Home loan eligibility calculator
A net salary of Rs 1,00,000 a month with a 50% FOIR could support a 20 year home loan of about Rs 57,61,542 at 8.5%, an EMI of Rs 50,000.
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| FOIR | Max EMI | Loan |
|---|---|---|
| 40% | Rs 40,000 | Rs 46,09,234 |
| 45% | Rs 45,000 | Rs 51,85,388 |
| 50% | Rs 50,000 | Rs 57,61,542 |
| 55% | Rs 55,000 | Rs 63,37,696 |
| 60% | Rs 60,000 | Rs 69,13,850 |
FOIR (fixed obligations to income ratio) is set by each lender; these are examples, not any lender's policy.
How it works
Home loan eligibility is mostly about the EMI your income can carry. Long tenures raise eligibility because the same EMI repays a larger loan. Lenders also limit the loan to a share of the property value, so the smaller of the two decides the sanction.
Use the result with the home affordability calculator to add your down payment and see a property budget.
Formula
Max EMI = income x FOIR - existing EMIs; loan = EMI x ((1 + r)^n - 1) / (r (1 + r)^n)
Frequently asked questions
How much home loan can I get on my salary?
Multiply your net monthly income by the lender's FOIR, subtract existing EMIs, and see what loan that EMI repays at the rate and tenure.
Does a co-applicant increase eligibility?
Yes; lenders can add a co-applicant's income, which raises the EMI you can carry.
Why does the bank offer less?
Lenders also cap loans by property value and apply their own credit checks.
Related
This tool is for information only and is not investment, tax or legal advice. Results depend on the inputs and assumptions you enter; check important figures with the official source or a qualified professional.