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Home Loan Eligibility Calculator
Disclaimer
Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking.
The calculator(s) is not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) is only a tool that assists the users/ customers arrive at the results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.
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.
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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 dataStart by entering your essential details such as age, monthly income, type of employment, ongoing loan commitments (if any), and preferred loan tenure.
2. Calculation processThe 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. ResultsBased 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.
Home loan eligibility criteria
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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 years to 67 years
Age limit (Self-Employed)
23 years to 70 years
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.
Frequently asked questions
How much home loan can I get on my salary?
With Bajaj Finance, 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 Finance Home Loan Eligibility Calculator for personalised results.
What is the 20-30-40 rule for home loan?
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 Finance home loan comfortably.
How does age impact home loan eligibility and loan tenure?
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.
How to calculate home loan eligibility in India?
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 Finance’s online tool, you just need to fill in a few details to get an instant estimate of your loan eligibility.
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Disclaimer
1. Bajaj Finance Limited (“BFL”) is a Non-Banking Finance Company (NBFC) and Prepaid Payment Instrument Issuer offering financial services viz., loans, deposits, Bajaj Pay Wallet, Bajaj Pay UPI, bill payments and third-party wealth management products. The details mentioned in the respective product/ service document shall prevail in case of any inconsistency with respect to the information referring to BFL products and services on this page.
2. All other information, such as, the images, facts, statistics etc. (“information”) that are in addition to the details mentioned in the BFL’s product/ service document and which are being displayed on this page only depicts the summary of the information sourced from the public domain. The said information is neither owned by BFL nor it is to the exclusive knowledge of BFL. There may be inadvertent inaccuracies or typographical errors or delays in updating the said information. Hence, users are advised to independently exercise diligence by verifying complete information, including by consulting experts, if any. Users shall be the sole owner of the decision taken, if any, about suitability of the same.