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Home Loans Eligibility Calculator

Buying a dream home is a landmark event and one of the vital financial decisions of your life. Thus, it is crucial that you leave no stone unturned to make it a hassle-free experience for yourself. While you are taking all the steps to financially prepare for the huge investment by applying for a home loan, it is equally important that you understand every aspect of availing of a home loan, which also includes knowing the eligibility criteria.

With the choice to explore a plethora of home loan offers in the market, you now also have access to the online home loan eligibility calculator, a handy tool that helps you assess your home loan eligibility in a few clicks! Once you find out your eligibility, you will know if you are eligible for the loan and get an accurate estimate of the loan amount you can avail of for your house purchase.

Read below to know how to check the home loan eligibility criteria before applying for a house loan.

Your Monthly Salary (INR)
₹10,000
₹20 L+
Tenure (Years)
2 वर्ष
35 वर्ष
Interest Rate (% P.A)
6%
20%
Other Monthly EMI (INR)
₹ Zero
₹20 L+

Your Home Loan Eligibility

₹ 76,69,592

Monthly EMI
₹ 50,000

What is Home Loan Eligibility

Before applying for a home loan, it is crucial to understand the eligibility criteria to avoid loan rejection that can impact your credit score. Home loan eligibility refers to the parameters based on which all banks and non-banking financial companies (NBFCs) evaluate the creditworthiness and repayment capability of the loan applicant. Therefore, having a clear idea about the criteria and fulfilling the same will make the process faster and effortless for you.

How is Home Loan Eligibility Calculated?

The home loan eligibility criteria may vary depending on the lending institution. A borrower can use the online home loan eligibility calculator that will compute the loan amount he or she is eligible to get. All that it takes is entering a few details like net income, loan amount, etc. Every lender considers certain factors for determining the eligibility of prospective borrowers.

Let us discuss some of these factors, as mentioned below:

  • Age: Age is the topmost criterion banks or lenders consider when determining home loan eligibility. Most financial institutions limit the home loan tenure to an individual’s retirement age. Thus, older people may find it difficult to get a longer-tenure loan or may not be eligible if they are nearing retirement unless they have proof of regular income source.
  • Credit Score: The credit score is another important factor based on which lenders assess the ability of the borrower to repay the loan. The CIBIL score is a three-digit number that is a summary of your credit history. It is advisable to check the minimum CIBIL score for a home loan since a poor credit score can lead to higher interest rates or loan rejection.
  • Income Stability: The source of income and job stability for salaried individuals, for example, are taken into consideration by financial institutions when approving loan applications. Similarly, self-employed individuals can be eligible for a loan if they prove they have a steady income source.
  • Property Details: The age and location of the property you have selected are among the crucial factors that lenders consider when approving a home loan. It is the security against which you avail of the loan. Moreover, the loan application would get rejected if the tenure is longer than the remaining years of the property. Hence, banks usually conduct a technical and legal investigation of the property before sanctioning the loan.
  • Loan-to-Value (LTV): The loan-to-value ratio or LTV in home loan refers to the ratio of the loan amount to the appraised value of the property. It is one of the risk assessment tools or methods banks use to minimize the chances of defaults. Simply put, it is the percentage of the property value that a financial institution can lend to a home buyer.
  • Debt-to-Income Ratio: Lenders and financial institutions consider the debt-to-income ratio, which is a measure of the prospective borrower’s repayment capacity. It is calculated as a percentage by dividing a person’s net monthly debt payments by the net monthly income.

Take a look at the table below to get an idea of the different factors that determine the eligibility to avail of a home loan:

Age (In years)
Minimum age: 18 , Maximum age: 65 (70 for a self-employed individual)
Credit Score
Above 750
Loan-to-Value (LTV) Ratio
Up to 90%
Employment Status
Salaried or Self-Employed Professional/ Non-professional
Minimum Net Income
Rs 25,000 (monthly salary)
Type of Property
Plot/Land, Under Construction/ Completed Project, Home Construction
ऋण राशि
Decided by the lending institution
Residence Type
Permanent Resident/ Non-resident Indians (NRIs)

Note: The information given above is indicative. The eligibility criteria may differ, depending on the bank or lending institution.

What are the Documents Required for a Home Loan?

Banks and financial institutions typically ask their customers to furnish some important documents to assess their eligibility. There may be some specific requirements depending on the lending institution where you are applying for the loan, the type of home loan, and various other factors.

However, here is a list of common documents that a prospective borrower will have to provide:

  • Duly completed home loan application
  • Recent passport-size photographs
  • Identification proof (any of the following)
    • पैन कार्ड
    • Aadhaar Card
    • Voter ID Card
    • पासपोर्ट
    • Driving License
  • Proof of Residence (any of the following)
    • पासपोर्ट
    • Voter ID Card
    • Aadhaar Card
    • Ration Card
    • Utility Bills
  • Proof of age (any of the following)
    • पासपोर्ट
    • पैन कार्ड
    • Birth Certificate
    • Aadhaar Card with DOB
    • Driving License
    • Class 10th (SSC) Marksheet
    • Bank Passbook
  • Income Proofs
    • Salaried individuals should provide Form 16, a certified letter from the employer, recent bank account statements or recent three months’ payslips, or income tax returns of the last 3 years.
    • Self-employed individuals must provide their income tax returns of the last 3 years, recent bank account statements, or Balance Sheet and P&L Account Statement of the company or firm which is duly attested by a CA.
  • Proof of your educational qualifications
  • Property Documents, such as sale deed, the allotment letter or stamped agreement of sale, occupancy certificate (in case of ready-to-move-in homes), etc.

How Much Home Loan Can I Get on My Salary?

The loan amount you can avail of from any bank or lending institution will depend on several factors, including your income or in-hand salary after considering the deductions like PF, gratuity, & ESI. Normally, banks and lending institutions exclude the medical allowance and leave travel allowance when calculating the salary.

Your net income will determine the EMI you will be able to pay while meeting your monthly expenditures. Most banks/ lenders decide the loan amount up to 60 times one’s monthly salary. So, if you earn your monthly salary is Rs 25,000, you can get a loan amount of Rs 15 lakh approximately.

For example, Rohan earns a monthly salary of Rs 25,000. He can get a loan of up to approx. Rs 15 lakh for a residential property worth Rs 40 lakh. However, another person who earns a monthly salary of Rs 50,000 can get a higher loan amount of approx. 30 lakh for the same property.

Here’s a table that shows the home loan amount one is eligible for, depending on the net salary and other factors.

Net Monthly Income (INR)
Eligible Home Loan Amount (approx. value in INR)
25,000
13 लाख
35,000
20 लाख
45,000
26 लाख
55,000
36 लाख
65,000
42 लाख
75,000
49 लाख

Home Loan Eligibility Based on Age

While you know that the maximum age limit for getting a home loan in India is usually up to 65 years for salaried individuals and 70 years for self-employed individuals, you must also thoroughly understand how your age can impact your home loan eligibility.

Many young adults in their 20s and 30s having higher disposable income may find it quite easy to avail of affordable home loans with longer repayment tenure and higher value. Home loan providers allow a maximum loan tenure of 30 years. However, the same may not be applicable for individuals in the higher age bracket, say in their 40s, and those nearing their retirement age. Such individuals may be eligible for a lower tenure.

Before you apply for a housing loan, make sure you check the age criteria. Given below is the maximum loan tenure one is eligible for based on age.

Age of the Applicant (in years)
Maximum Loan Tenure for Salaried Individuals
Maximum Loan Tenure for Self-employed Individuals
25
30 वर्ष
30 वर्ष
30
30 वर्ष
30 वर्ष
35
30 वर्ष
30 वर्ष
40
30 वर्ष
30 वर्ष
45
20 वर्ष
20 वर्ष

How to Improve Your Home Loan Eligibility?

Growing age or lack of a steady income source are factors that may prevent you from getting the right home loan for your dream home purchase. However, in some cases, it is possible to improve your loan eligibility. Here are five tips that can help you significantly enhance your home loan eligibility:

  • Consider applying with a co-applicant: You can apply for a joint home loan that increases your chances of availing of a higher loan amount. This way, you can share the financial burden by adding a family member, like parents, spouse, siblings, and children, as a co-applicant. Furthermore, both you and the co-applicant become eligible for tax benefits according to the tax laws.
  • Choose a longer loan tenure: Opting for a longer loan tenure may put a burden on your pocket as you may have to make substantial payments. However, it may lower your EMI. That means, it is more likely that you will ensure timely repayment of your loan, thus enhancing your eligibility.
  • Repay existing loans: Since most financial institutions assess your home loan eligibility based on the Debt-to-Income Ratio. Ideally, prepaying all your existing loans before applying for a home loan is a good idea, something that will also improve your credit score and increase your loan eligibility.
  • Maintain a good CIBIL score: A higher credit score of usually above 800 can greatly help enhance your home loan eligibility as they imply a high repayment capacity. Thus, you can keep a regular check on your credit score to avoid defaults and possible loan rejection.
  • Specify additional income sources: Mentioning all your additional income sources is one of the important things you can do to increase your debt to income ratio, thus improving your loan eligibility. For instance, if you own another house, you can rent it out and declare the additional income in the loan application.

इंडिया में होम लोन एलिजिबिलिटी फ़ॉर टॉप होम लोन प्रोवाइडर्स

In the following table, we mention the home loan eligibility for some of the prominent home loan providers in India:

Home Loan Providers
ऋण राशि
Minimum Age (in years)
Maximum Age (in years)
Maximum Home Loan Tenure
Loan to Value (LTV)
एचडीएफ़सी बैंक
Up to Rs. 10 crore
21
65
30 वर्ष
Up to 90% of the property’s market value
आईसीआईसीआई बैंक
Based on the applicant's credit profile
21
65
30 वर्ष
Up to 90% of the property’s market value
स्टेट बैंक ऑफ इंडिया
Based on the applicant's credit profile
18
70
30 वर्ष
Up to 90% of the property’s market value
बैंक ऑफ बड़ौदा
Up to Rs. 10 crore
21
65
30 वर्ष
Up to 90% of the property’s market value
कोटक महिंद्रा बैंक
Rs. 5 crore
18
65
20 वर्ष
Up to 90% of the property’s market value
यूनियन बैंक ऑफ इंडिया
Based on the applicant's credit profile
18
75
20 वर्ष
Up to 90% of the property’s market value
स्टैंडर्ड चार्टर्ड बैंक
Rs. 10 lakh to Rs. 35 crore
18
70
25 वर्ष
Up to 80% of the property’s market value
पंजाब नेशनल बैंक
Based on the applicant's credit profile
18
70
30 वर्ष
Up to 85% of the property’s market value
Aditya Birla Housing Finance Ltd.
Based on the applicant's credit profile
21
70
30 वर्ष
Up to 90% of the property’s market value
अॅक्सिस बैंक
Rs. 3 lakh to Rs. 5 crore
21
65
30 वर्ष
Up to 90% of the property’s market value
बजाज फिन्सेर्व
Up to Rs. 3.5 Cr.
23
70
20 वर्ष
Up to 80% of the property’s market value
एलआईसी हाउसिंग फ़ाइनेंस
Based on the applicant's credit profile
18
60
30 वर्ष
Up to 80% of the property’s market value
Tata Capital Housing Finance
Rs. 3 L to Rs. 5 Cr.
24
65
30 वर्ष
Up to 80% of the property’s market value
इंडियाबुल्स हाउसिंग फ़ाइनेंस
Based on the applicant's credit profile
21
65
30 वर्ष
Up to 90% of the property’s market value
कनरा बैंक
Based on the applicant's credit profile
18
70
30 वर्ष
Up to 90% of the property’s market value

How to Check Home Loan Eligibility Online?

As a home loan seeker, you have the advantage of knowing the home loan eligibility from the comfort of your home. Most banks and financial institutions have this digital facility on their website. Here’s a quick guide to making the process easy for you:

Firstly, enter the basic information like your contact number, city, and date of birth on the home loan eligibility calculator page. Then, choose the value of different factors, such as:

  • Net Income
  • Loan Tenure
  • Interest Rate
  • Other EMIs

Checking the home loan eligibility criteria of different home loan providers will help you weigh your options and select the right housing loan that will give you the convenience of availing the best EMIs options and ensuring timely repayment.

FAQs

How much of a home loan am I eligible for?

Whether you are a salaried employee or a self-employed individual, it is important to know the eligibility criteria and the different factors that will determine the maximum amount of loan you can get. The banks/lending institutions decide the loan amount based on different factors, including age, income and LTV ratio.

How much loan can I get on a 50000 salary?

The home loan eligibility calculator factors in various parameters to determine the loan amount. A person aged 25 years with a monthly salary of Rs 50,000 (with no additional income or financial obligations) can get a loan of approx. Rs 40 lakh, with a loan tenure of 25 years.

How much home loan can I get if my salary is 30000 salary?

A person aged 25 years with a monthly salary of Rs 30,000 (with no additional income or financial obligations) can get a loan of approx. Rs 22 lakh, with a loan tenure of 25 years.

How much credit score is good for a home loan?

Having a good CIBIL score is essential so that you face no hassles when obtaining a home loan. Usually, a credit score above 750 increases your chances of getting a loan at lower interest rates.

What is the role of a co-applicant in home loan eligibility?

Adding a co-applicant to your home loan application is one of the ways to improve your home loan eligibility. If the main applicant defaults on repayment, the co-payment will be legally liable for repaying the loan.

Who is eligible for a joint home loan?

The eligibility to apply for a joint home loan depends on the relationship between the co-applicants. Immediate family members, such as spouse, parents, children, and siblings, are eligible to be co-applicants. Most banks and financial institutions prefer that the applicants be co-owners to be eligible for a joint home loan.

Disclaimer: The information given above is only for quick reference purposes. The figures mentioned in the tables are subject to change at the sole discretion of the particular bank or lending institution.