Home Loan Eligibility Calculator

Home loan eligibility calculator is an online tool that helps prospective borrowers in determining the loan amount they are eligible for. The calculator takes inputs on age, income, tenure, interest rate and pre-existing debts to give an estimate of the eligible loan amount.

Housing loan eligibility calculators of some lender websites also require location to ascertain whether the property falls under their loan serviceable location. Consumers planning to apply for home loans should visit their respective bank websites to get a fair idea on their maximum eligible home loan amount.

Home loan eligibility calculators are easy to use. To get results, users need to enter their gross monthly income, tenure, interest rate and existing loan EMI obligations (if any), with some lenders additionally requiring users to provide details like city, date of birth, city, and employment type.

Interest rates as of 6 August 2025

An applicant’s home loan eligibility is calculated primarily on the basis of his income, loan repayment capacity and the value and other attributes of the pledged property. Other factors that lenders consider when assessing your eligibility for a home loan includes credit score, age, occupation profile, job/business stability and employer’s profile.

Some of the ways to improve your home loan eligibility are:

• Maintain a high credit score: A high credit score of preferably 700 and above improves your chances of getting loan approval and better loan rates. Responsible credit behaviour like repaying your credit card and loan EMIs by their due dates and avoiding making multiple loan applications within a short period can help in improving your credit score.
• Add a co-applicant: Lenders consider the income and loan repayment capacity of both primary applicant and co-applicant at the time of loan evaluation. Hence, adding an earning family member with a good credit history and satisfactory repayment capacity can decrease the lending risk for your home loan lender and thereby, improves your chances of loan approval. As co-applicants are equally liable for home loan prepayment, adding a co-applicant would allow the borrowers to avail bigger loan amounts and/or shorter tenures. Moreover, having a female primary loan applicant or co-applicant might even help applicants to avail concessions on home loan interest rates. Note that any delay/default in making EMI payments would also cause the credit scores of both the primary applicant and the co-applicant(s) to drop.
• Check for interest-only home loan repayment options: Many lenders offer interest-only home loan schemes branded as Step Up Home Loan, Interest Only Home Loan, Flexipay Home Loan, etc. In such schemes, borrowers pay just the interest component of the loan during the initial years and later on regular EMI payments (comprising both interest and principal component) commence until the loan maturity. These home loan schemes are best suited for those who are living on rent and intend to purchase an under-construction property. These are also beneficial for those who want to defer higher loan EMIs in the later years when they expect their income to be higher. Note that while these loan schemes increase your loan affordability, it also leads to an overall increase in the overall loan repayment amount.
• Pay higher down payments: Lenders can finance only up to 90% of the property’s value depending on the property value. The rest of the property’s value has to paid by the borrowers from his own sources as down payment or margin contribution. As making a higher margin contribution or down payment reduces the credit risk for the lenders, opting for a lower LTV ratio would increase the chances of home loan approval.
• Limit your EMIs within 50-55% of your net monthly income: Applicants having total EMI obligations, including the EMI of the proposed home loan, within 50-55% of their net monthly income have higher chances of availing home loans. Thus, those exceeding this limit can choose longer tenures for their proposed home loans to reduce their home loan EMIs. This in turn may help in bringing their total EMIs within the aforementioned limit and thereby, improve their housing loan eligibility.
• Avail Mortgage Guarantee-backed Home Loans: India Mortgage Guarantee Corporation (IMGC) has tied up with lenders to offer mortgage guarantee-backed home loans to those having lower eligibility for home loan. In this collaboration, IMGC offers home loan lenders partial credit risk coverage in the form of guarantees in case of loan default. This reduces the credit risk for the banks and housing finance companies, allowing them to have more relaxed loan eligibility conditions and offer higher loan amounts through longer tenures (in case of applicants nearing their retirement age) and/or through higher LTV ratio.