Never Heard of Home Loan Eligibility Calculator? Read here

home loan EMI calculator

You must have heard about an EMI calculator but when it comes to eligibility, you are blank. Even though banks show the eligibility criteria on the website, you do not get the idea about the maximum loan amount.

The maximum disbursal a person can get depends on many factors such as income and property value. To give an idea about the same, a calculation can be done on the basis of your savings.

The maximum loan amount that a person can get on a home loan is decided on the basis of monthly savings. We call it a home loan EMI calculator as this gives you an idea about how much loan amount you can get.

Your monthly saving should be more than 50% of your salary. It is then multiplied by ₹1,00,000 and then it is multiplied with per lakh EMI calculated on the basis of an assumed rate of interest for 30 years tenure for one lakh.  

For instance, if your monthly saving is ₹50,000 and you are looking for a home loan, here is how much you can get:

Amount: ₹1 lakh
Loan Tenure: 30 years
A rate of Interest: 8.70%
Your per lakh EMI will be: ₹783
Maximum loan amount = (₹1,00,000 X 50,000) / ₹783 = ₹6385696.04087

You can check more with the help of a home loan eligibility calculator and apply for the loan amount accordingly. It is however not important that you will get the approval for the same amount or not. Since your income, age, property location, and credit history decide everything.

home loan EMI calculator

Home Loan EMI Calculator

Let us take an example of the loan amount ₹20 lakhs with the tenure of 15 years and an interest rate of 8.70% p.a.

EMI: ₹19,930

Total interest outgo: ₹15,87,393

Total amount: ₹35,87,393

What is the eligibility required for a home loan?

The eligibility criteria to apply for a home loan is as follows:

For Salaried:

  • Your age must be between 18-70 years
  • Your net annual income should be at least ₹1,20,000
  • You can get loan amount up to ₹5 lakhs to ₹1 crore
  • The minimum work experience required is 2 years

For Self-employed:

  • Your age must be between 21-70 years
  • Your net annual income should be at least ₹2,00,000
  • You can get loan amount up to ₹5 lakhs to ₹2 crores
  • The minimum work experience required is 3 years

What are the home loan documents required to apply?

The documentation process for the loan is simple and can be read below:

  1. Valid Passport
  2. Voter ID Card
  3. Aadhaar Card
  4. Valid Driving Licence
  5. Last 3 months’ Salary Slips
  6. Last 6 months’ Bank Statements, showing salary credits
  7. Latest Form-16 and IT returns
  8. Employment Contract / Appointment Letter in case current employment is less than 1 year old
  9. Last 6 months’ Bank Statements showing repayment of any ongoing loans
  10. Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
  11. A cheque for processing fee favoring ‘HDFC Ltd.’
  12. Copy of the Allotment Letter / Buyer Agreement
  13. Receipt/ (s) of payment/(s) made to the developer

How can you apply for a home loan?

You can apply for a home loan via online or by visiting the nearest bank branch.


I have been writing on tech since 2014 and what started as a side gig has now turned into a profession that I am immensely passionate about. A computer science graduate by education, I also enjoy reading and baking.

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