Property Affordability Calculator
Find the max property value you can afford based on income, obligations, and down payment.
Fill inputs and click Calculate
- Banks cap total EMI + obligations at 50% of income (FOIR).
- LTV assumed 80% (20% down payment).
- Excludes bonus income, variable pay, and joint applicant income.
Frequently Asked Questions
How much home loan can I get on my salary in India?
Most Indian banks follow the FOIR (Fixed Obligation to Income Ratio) norm, allowing total EMIs (including the new home loan) to be 50-60% of your net monthly income. For example, if your net monthly income is ₹1 lakh with no existing EMIs, banks may approve a loan where the EMI is up to ₹50,000-60,000. At 8.5% for 20 years, this translates to a loan of approximately ₹58-70 lakh. Your CIBIL score (750+) can improve eligibility.
What is the 28/36 rule for home affordability?
The 28/36 rule suggests that your housing costs (EMI + property tax + insurance) should not exceed 28% of your gross monthly income, and your total debt payments (including car loans, personal loans, credit cards) should not exceed 36%. In India, banks are slightly more lenient - allowing FOIR up to 50-60% - but following the 28/36 rule gives you a comfortable buffer for emergencies and lifestyle expenses.
How does my down payment affect affordability?
In India, banks typically finance 75-90% of the property value (Loan-to-Value ratio), depending on the loan amount. For loans up to ₹30 lakh, LTV can be up to 90%; for ₹30-75 lakh, up to 80%; above ₹75 lakh, up to 75%. A larger down payment means a smaller loan, lower EMI, and better interest rates. However, keep at least 6 months of expenses as an emergency fund - don't put every rupee into the down payment.
Should I include stamp duty and registration in my affordability calculation?
Absolutely. Stamp duty and registration fees in West Bengal add 8-9% to your total cost (7-8% stamp duty + 1% registration). Banks do not finance these charges - they must come from your own funds. For a ₹1 crore property, budget an additional ₹8-9 lakh for stamp duty and registration, plus 1-2% for brokerage, legal fees, and miscellaneous charges. Always calculate affordability on all-in cost, not just the property price.
Can I improve my home loan eligibility?
Yes. Steps to improve eligibility: (1) Increase your CIBIL score above 750 by paying all bills on time; (2) Close existing personal loans or credit card debts to reduce FOIR; (3) Add a co-applicant (spouse with income) to combine eligibility; (4) Opt for a longer tenure (30 years) to reduce EMI and increase eligible loan amount; (5) Show additional income sources (rental, freelance, interest income) with documentation.
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