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Affordability Calculator

We’ll Help you estimate how much you can afford...

Down payment (INR)
₹1 Cr
Your monthly salary (INR)
₹20 L+
Tenure (Years)
2 Years
35 Years
Interest Rate (% P.A)
Other monthly EMI's (INR)
₹20 L+

Your Home Loan Eligibility

₹ 9,00,000

Property Cost
₹ 10,00,000
What is Affordability Calculator
Benefits of Affordability Calculator Factors That Affect FAQ's

What is a home loan affordability calculator?

A home loan affordability calculator is an online tool that is available on the websites of lending institutions. It allows you to get a wholesome idea about how much of a worth of property you can afford. Just like before buying a property, you consider your finances; the affordability calculators also use the same information to calculate your affordability. It analyses the information entered by you and tells you the following things:

  • The loan amount you will be eligible to get.
  • Property cost that you can afford.

To calculate your affordability, it will require you to input the following information:

  • Your monthly income
  • Other EMIs that you might have
  • The expected interest rate on the property you wish to purchase
  • The tenure for which you are willing to take the home loan
  • The down payment that you can afford to pay

Benefits of Using a Home Loan Affordability Calculator

Affordability calculators come with several benefits. Some of them have been listed below:

  • Easy to use: The affordability calculators are designed in a simple way to help maximum people assess their home loan affordability. You can use your instincts to use the calculator as it doesn’t require you to have any advanced financial knowledge. You just have to enter the required information by filling in the boxes or using the sliders provided, and the calculator will give you your results.
  • Free: This is perhaps one of the best benefits of an online affordability calculator. You don’t have to pay any charge for using it. Moreover, you can use it as many times as you want, if the need arises.
  • Requires minimum information: The affordability calculators ask for no additional information. Instead, they require specific information related to your finances only that impact your affordability.
  • Time-saving: Affordability calculators save a lot of time. It is because you don’t have to visit lenders to discuss loan rates to see if you can afford the loan or how much loan you can afford. Instead, you can get that information from the comfort of your home by using online calculators.
  • Helps in financial planning: The calculator tells you the loan amount for which you will be eligible. It also tells you how much you can afford to buy a home based on your income and expenses. Once you get these figures, you can easily plan your finances and analyze what kind of property you should approach.
  • Gives customized results: TEvery individual’s financial status is different. Therefore, it is obvious that the affordability of every individual will also vary from one another. Consequently, every user will expect to get results relevant to them. This is exactly what the affordability calculator does. It asks for information from every user and gives customized results based on that.

Factors that Affect Home Loan Affordability

There is a specific reason why affordability calculators ask for information related to your finances. It is simply because all those things impact your affordability.

  • Your monthly income:If you have a higher monthly income, then your affordability will be high. This is because a higher income would indicate a higher ability to repay the loan every month.
  • Down payment you can make:Usually, a borrower has to pay 20% of the property cost as the down payment. The rest, 80%, is paid by the lending institution. However, if you can arrange a higher down payment, you may be eligible for a higher loan amount. It will also positively impact your affordability.
  • Existing EMIs:If you have any existing EMIs, it will reduce your affordability. It is because existing EMIs reduce your ability to repay the home loan every month.

In addition to these factors, certain other factors also affect an individual’s affordability. The calculator does not consider these things, but they play a significant role in getting a home loan approval. Ultimately they affect your affordability, and therefore, it’s important to be aware of them.

  • Your current age: Age is a significant factor that affects how much home loan you can get. Younger individuals have a higher chance of getting higher home loans as they have more number of years in front of them to repay that loan. The situation is reversed for older people. Just like home loan eligibility, age affects affordability as well. If you are young and financially stable, then you will have higher affordability than someone older.
  • CIBIL score: Every lending institution considers your CIBIL score before granting you a home loan. A low score may even lead to your loan application getting rejected. Therefore, it can be said that a higher CIBIL score is directly proportional to your affordability. A higher CIBIL score will result in higher affordability.
  • Availability of collateral: Offering collateral always increases the chances of getting a home loan because lenders see it as a safe investment. In fact, if you have a low CIBIL score but you are able to offer collateral, you may increase your chance of getting a loan. Therefore, the availability of collateral increases your affordability.


Does the affordability calculator ask for any personal information?

No, the affordability calculator doesn’t ask for any personal information. It only asks for information that will be required to calculate your affordability.

What is meant by the CIBIL score of an individual?

The CIBIL score is an indicator of a person’s financial record. It indicates an individual’s ability to repay a loan and hence, is a significant factor considered by lenders before approving a loan.

What can be offered as collateral for a home loan?

You can offer any existing asset like gold, land, FDs, etc., as collateral for a home loan.

Where can I access the home loan affordability calculator?

You can access the home loan affordability calculator by visiting the official website of your lender.

Does the affordability calculator give an accurate result?

No, an affordability calculator doesn’t give accurate results. It analyzes information entered by you and gives you an estimated idea about your home loan eligibility and affordability amount.
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