Home > Home Loan > Home Loan Eligibility Calculator

Home Loan Eligibility Calculator

Home Loan Eligibility Calculator

  - Get Instant Free Quote from Top 10 Banks.  
Minimum Tenure - 6 Months
Loan Amount
Occupation
Annual income
location icon
54 ,02 , 013 Loan quotes taken till now
• 54 lakh customers serviced to get best Loan deals with deal4loans. Deal4loans views Published @ yourstory .com
• As RBI cuts rate, should you go for fixed home loan Deal4loans views Published @ Economic Times online

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
ICICI Bank 9.50% - 9.80% Rs.17794 - Rs.18170 Rs. 1909000
HDFC Ltd 9.55% Rs.19844 Rs. 2121487
SBI 9.50% (For Women)
9.55% (For Others)
Rs.17794 (For Women)
Rs.17857 (For Others)
Rs. 1909000
FedBank 9.95% - 10.10% Rs.19234 - Rs.19433 Rs. 2910844
DHFL 9.55%(upto 25lacs),then 9.65% Rs.19526(upto 25lacs),then Rs.19663 Rs. 2087470
LIC Housing 9.60 % Rs.23848 Rs. 2540650
Bajaj Finserv 10.40 % Rs.20826 Rs. 2100100
PNB Housing Finance

9.75% - 9.95% (Salaried / S.E Prof)
9.95% - 10.25% (S.Emp Non Prof)

Rs.19793 - Rs.20068 (Salaried / S.E Prof)
Rs.20068 - Rs.20484 (S.Emp Non Prof)

Rs. 2086681
Axis Bank 9.50% - 9.65%
(*Republic Day offer- Valid till 28th Feb'15)
Rs.17794 - Rs.17982 Rs.1909000
Allahabad Bank 9.95% Rs.19234 Rs.2000000

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 Loan is an easy option for buying a house, but getting the required and apt amount depends upon many factors. Below are some important factors, which play a vital role in deciding the loan amount.

Monthly Income

Your monthly income will determine the chances of returning the loan and timely payments of EMIs. If you are salaried person, your monthly income and if you are self-employed, in that case your annual profit would decide your home loan maximum eligibility.

The loan amount basically depends upon the net income of an individual. Most of the banks lend a home loan upto 60 times of an individual's net income. For instance, if your take home salary is Rs. 30,000, you are eligible to get a loan of around Rs.18 lakhs

Other EMI

This EMI is the monthly EMI, which you have already taken from any bank and and now you are still repaying it.

Available Income
It is considered on the amount left with you after deduction of any EMI amount that you are currently paying for any kind of loan. Your Home Loan Eligibility will be calculated after deductions of the EMIs that you are paying.

Property Attributes
Generally, the banks provide maximum upto 85% of loan against the value of property. Therefore, if you want a home loan for buying a property of Rs. 50 lakhs, the maximum amount you can get is 85% of that ie 42.50 lakhs.
Banks also consider other specific criteria before accepting the property for granting a loan. The banks have specific norms to take consent such as the minimum area requirements for a flat which may be carpet area of built-up area. The banks also consider the age of the property, the location, reputation of the builder if it's a builder property. The banks also conduct a minute analysis to check whether the property is disputed or clear, whether the bank is free from any encumbrances, etc.

Duration of Loan (Years)

It is one of the most important factors that you should always consider before taking a home loan. Generally, it refers to the number of years for which you want to opt for loan. Longer the tenure, higher will be the interest paid and lower will be the amount of EMI and vice-a-versa.

Interest Rate (in percentage)
Presently, there are numerous banks which offer home loans, whether nationalized, private or foreign banks. Every bank offers different rate of interest according to the profile of the customer. Hence, it is really important that before selecting a bank to take a loan you must compare the quotes from various banks. It is always advisable to check full details in advance for doing a better comparison.

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 a really crucial role in deciding the amount of the loan. This report is generated by the credit card companies regarding the outstanding credit history of an individual. On the basis of this information the individual is given a credit 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.

Co-applicant
If you want to increase the eligibility for having a loan you can have a co-borrower and int this way you can enhance your eligible income. Applying in the category of co-borrower increases your chances of loan approval without much complications. Although, banks allow only certain relationships to become the co-applicant. In this category friends and relatives who are not in direct blood relation are not eligible.

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 1 lac 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

Check Your Eligibility For Home Loans with Various Banks

SBI, HDFC, Axis Bank, Bank of Baroda, Bank of India, Union Bank, DHFL, LIC Housing, SBP, Canara Bank, Allahabad Bank, ICICI Bank, Yes Bank, Citibank, PNB, uco bank, Indiabulls & others.

Use this tool for calculate your Home Loan Eligibility in Various Cities of India: List Below

Delhi/NCR, Mumbai, Kolkata, Chandigarh, Chennai, Bangalore, Ahemdabad, Jaipur, Aurangabad, Baroda, Bhiwadi, Bhopal, Bhubneshwar, Cochin, Coimbatore, Cuttack, Dehradun, Delhi, Faridabad, Gaziabad, Gurgaon, Guwahati, Hosur, Hyderabad, Indore, Jabalpur, Jamshedpur, Kanpur, Kochi, Lucknow, Ludhiana, Madurai, Mangalore, Mysore, Mumbai, Nagpur, Nasik, NaviMumbai, Noida, Patna, Pune, Ranchi, Raipur, Rewari, Sahibabad, Surat, Thane, Thiruvananthapuram, Trivandrum, Trichy, Vadodara, Vishakapatanam, Vizag

918 Comments, read them below or add one
  • shaga bhaskar      February 5, 2016 7:23 pm
    i want to know the loan offers & interests...
    Post Reply
    • TSHERING SHERPA      January 21, 2016 11:59 am
      I have own house neat at road side Measuring 45 x 60 Sq ft & I wanted to take a loan from SBI Sesondly I have only land parcha ( Khatiyan) Please suggest me what actually required documents’ to be produce before the Bank . So that I Can Avail A HOUSING LOAN.
      Post Reply
      • Deal4loans Team      January 30, 2016 11:19 am
        Sir, you have to submit all KYC Documents, Salary slip for the last 2 months / Salary Certificate (If variable components like Over Time and Incentives are reflected then salary slips for the past 6 months are required), Copy of all bank pass books / bank statements for the past 3 months including front page, Company profile if it is a lesser known organization. and Papers of property for which you want a loan.
        Post Reply
      • Kiran S Parab      January 20, 2016 10:57 am
        My age is 25 and my dad's age is 61.My salary is Rs 26000(20000 fixed + 6000 incentives) and my dad has his own business and had yearly income of 15,00,000.We need home loan of around 50 lakhs.How much loan we can get if he is applicant and i am as co-applicantfor home loan.
        Post Reply
        • Ghanshyam      January 22, 2016 5:30 pm
          Dear, 50 lakh of loan amount in current scenerio is not possible you are eligible for upto 30-32 lakhs. For further information & calculate eligibility on its own so use above calculator. Thanks & regards
          Post Reply
        • mahesh patil      January 18, 2016 12:17 am
          i am working in merchant navy...i have one loan with 210000 as an emi. now looking for another loan around 80 lakh-1 cr. taking brother as co applicant. My salary is around 1.71 lac per month and my brother salary is 2.93 lacs per month. can i avail one more home loan..kindly reply
          Post Reply
          • Gursewak      January 22, 2016 5:27 pm
            yes, you are eligible if your current loan is around 4-5 years old. otherwise you can get around 50-60 lakh of loan amount. If you have any other liabilities along-with current loan so it may decrease your eligibility more.
            Post Reply
          • Kartik Paul      January 9, 2016 6:53 pm
            Sir I have already taken a personal loan in 2010 when I am in Assam. My account is their but now I want to take home loan from my native place i.e Durg, Chhattisgarh. My annual income is Rs. 450000.00 please tell me that whether the account in home branch is required or I am eligible for home loan from my native place. Is there is any complication, please inform
            Post Reply
            • Atal      January 12, 2016 1:24 pm
              Dear sir, If you have sufficient income to pay home loan emi & 750 cibil score so you are eligible to take home loan from any where in India from any bank. Thanks
              Post Reply

            Add Comment

            Name

            Email

            Comment

            Enter the code above

            captcha
            • WRS Info India Pvt.Ltd.
              Address: E-32, Ground Floor, Sector - 8, Noida,
              Uttar Pradesh, India - 201301
              Email: contactus@deal4loans.com
            • Facebook linkedin Twitter Google plus

              DMCA.com
              © Copyright 2016, Deal4loans, India
            • Disclaimer: Information is sourced from respective Banks websites. We don't provide Loans on our own but ensures your information is sent to bank/agent which you have opted for and we do not charge any fee from our customers. We don't do short term loans. Deal4loans has no sales team on its own and we just help you to compare loans .All loans are on discretion of the associated Banks/Agents. Read More