Home Loan Eligibility Calculator
Owning a home is a significant milestone, acting as a financial safety net. Securing a home loan requires careful planning, starting with assessing affordability. Use Loanpao’s home loan eligibility calculator to begin your financial journey.
Calculate Your Home Loan Eligibility
What Is Home Loan Eligibility?
Home loan eligibility determines your ability to secure and repay a loan based on age, income, credit history, and existing obligations. Meeting these criteria ensures loan approval and protects your credit record.
How To Use This Calculator?
- Enter your monthly income and existing EMIs.
- Specify the desired loan tenure and interest rate.
- View your eligible loan amount and monthly EMI instantly.
How Is It Calculated?
Eligibility is based on income, debts, tenure, and interest rate. For example, with ₹50,000 monthly income, 50% (₹25,000) is allocated for EMI. Using the formula P = EMI × [(1+r)^n - 1] / [r × (1+r)^n], a 20-year loan at 8% yields ~₹29,88,857.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Age | 21–65 years for salaried/self-employed |
| Income | Min ₹10,000/month (salaried) or ₹2 lakh/year (self-employed) |
| Tenure | Up to 30 years |
| Credit Score | Good score (750+) enhances eligibility |
| Debts | Existing obligations impact loan amount |
Frequently Asked Questions
Banks assess income, age, credit score, and debts, limiting EMI to ~50% of income.
NRIs are evaluated on foreign income, employment stability, and repatriation limits.