What is home loan eligibility?
What is home loan eligibility?
Every borrower needs to meet the eligibility criteria required to qualify for a housing loan. This ensures that he/ she can repay the loan amount effortlessly without defaulting. If you don’t meet the home loan eligibility criteria, your application may be rejected, which can negatively impact your credit profile.
Your eligibility for a home loan depends on several factors, such as your financial status, monthly income (whether you're salaried or self-employed), age, credit history, and any existing financial commitments. Curious how much you can borrow? Use the Bajaj Finserv housing loan eligibility calculator for a quick, easy estimate.
Ready to take the first step toward your dream home? Check your eligibility for a Bajaj Housing Finance Home Loan now. You may already be eligible, find out by entering your mobile number and OTP.
What is home loan eligibility calculator?
A home loan eligibility calculator is a simple online tool that helps you find out how much loan amount you may qualify for from Bajaj Finserv. By entering details such as your income, expenses, loan tenure, and age, the calculator estimates your borrowing capacity. This allows you to plan your budget better, apply for the right loan amount, and avoid rejection due to overestimation.
How does a home loan eligibility calculator work?
Understanding how the calculator functions can help you make better decisions. Using a home loan eligibility calculator involves entering a few key pieces of information:
1. Input data
Start by entering your essential details such as age, monthly income, type of employment, ongoing loan commitments (if any), and preferred loan tenure.
2. Calculation process
The tool uses this data, along with details like your credit score and current home loan interest rates, to assess how much loan amount you may be eligible for. It cross-references your inputs against the latest lending criteria.
3. Results
Based on the evaluation, the calculator gives you an estimate of your loan eligibility and may also show your expected monthly EMIs. This result helps in comparing options before applying for loans.
How is home loan eligibility calculated?
Lenders determine your home loan eligibility by using a formula that considers your monthly income, loan tenure, existing debts, and any additional sources of income. This helps them decide how much they can offer you, making sure the repayment stays within your financial capacity.
Calculation example:
Let’s assume the following:
Monthly income (after taxes): Rs. 50,000
Current EMI (existing loan): Rs. 5,000
Additional income: Rs. 10,000
Loan tenure: 20 years
Interest rate: 8.50% per annum
The home loan eligibility calculator uses a formula like:
Eligibility = (income - existing EMI) × multiplier (based on tenure)
In this case:
Income after tax + additional income = Rs. 50,000 + Rs. 10,000 = Rs. 60,000
Eligible income for loan = Rs. 60,000 - Rs. 5,000 (existing EMI) = Rs. 55,000
Based on the loan tenure and interest rate of 8.50%, the multiplier could typically be around 20.
Loan eligibility = Rs. 55,000 × 20 = Rs. 11,00,000
So, with an interest rate of 8.50%, the eligible loan amount in this example would be Rs. 11 lakh, assuming other conditions remain the same. Actual eligibility may vary based on credit score and lender policies.
How to use the Bajaj Finserv home loan eligibility calculator?
It’s quite easy and simple to use the eligibility calculator. Enter all the details as required, including your date of birth and residing city.
Step 1: Enter the date of birth in the format of DD/MM/YYYY.
Step 2: Provide the place you are residing in.
Step 3: Set net monthly salary either by directly entering the amount or by adjusting the bar provided.
Step 4: Set your preferred tenure up to 32 years as per your financial plans and repayment capability.
Step 5: Enter details of other incomes per month if any. Skip this step if you do not have other income sources.
Step 6: Provide the total amount of EMI you are currently paying towards your existing debts. Avoid if there is none.
Make sure to provide accurate information to compute the correct results. Recheck all the entries and click on ‘check your eligibility’. The calculator displays the maximum loan amount you can borrow from Bajaj Finance instantly.
Adjust the bar for other feasible tenures and check the amounts that you can avail. Once you get the maximum eligibility amount, apply for a home loan as per your needs.
Planning to buy your dream home? Check if you qualify for a Bajaj Finance Home Loan with interest rates starting at just 7.45%* p.a You may already be eligible, find out by entering your mobile number and OTP.
Benefits of using the housing loan eligibility calculator
Using a home loan eligibility calculator offers several benefits that can help streamline your home-buying journey. Here are six key benefits of using this tool:
Instant estimate of how much loan you can get
The calculator offers a quick estimate of your loan eligibility based on simple details such as your income, existing EMIs, age, and chosen loan tenure. It saves time and helps you apply with realistic expectations.
Lets you plan your homebuying budget better
By knowing your eligibility in advance, you can shortlist homes that fall within your budget and avoid properties that may strain your finances. It protects you from overcommitting financially.
Allows you to experiment with different options
The tool lets you change variables like income, tenure, or current liabilities to see how they affect your loan amount. You can test different combinations and see what works best for your needs.
Doesn’t affect your credit score
Since it’s not a formal enquiry, using the calculator doesn’t impact your credit score in any way. You can use the calculator multiple times without worrying about any negative effect on your credit history.
Helps you apply for the right loan amount
Having a rough idea of your eligibility beforehand means you’re more likely to apply for a realistic loan amount—one that fits lender criteria. It reduces the chances of rejection and speeds up loan processing.
Completely free and accessible anytime
The Housing Loan Eligibility Calculator is available online and can be used without needing to visit a branch or speak with a representative. You can check your eligibility easily, whenever you want, from the comfort of your home.
Home loan eligibility criteria
To qualify for a home loan, applicants must meet the following criteria:
Eligibility criteria |
Details |
Nationality |
Must be an Indian citizen |
Age limit (Salaried) |
23 to 65 years |
Age limit (Self-Employed) |
23 to 70 years |
Minimum income (Salaried) |
Rs. 25,000/ month* |
Business vintage (Self-Employed) |
Minimum 5 years |
Required credit score |
725 or higher preferred |
Work experience (Salaried) |
At least 3 years |
Work experience (Self-Employed) |
Minimum 5 years |
Loan tenure |
Up to 32 years |
Financial position |
Based on income and existing obligations. |
** Maximum age considered at the time of loan maturity.
Applicants can get home loan up to Rs. 15 crore*, based on their eligibility. Know the home loan eligibility criteria and documents required for home loan before applying.
What are the factors that impact your eligibility for a home loan?
While your income and ability to repay the loan are key, there are other important points that affect your home loan eligibility too. These include:
- Age: You must be between 21 and 67 years old. Your age affects how long your loan tenure can be and how much you are allowed to borrow.
- Income stability: A higher income means you may be eligible for a larger loan. If you add a co-applicant, it can further increase the loan amount you can get.
- Credit history: A steady record of repayments without missed payments helps you get your loan approved faster.
- Credit score: A good CIBIL Score is needed to qualify for a loan.
- Other debts: If you have fewer current loan payments, it becomes easier to get a higher home loan amount.
How to increase home loan eligibility?
Improving your eligibility for a home loan can help you get better loan terms and higher amounts. Here are six tips to help you qualify more easily:
- Maintain a good CIBIL Score above 700 by paying EMIs and bills on time.
- Add a co-applicant, such as a working family member, especially a woman, to increase eligibility and help you secure better interest rates.
- Opt for interest-only plans if you expect your income to rise in future.
- Make a higher down payment than the minimum required share to reduce lender risk and boost approval chances.
- Keep monthly EMIs, including the home loan, within 50–55% of income and do not exceed this range.
- Apply for mortgage guarantee-backed loans to access higher loan amounts and longer tenures.
Need a home loan of up to Rs. 15 Crore* for your dream property? Bajaj Finance offers attractive interest rates and quick approval in 48 hours*. You may already be eligible, check your offers by entering your mobile number and OTP.
How to apply for a home loan after checking eligibility
Once you've used the Home Loan Eligibility Calculator and found that you’re eligible, you can apply for a home loan through a simple online process. Online home loans by Bajaj Finserv offer a quick and convenient way to fund your dream home.
Start by visiting the home loan page on the official Bajaj Finserv website.
- Click on ‘APPLY’.
- Enter your full name, mobile number, and employment type.
- Select the type of loan for which you wish to apply.
- Generate and submit a one-time password to verify your phone number.
- Once authenticated, enter additional details pertaining to your monthly income, the loan amount you require, and details about the property, if already identified.
- Enter your date of birth, PAN and other details, as requested, depending on the occupation type you selected.
- Click on ‘SUBMIT’.
After submission, a Bajaj Finserv representative will reach out regarding the next steps.
You can track your application status online, and once approved, the funds are disbursed to your account. By using the eligibility calculator beforehand, you save time, avoid rejections, and approach the application with confidence. This smooth online journey ensures that buying your home is stress-free and well-planned.
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Frequently asked questions
With Bajaj Finserv, the home loan amount you can get depends on your monthly income, age, existing EMIs, loan tenure, and credit score. Generally, borrowers can receive a loan that is about 50 to 60 times their net monthly salary. For a precise estimate, you can use the Bajaj Finserv Home Loan Eligibility Calculator for personalised results.
The 20-30-40 rule is a budgeting guideline for home loans. It suggests that your home loan tenure should ideally not exceed 20 years, your EMI should remain within 30% of your monthly income, and making a 40% down payment reduces the repayment burden. Following this rule helps maintain financial stability while managing a Bajaj Finserv home loan comfortably.
If your monthly income is Rs. 50,000, you may qualify for a Bajaj Finserv home loan of roughly Rs. 25 lakh to Rs. 42 lakh. However, the exact amount depends on your credit score, ongoing EMIs, and repayment capacity. To know your precise eligibility, it is best to use the Bajaj Finserv Home Loan Eligibility Calculator, which gives instant customised results.
For a home loan of Rs. 70 lakh from Bajaj Finserv, you would generally need a monthly take-home salary between Rs. 1,20,000 and Rs. 1,50,000. This is because lenders usually keep EMIs within 50% of your income. A good CIBIL score, stable employment, and a low debt-to-income ratio also increase your chances of securing approval for this loan amount.
With a monthly salary of Rs. 70,000, you may be eligible for a Bajaj Finserv home loan of around Rs. 30 lakh to Rs. 58 lakh. The final sanctioned amount depends on factors such as your repayment track record, other existing debts, loan tenure, and credit profile. For accurate details, use the Bajaj Finserv Home Loan Eligibility Calculator.
To apply for a Bajaj Finserv home loan, you must be an Indian resident aged 23 years or above with a stable income. At the end of the loan tenure, your age should not exceed 67 years (for a salaried applicant) and 70 years (for a self-employed professional. Eligibility is determined by your income, repayment capacity, credit history, and financial obligations. Want to check your eligibility? Enter your mobile number and verify it with an OTP to know more.
Considering your age is 25, with no other monthly income and obligations - you are eligible for a home loan up to 47,69,161 for tenor of 25 years on your monthly 60,000 salary.
Ready to find out exactly how much home loan you qualify for with your salary? Bajaj Finserv offers loans up to Rs. 15 Crore* based on your eligibility. Check your home loan offer now. You may already be eligible, find out by entering your mobile number and OTP.
Younger applicants have longer working years ahead, enabling lenders to offer longer loan tenures and higher eligibility. Older applicants face shorter tenures, reducing the loan amount offered, as lenders ensure repayment aligns with retirement age.
The required salary for a ₹40 lakh home loan depends on the interest rate and loan tenure. Generally, a monthly income of ₹50,000–₹70,000 is preferred for easy approval, assuming minimal existing liabilities.
Yes, you may get a home loan with a ₹25,000 salary, but the loan amount will depend on your repayment capacity, credit score, and existing obligations. Opting for a longer tenure can improve eligibility.
To work out your home loan eligibility in India, lenders assess your monthly income, existing financial commitments, age, employment status, and desired loan tenure. After deducting any current EMIs from your income, they apply a multiplier based on tenure and interest rate to calculate the eligible amount. With Bajaj Finserv’s online tool, you just need to fill in a few details to get an instant estimate of your loan eligibility.
If you’re self-employed, eligibility is calculated based on your declared income in financial statements or ITRs, your business vintage, credit score, and existing debts. Bajaj Finserv typically looks for applicants aged 23 to 70, with at least five years of business history. While the method of calculation is similar to salaried individuals, the verification process focuses more heavily on documented profits and business stability.
For NRIs, home loan eligibility depends on monthly repatriable income, age (generally 23–65), job consistency, and current obligations. Lenders may ask for income proof, bank statements, and additional verification of overseas income. Like with residents, eligibility is calculated using your disposable income and adjusted according to tenure and repayment ability via online calculators.
To do this in Excel, subtract your current EMIs from your net monthly income and multiply the result by a lender-specific factor based on the loan tenure. For instance, if your net income after EMIs is Rs. 55,000 and the multiplier is 20, your eligibility would be Rs. 11,00,000 (55,000 × 20). You can build formulas in Excel to automate this and tailor the multiplier depending on your lender’s rules.
