Home › Calculators › Loan eligibility
Home loan eligibility calculator
Lenders start from one question: how much EMI can your income carry? Work out the answer, the loan it supports and the home it buys.
How lenders decide
Banks cap your total EMIs at a share of net income, known as FOIR (fixed obligations to income ratio), usually 40% to 60%. From that maximum EMI they work back to a loan amount at their rate and tenure. On ₹1 lakh a month with no other EMIs, a 50% limit allows a ₹50,000 EMI, which supports about ₹57.6 lakh at 8.5% over 20 years.
The down payment you will need
RBI limits the loan to a share of the property value: up to 90% for loans of ₹30 lakh or less, 80% up to ₹75 lakh and 75% above that. Stamp duty and registration, often 6% to 8%, are usually not financed, so budget for them separately.
Raising your eligibility
- Add a co-borrower with income, such as a spouse.
- Close small loans and card dues first to free up EMI capacity.
- Choose a longer tenure, if your age allows, to lower the EMI per lakh.
- Keep your credit score above 750 for the best rate.