10,000 rupee car loan EMI: room for a 40,000 rupee EMI, about ₹46.1 lakh over 20 years. Without the car loan, about ₹57.6 lakh.
- On a 60 lakh rupee home, the property cap is ₹48 lakh, so with the car loan the income limit of ₹46.1 lakh decides, and the down payment is about ₹13.9 lakh.
Closing a small loan before you apply can lift your limit more than a raise would. Once you know the amount, see the full repayment picture in the home loan EMI calculator.
Read next
- Home loan basics
- Home loan EMI calculator
- How to improve your credit score
- Should you prepay a loan?
Questions people ask
How much home loan can I get on my salary (home loan kitna milega)?
Lenders usually let your EMIs, old and new together, take up a set share of your monthly take-home pay, often around half, though each lender decides its own limit. In the illustration on this page, a take-home pay of 50,000 rupees a month with no other loans, at 50%, 8.5% a year and 20 years, supports a loan of about ₹28.8 lakh.
How much of the property price will a bank lend?
RBI caps a home loan as a share of the property value: up to 90% for loans up to 30 lakh rupees, 80% for loans above 30 lakh up to 75 lakh, and 75% above that. Stamp duty and registration are generally left out of the property value. You pay the rest as a down payment, and a lender can choose to lend less.
How can I increase my home loan eligibility?
Pay off small loans and card balances first, since every existing EMI cuts what you can borrow. A longer tenure or a co-applicant with income also raises the limit, and a good credit score can get you a better rate. A longer tenure costs more interest overall, so borrow only what you need.
Is this the amount my bank will approve?
No. This is an estimate from two common rules. Your bank also looks at your credit score, age, job stability, the property and its own policy, so the approved amount can be lower or higher.