Calculator
Home Loan Eligibility Calculator
Before you shortlist a property, it helps to know roughly how large a home loan a lender will sanction. Banks decide this mainly from your income using FOIR (Fixed Obligation to Income Ratio) — the share of your monthly income they will let go toward all EMIs combined. This calculator takes your monthly income, existing EMIs, the loan rate, and the tenure, works out the maximum EMI lenders allow, and converts that into an approximate eligible loan amount. Use it to set a realistic budget and avoid falling for properties well outside what you can finance.
Your take-home monthly income (add co-applicant income if joint).
Total EMIs you already pay on other loans and cards.
Expected home loan rate offered by the lender.
Loan duration in years.
Share of income lenders allow toward all EMIs — usually 40–55%.
How your income supports the EMI
- Max EMI (for new loan)₹50,00050%
- Existing EMIs₹00%
- Free income₹50,00050%
This is an income-based estimate using FOIR. Actual eligibility varies by lender and also depends on your credit score, age, employment type, the property value, and the loan-to-value (LTV) cap — typically 75–90% of the property price. Treat the figure as a starting point, not a sanction.
What your result means
- Banks cap your EMI at roughly 50–60% of net income (FOIR) — this estimate reflects what they will lend, which is not the same as what you should borrow.
- Adding a co-applicant (especially an earning spouse) and choosing a longer tenure both raise the eligible amount.
- You will also need a down payment of ~10–25% (banks fund up to 75–90% of property value), plus stamp duty and registration on top.
How to use this calculator
- Enter your net (take-home) monthly income; for a joint loan, add the co-applicant’s income.
- Enter the total of all EMIs you already pay — other loans, and any card EMIs.
- Enter the expected interest rate and the tenure you plan to take.
- Set the FOIR your lender uses — 40–50% is common, higher for larger incomes.
- Read the eligible loan amount and the maximum EMI, then compare against the property price and your savings for the down payment.
The formula
Max EMI = (Monthly income × FOIR%) − existing EMIs. Eligible loan = EMI × [ (1 + i)ⁿ − 1 ] ÷ [ i × (1 + i)ⁿ ], where i = monthly rate (annual ÷ 12 ÷ 100) and n = months (years × 12). This is the standard EMI formula solved for the principal. If i = 0, eligible loan = EMI × n.
Worked example
On a ₹1,00,000 net monthly income with no existing EMIs, a 9% rate, a 20-year tenure, and a 50% FOIR: the max EMI lenders allow is 50% of ₹1,00,000 = ₹50,000. Plugging ₹50,000 into the reversed EMI formula at i = 0.0075 and n = 240 gives an eligible loan of about ₹55,58,000. Now add a ₹15,000 car-loan EMI: the max home EMI drops to ₹35,000 and eligibility falls to roughly ₹38,90,000 — clearing or reducing existing EMIs before you apply directly raises how much home loan you can get.
When to use it
- Setting a realistic property budget before you start house-hunting.
- Seeing how much more you qualify for after clearing an existing car or personal loan.
- Checking how adding a co-applicant’s income raises your eligible loan amount.
- Comparing eligibility across lenders that use different FOIR limits and rates.