Home Loan Eligibility Calculator

How to use Home Loan Eligibility Calculator

1. Set your preferred number format and currency symbol.
2. Enter net monthly income and the total of your existing EMIs and fixed obligations.
3. Adjust the FOIR percentage to the limit you expect your lender to use, then enter a rate and tenure.
4. Read the maximum EMI and eligible loan, and compare the tenure table below it.

How eligibility is estimated

Many lenders start from a simple affordability test. They multiply your income by a permitted FOIR percentage to get the total monthly amount you can commit to debt, subtract EMIs you already pay, and treat what is left as the largest EMI the new loan may have. They then convert that EMI into a loan amount for the chosen rate and tenure.

The conversion is the EMI formula run backwards: loan = EMI x (1 - (1 + r)^-n) / r, with r the monthly rate and n the months. A longer tenure or a lower rate lets the same EMI support a bigger loan.

A verified worked example

Suppose net monthly income is 80,000, existing EMIs are 10,000, FOIR is 50% and the example rate is 9%. The EMI budget is 80,000 x 50% = 40,000; subtracting the existing 10,000 leaves 30,000. Over 20 years (240 months) that EMI supports a loan of about 33,34,348.62. The same 30,000 EMI would support about 29,57,802.27 over 15 years and 37,28,455.97 over 30 years.

Notice the trade-off: stretching to 30 years raises the eligible amount by roughly 3.9 lakh over 20 years, but you pay interest for ten extra years.

• Include credit-card minimums, personal loans and car loans in existing obligations.
• Joint applications with an earning co-applicant usually raise the combined income considered.
• Rates change; recheck with the rate quoted when you apply.

Why lenders differ, and what this tool cannot see

Some lenders count only part of variable pay or rental income, some cap age at loan maturity, and some limit the loan to a percentage of the property's value regardless of your income. None of that is known to this page. Estimates only, not financial advice. Example values in the fields are not current market rates; always use the figures in your lender's sanction letter.

All maths happens in your browser; your income and obligations are never sent anywhere.

Why use this home loan eligibility calculator tool

• Editable FOIR. FOIR is an input, not a fixed rule, because every lender sets its own limit.
• Reverse EMI maths. Instead of asking what a loan costs, it asks what loan a given EMI can carry.
• Tenure comparison. A table shows the same EMI budget at 10, 15, 20, 25 and 30 years.
• Clear warnings. If existing EMIs already use your budget, the tool says so instead of showing a negative loan.

Frequently asked questions

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