Home Loan Eligibility Calculator
Estimate the home loan you may be eligible for from your income, existing EMIs and the FOIR you enter.
Estimated eligible loan
46.09 lakhEligibility at different tenures
| Tenure | Eligible loan | EMI |
|---|---|---|
| 10 years | ₹32,26,179 | ₹40,000 |
| 15 years | ₹40,61,988 | ₹40,000 |
| 20 years (as entered) | ₹46,09,234 | ₹40,000 |
| 25 years | ₹49,67,543 | ₹40,000 |
| 30 years | ₹52,02,146 | ₹40,000 |
Same income, FOIR, existing EMIs and rate; only the tenure changes.
How it works
1. The EMI you can afford for a new loan:
Max EMI = Monthly income × FOIR ÷ 100 − Existing EMIs
2. The loan whose reducing-balance EMI equals that amount (the EMI formula solved for the loan):
Loan = Max EMI × ((1 + i)n − 1) ÷ (i × (1 + i)n)
- i = monthly rate = yearly rate ÷ 12 ÷ 100
- n = tenure in months
If existing EMIs already use up the FOIR limit, the estimate is ₹0. At 0% interest, Loan = Max EMI × n.
Worked example
Income ₹1,00,000 a month, FOIR 50%, existing EMIs ₹10,000, rate 8.5%, tenure 20 years.
- Max EMI = ₹1,00,000 × 50 ÷ 100 − ₹10,000 = ₹40,000
- i = 8.5 ÷ 12 ÷ 100 = 0.007083; n = 240; (1 + i)240 = 5.441243
- Factor = (5.441243 − 1) ÷ (0.007083 × 5.441243) = 115.2308
- Loan = ₹40,000 × 115.2308 = ₹46,09,233.59 (46.09 lakh)
- Check: the EMI on ₹10 lakh at 8.5% for 20 years is ₹8,678.23, so ₹40,000 repays about ₹46,09,234.
Frequently asked questions
What does this home loan eligibility calculator estimate?
It estimates the largest home loan whose EMI fits within the share of your income you allow for loan repayments, after your existing EMIs. It is only a rough guide: each lender makes its own decision.
What is FOIR?
FOIR stands for fixed obligations to income ratio: the share of your monthly income that goes to EMIs and similar fixed payments. Lenders set their own FOIR limits, which can depend on your income and profile, so this calculator asks you to enter it. Ask your lender which FOIR they will use.
How is the eligible loan amount calculated?
First, the maximum EMI = monthly income × FOIR − existing EMIs. Then the calculator finds the loan amount whose reducing-balance EMI, at your rate and tenure, equals that maximum EMI. It is the EMI formula worked backwards.
Which income should I enter?
Enter your net monthly income, the amount you actually receive. If you will apply with a co-borrower, you can add their income and existing EMIs too, but each lender has its own rules on what income it counts.
Why does a longer tenure increase my eligibility?
A longer tenure spreads the loan over more EMIs, so the same EMI can repay a larger loan. The table shows this. The trade-off is much more interest over the life of the loan; use the EMI calculator to see the total interest.
Is the eligible amount the price of house I can buy?
No. Lenders usually finance only part of a property's value, and you will also pay a down payment, stamp duty, registration and other costs. Check with your lender how much of the property value they will lend.
What else do lenders consider?
Lenders also look at things such as your credit history, age, job stability and the property itself, so the amount they offer can be lower or higher than this estimate. Treat this result as a starting point for your conversation with the lender.