Home Loan Eligibility Calculator

About the Home Loan Eligibility Calculator

Home loan eligibility tells you the maximum housing loan a lender is likely to sanction, which in turn shapes the budget for the property you can buy. Because home loans are large and long, lenders assess your repayment capacity carefully, capping total EMIs at around 40-50% of your monthly income. This calculator estimates your eligible loan amount from your income, current obligations and the loan terms you expect.

The eligible amount is derived by first finding the EMI you can afford, then converting it into a loan using the reducing-balance formula over the chosen tenure. Home loans allow long tenures, up to 30 years, which lifts eligibility because the affordable EMI supports a bigger principal. Adding a co-applicant, such as a spouse with income, pools earnings and can substantially raise the amount you qualify for.

Two limits apply together: your income-based eligibility and the loan-to-value cap, since lenders fund only 75-90% of the property value and you must arrange the rest as a down payment. Your final loan is the lower of the two. A strong credit score, stable employment and minimal existing debt all improve your position. Use this estimate to shortlist properties within a realistic budget before you begin house-hunting.

How to use it

• Your loan is the lower of income-based eligibility and the loan-to-value cap on the property.
• Adding an earning co-applicant pools incomes and can significantly raise your eligibility.
• A longer tenure increases eligibility but adds to total interest over the life of the loan.
• Plan for a down payment of 10-25% of the property value plus stamp duty and registration.