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Home Loan Eligibility Calculator - Get Instant Free Quote from Top 10 Banks. Minimum Tenure - 6 Months

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Sample Home Loan Eligibility - Employment Status - Salaried | Annual Income - Rs. 5 Lacs | Property Value - Rs. 75 Lacs | Tenure - 20 Yrs

Bank Name Interest Rate Emi (per Month) Eligible Loan Amount
PNB Housing Finance 10.75 % Rs.21184 Rs. 2086681
ICICI Bank 10.15 % Rs.18612 Rs. 1909000
HDFC Ltd 10.25 % Rs.20825 Rs. 2121487
SBI 10.15 % Rs.18612 Rs. 1909000
FedBank 10.55 % Rs.29159 Rs. 2910844
DHFL 10.50 % Rs.20840 Rs. 2087470
LIC Housing 10.20 % Rs.24855 Rs. 2540650
Bajaj Finserv 10.40 % Rs.20826 Rs. 2100100

Following are eligible to apply for a Home Loan :
• Salaried individuals
• Self employed professionals/businessmen

You can include your spouse/parents/children as co-applicant if you require higher eligibility subject to maximum of three applicants.

Home Loans Eligibility Factors

Home loans are an easy option for buying a house but getting the right amount depends on many factors and this may depend upon the factors listed below:
Monthly Income
The income that he earns from which he will pay his home loan emi is one of the most important factors that affect the amount of loan. So if you are salaried your per month income and if you are self employed, your yearly profit would identify your home loan max eligibility.
The loan amount basically depends upon the net income of an individual and a bank usually provides home loans up to 60 times of an individual net income. For e.g. if a person take home salary is Rs 30,000 he /she may be offered a home loan of around Rs 18 lacs. But it may not be so because a bank takes into account other factors as well while granting a loan.
Other EMI
Other Emi (Equally monthly installment) is the emi that we are paying to for any other Loan.
Available Income
The income that is left in our hand after deduction of any emi amount that we are paying for any kind of loan. Your Home Loan Eligibility Calculator will be calculated after deduction of the EMI’s that you are paying.
Property Attributes
Banks give max upto 85% of loan against the value of the property. So if you want a home loan for a 50 lac property max that u can get is 85% of that ie 42.50 lacs. This too if in case you have the income to give the emi of that loan. So based on Income and property value banks decide your exact home loan eligibility.
Banks also have certain specific criteria before accepting the property for granting a loan. The banks have specific norms with respect to the minimum area requirements for a flat which may be carpet area or built up area. The bank also considers the age of the property in case of an existing property, the location of the property and also the reputation of the builders constructing the property. The bank also performs a thorough analysis and inspection of the property to check whether the title is clear or not, or are there any ownership disputes, whether the bank is free from any encumbrances etc.


Duration of Loan (Years)

It’s one of the most important factors that one should keep in mind while taking loan. It refers to the no. of years for which the loan has to be taken. Longer the tenure higher will be the interest paid and lower will be amount of EMI to be paid and vice-a-versa. It is one of the parameters which helps in comparing the EMIs from different banks keeping it constant for relationship and easing the judgment.
Interest Rate (in percentage)
Today there are many lenders in the market. Every bank is offering loans whether it’s a nationalized bank, private bank or foreign bank each of them is there in the show. Every bank offers different rate of interest according to the profile of the customer. So, before finalizing a deal one should consider deals from various banks and than come to a conclusion. And aware of the fact that some people might mislead you by charging high rate of interest at reducing rate and might inform the same at flat rate of interest. So, its always advisable to check full detail with the banks and do better comparison in respect of EMIs , Tenure and Interest Rates and keeping tenure as constant with all the banks will ease your comparison and will result in better analysis, finally leading to a prudent decision.
EMI
EMI stands for equally monthly installment; you need to pay a particular amount for the Home loan that you have taken.
Eligible Loan Amount
The net loan amount for which you are eligible for your Home loan is said as Eligible Loan Amount. The loan amount that a Bank can sanction you.
Credit History
The credit history of an individual plays an important role in deciding the amount of loan. Credit history is basically the credit information report of an individual generated by a credit information company on the basis of individual’s credit records. On the basis of the credit information report an individual is being given a credit score. Based on the credit score a bank or any other financial institution decides whether the individual is eligible for a loan or not. The credit history is generally affected by outstanding credit card payments and any unsecured loans. In India CIBIL is a reputed credit information company and it analyses the financial records of individuals and awards them a score which is known as the "CIBIL score".
Age
Age also plays a crucial role in determining the eligibility for a home loan. One has to attain a minimum age of 21 to apply for a loan. The minimum age requirement may be different for different lending institution. The maximum age may vary from 58 to 65 years depending on the income source of the individual. The age also determines the tenure and EMI of the loan. For e.g. if an individual is 35 years of age and retires at an age of 60 then his/her loan tenure will be 60-35=25 years and his /her EMI will be calculated accordingly. Longer the tenure lower will be the EMI’s. However the longer the tenure, the costlier the loan is as one ends up paying more interest rates.
Co-applicant
In order to enhance the eligibility for having a loan one can have a co-applicant and in this way the total eligible income for having a home loan increases and thus as a result the loan eligibility becomes higher. However bank permits only certain relationships to become the co-applicant, friends and relatives who are not blood relatives to take a loan amount jointly.
Some of the features of home loans offered by different banks

Name

 Loan Amount

Minimum Salary Requirements

Tenure

SBI Home loan

 It will be determined taking into consideration such factors as applicant’s income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc.

Not Available

Maximum 30 years or up to the age of 70 years of the borrower whichever is early.

ICICI Bank Home Loan

It depends on the repayment capability and is restricted to a maximum of 80% of the property value.

Not Available

Maximum 20 years

HDFC Ltd Home Loan

Max amount up to 80% of the value of the property and also depend on the repayment capacity of the individual

Not Available

20 years for loans under fixed rate and 30years under adjustable rate home loan products

Axis Bank Home Loan

Minimum Rs 3lacs

Not Available

Max. tenure is 25 years for salaried customers
And 20 years for self-employed customers.

Axis Bank-Empower home loan scheme –a home loan for self- employed individuals

Minimum Rs 10 lacs
Maximum  Rs 100lacs in tier 1 & tier 2 cities and Rs 50 lacs in other cities

Not Available

15 years and age of the borrower should not exceed 65 years of age at the time of maturity.

Bank of Baroda

Maximum loan amount Rs 100 lacs, maximum finance upto 75-85% of the project cost.
The loan eligibility is as follows
Gross monthly income Rs 20,000-36 times of the gross monthly salary
More than Rs 20,000-to Rs 1 lac-48 times of   the gross monthly salary
More than Rs1lac-84% of the gross monthly income

Not Available

Max tenure is 25 years

Citibank Home loan

Min Rs 5 lacs and Max. up to Rs 10 crores

Not Available

Max tenure up to 25 years.

HSBC Bank

Min. Rs 2 lacs and max Rs 10 crore

Not Available

For salaried customers its 25 years and for others 20 years

LIC Housing Finance

Min. Rs 1lac and max. Rs 150 lacs. Generally the loan is extended upto 85% of the property value.

Not Available

Max. 25 years. The term for the loan will under no circumstances exceed the age of retirement or completion of 70 yrs of age whichever is earlier


578 Comments, read them below or add one
  • MONI MISHRA      July 21, 2014 8:54 pm
    I am a railway employee. My salary is 26000 per month. I want a home lone approx Rs.8 lac to buy a plot to built a house(in plot)after 3 years. Plot price is Rs.20 Lac.Please suggest me its possible or not.
    Post Reply
    • Kalpana      July 21, 2014 4:52 pm
      Hi, I have a take home salary of 28000 per month and wan t to buy flat and for that would be requiring loan of 13Lakh. total cost of the flat is 18Lakh. Please assit...which bank shall i apply? what will be the monthly installment? and for how many years? and can i short close by loan by paying lumsum amount during the tenure?
      Post Reply
      • Loan Expert      July 21, 2014 5:15 pm
        Dear Kalpana, You are eligible for upto Rs.14 lac of loan amount. You can pre pay loan any time after 6 months of loan sanctioned time. For best bank you can use our EMI Calculator above, You can choose yourself on the basis of interest rates & Eligible loan amount and EMI. SBI and HDFC Ltd are the best.
        Post Reply
      • subrata mitra      July 21, 2014 1:44 pm
        PSU employee, my net salary 22500/-p.m approx , my age 28 years. how much amount I can get as loan for 25 year or 30 year tenure?
        Post Reply
        • Loan Expert      July 21, 2014 5:10 pm
          You can get maximum upto Rs.15 lac of loan amount for 30 years.
          Post Reply
        • k.alagu sundaram      July 20, 2014 9:57 pm
          Hi sir, I want home loan in Kovai in Tamil Nadu. I am working Singapore. I am Get monthly salary 40000Rs so how much can get loan.
          Post Reply
          • Loan Expert      July 21, 2014 5:05 pm
            You will get a loan amount of upto Rs.20 lac for 20 years tenure.
            Post Reply
          • Angela      July 19, 2014 11:26 pm
            Hi, My take home salary is 70,000 Rs. I want to buy a house of 50 lacs. Can I get 85% home loan for this 50 lacs and which banks provide 85% loan.
            Post Reply
            • Loan Expert      July 21, 2014 5:07 pm
              Dear Angela, As per your salary you can get maximum upto 38 lac of loan amount. You need almost 42.5 lac of loan amount so for that add some other family member in your loan application & show as a Co-applicant, it helps you to get more loan from bank.
              Post Reply

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