Home Loan Eligibility Calculator
Check your home loan eligibility instantly. Enter your monthly income, existing obligations, and loan details to find out the maximum loan amount you can get from banks.
Tips to Improve Your Home Loan Eligibility
Improving your home loan eligibility can help you secure a larger loan amount at better interest rates. Here are some proven strategies to enhance your eligibility:
- Maintain a good CIBIL score (750+): Pay all existing EMIs and credit card bills on time. A higher credit score significantly improves your chances of loan approval at lower interest rates.
- Reduce existing debts: Pay off personal loans, car loans, and credit card outstanding balances to lower your FOIR ratio, which directly increases your eligible loan amount.
- Add a co-applicant: Adding a working spouse as a co-applicant combines both incomes, increasing the maximum loan amount you can avail.
- Choose a longer tenure: Opting for a 25-30 year tenure reduces your EMI amount, which can help you qualify for a higher loan amount.
- Increase your down payment: A higher down payment reduces the loan amount needed and signals financial stability to the lender.
- Show all sources of income: Include rental income, freelance earnings, and other regular income sources in your application to boost your total income.
Bank-wise Home Loan Interest Rates
| Bank | Interest Rate | Max Tenure | Max Loan | Processing Fee |
|---|---|---|---|---|
| SBI | 7.25% - 8.7% | 30 years | ₹15 Cr | 0.35% |
| HDFC Bank | 7.85% - 9.65% | 30 years | ₹10 Cr | 0.50% |
| ICICI Bank | 8.5% - 10.05% | 30 years | ₹10 Cr | 0.50% |
| Axis Bank | 8.35% - 9.35% | 30 years | ₹5 Cr | 1.00% |
| PNB | 7.2% - 9.1% | 30 years | ₹5 Cr | 0.35% |
| Bank of Baroda | 7.2% - 9.1% | 30 years | ₹10 Cr | 0.50% |
| Kotak Mahindra | 7.7% - 9.4% | 25 years | ₹40 Cr | 0.50% |
| LIC Housing | 7.5% - 10.25% | 30 years | ₹15 Cr | 0.25% |
* Interest rates are indicative and subject to change. Please check with the respective bank for the latest rates.
How is Home Loan Eligibility Calculated?
Home loan eligibility is determined by banks based on your income, existing financial obligations, and the loan terms. The calculation follows these steps:
Eligibility Formula
- Step 1: Available Income = Monthly Income - Existing EMIs - Monthly Expenses
- Step 2: Maximum EMI = Available Income × 50% (FOIR limit)
- Step 3: Max Loan = EMI × [(1+r)n - 1] / [r × (1+r)n]
- Step 4: Max Property Value = Max Loan Amount / 0.80 (80% LTV)
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Total number of monthly installments (tenure × 12)
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Frequently Asked Questions
Common questions about home loan eligibility and requirements