Home Loan Eligibility Calculator

Home Loan Eligibility Calculator

Home loan eligibility for SBI, HDFC, Citibank, ICICI Bank, Axis and other banks

Your dream home is now within your reach with loans through getHomeLoan.net . We can suggest higher loan amount on your present income. You can further enhance your home loan eligibility by including income of the co-applicant(s).

Home Loan eligibility calculator accessed various factors like

  • EMI that you can pay: Based on your family monthly income(including that of co-applicants), occupation and current fixed obligations (such as EMI’s etc.)
  • Maximum Loan Tenure: depends on your age and availability of maximum loan tenure.
  • Lowest Interest Rate: lower the rate, higher the eligibility.
However loan amount cannot exceed 75% to 90% of the market value of the property.

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Home Loan Eligibility Criteria for housing loans by banks?

  
Minimum and Maximum Age:Thumb rule is 18 - 70 years. However, some banks differ for minimum and maximum age for salaried, self employed and self employed professionals
Net Monthly Income - Net monthly family income should be more than Rs. 25,000.
- If your net monthly income ranges between Rs. 25,000 – Rs. 40,000, you may be eligible for loan if your all fixed obligations (rent, EMI etc.) do not exceed 50% of your income.
- In case your net monthly income greater than Rs. 40,000, the eligibility may be higher such that the fixed obligations (rent, EMI etc.) do not exceed 65% of income
- For salaried persons, regular and timely salary credit is important for home loan eligibility
Company, Employment history - Income history and job continuity of 3 years and more required (except for some professionals)
- Company or sector in which you work should not be black listed by bank
- Certain professionals such as police personal, practicing lawyers, builders etc. may be considered as negative profiles by some banks
Higher Eligibility with Co - applicant - Adding an earning of family member(s) (2 to 4 members) as a co- applicant can increase your housing loan eligibility.
- Eligible co-applicants include direct family members such as spouse, parents, siblings and children.
- Indirect family members like cousins, distant relatives and friends cannot be considered as co-applicants
Current EMI’s - EMI of existing loans reduces the eligibility of new loan that you can afford to pay.
- In some cases, banks don't consider if leftover EMI is for 6 to 12 months.
LTV Typically banks fund 75% to 90% of the total cost of the house. The maximum loan to value of the property or LTV specified by the RBI is as below:

- 90% LTV for loans upto Rs. 30 lakh for buying affordable segment homes
- 80% LTV for loans above Rs. 30 lakhs and upto Rs. 75 lakhs
- 75% LTV for loans above Rs. 75 lakhs
CIBIL score and Credit report - Home loan is a secured loan. Hence CIBIL score is one of the important criteria but not the only criteria, on which banks will decide your loan eligibility.
- Most banks require a CIBIL score of 700 and above
- In case your CIBIL score is low then you can be eligible for home loan from some banks and housing finance companies with some additional conditions, higher rate of interest and higher margin.
Property approval and valuation - The builder and property against which you are taking loan should be approved by banks
- For property being bought in resale, banks get a valuation report from an independent valuer. For higher ticket size loans (Rs. 1 cr and above), banks may get valuation reports from two independent valuers and take an average of the two to arrive at value for the purpose of calculating maximum loan eligibility based on LTV
- For arriving at property value of under construction property being bought from a builder, most banks include basic cost, development charges, preferred location charges and cost of parking in cost but do not include heads like stamp duty, club charges, registration charges, maintenance charges, security deposit etc. Service tax and VAT are included in cost by some banks and home finance companies but not by all banks.

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