Home Loan Eligibility Estimator
Estimate max loan eligibility based on income, FOIR, and existing obligations.
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Formula & Assumptions
Source: RBI / NHB home loan guidelines · Effective: 2024-04-01- FOIR: Fixed Obligation to Income Ratio - banks cap EMI+obligations at 50% of income.
- LTV assumed 80% (20% down payment).
- Indicative only - actual eligibility varies by bank, credit score, age.
Banks use two primary methods: (1) FOIR (Fixed Obligation to Income Ratio) Method: Total EMIs (existing + proposed) should not exceed 50-60% of net monthly income. If your income is ₹1.5 lakh/month and you have existing EMIs of ₹20,000, banks allow a new EMI of up to ₹55,000-70,000, translating to a loan of ₹65-80 lakh (at 8.5%, 20 years); (2) LTV (Loan-to-Value) Method: The loan cannot exceed 75-90% of the property value depending on the loan amount. Your final eligibility is the lower of the two.
A CIBIL score of 750+ is considered excellent and qualifies you for the best interest rates (about 7.10-8.00% p.a.). Scores of 700-749 are acceptable but may result in slightly higher rates (about 8.00-9.00% p.a.). Below 700, approval becomes difficult and rates can exceed 9.5%. Some NBFCs and smaller banks may approve loans with scores of 650-700 but at significantly higher rates. Check your CIBIL score free annually at cibil.com before applying.
Higher income directly increases eligibility because it raises your FOIR ceiling. For example, at 50% FOIR: Monthly income ₹50,000 → Max EMI ₹25,000 → Loan of approximately ₹29 lakh (20 years, 8.5%); Monthly income ₹1 lakh → Max EMI ₹50,000 → Loan of approximately ₹58 lakh; Monthly income ₹2 lakh → Max EMI ₹1,00,000 → Loan of approximately ₹1.17 crore. Banks also consider income stability - government employees and established private sector employees get preferential treatment.
Yes. Adding a co-applicant (typically spouse) with income combines both applicants' earnings for FOIR calculation. For example, if you earn ₹80,000/month and your spouse earns ₹60,000/month, combined income is ₹1.4 lakh. At 50% FOIR, you can support a total EMI of ₹70,000, translating to a loan of approximately ₹82 lakh (vs ₹47 lakh on your income alone). Co-applicant also improves approval chances if one applicant has a lower CIBIL score.
As of 2026, competitive home loan starting rates (CIBIL 750+, salaried): SBI: 7.25% p.a.; PNB and Bank of India: from about 7.10%; Bank of Baroda: from 7.20%; HDFC Bank: from 7.75%; ICICI Bank: from 8.50%; LIC Housing Finance: from 7.15%. Rates vary by loan amount, tenure, employment type, and gender (women often get 0.05% concession). Compare rates on bank websites or aggregators like BankBazaar. Consider processing fees (0.25-0.50%) and prepayment charges (zero for floating-rate loans per RBI mandate).
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