Calculate eligibility for home loan
Using a Home Loan Eligibility Calculator is certainly one of the easiest ways to determine eligibility for a home loan. Lending institutions consider several factors such as monthly salary, loan repayment tenor, other source of monthly income, any other obligation and EMIs payable besides other basic information. With a housing loan eligibility calculator, one can quickly set the values or inputs to these fields and check their eligibility without any hassle. This online tool will help buyers to make an informed choice and avoid loan application rejections, which can otherwise affect their credit behaviour and CIBIL score negatively.
Also, with the easy-to-use home loan eligibility calculator, you can avoid applying for a loan at multiple lenders.
What is Home Loan Eligibility Calculator?
A Home Loan Eligibility Calculator is an online tool that helps you estimate the loan amount you qualify for based on factors like income, age, credit score, and existing financial obligations. It simplifies the loan planning process, ensuring you apply for a suitable loan amount within your repayment capacity.
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. Failing to meet the home loan eligibility criteria may lead to the rejection of the loan application, leaving a negative mark on the individual’s credit profile. So, ensure to complete the processing faster and smoothly by fulfilling the required eligibility criteria.
Home loan eligibility criteria
To be eligible for a home loan, several factors are considered, including your salary, age, credit score, location, work experience, and monthly financial commitments. Bajaj Finserv brings easy-to-meet eligibility criteria, making the home loan more accessible. Below is a chart with details.
Eligibility criteria for home loan |
|
Age limit of salaried individuals |
23 years to 67 years |
Age limit of self-employed individuals |
23 years to 70 years |
Required Credit Score for home loan |
725 or higher |
Work experience of salaried applicants |
Minimum 3 years |
Business Vintage |
Minimum 5 years |
Minimum salary |
Rs. 25,000* |
Nationality |
Indian, residing within the country |
** 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.
How to use 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.
Home loan eligibility based on salary
One of the eligibility criteria that determine how much loan you can avail is your net salary (in-hand salary). Your salary is crucial as it helps in forecasting your repayment capabilities.
Your income will determine the loan amount you are eligible for. Lenders will consider your take-home salary, minus certain common deductions such as gratuity, PF, ESI, etc. The take-home salary will determine the EMI amount you can afford and thus the total loan amount you can borrow.
How to Check Home Loan Eligibility based on Salary?
Home Loan Eligibility Calculator Your income will determine the loan amount you are eligible for. Lenders will consider your take-home salary, minus certain common deductions such as gratuity, PF, ESI, etc. The take-home salary will determine the EMI amount you can afford and thus the total loan amount you can borrow. Check the given table for quick reference.
Net Monthly Salary (Rs.) |
Eligible Loan Amount (Rs.) |
25,000 |
15,07,211 |
30,000 |
18,08,653 |
35,000 |
21,10,096 |
45,000 |
27,12,980 |
50,000 |
30,14,422 |
55,000 |
33,15,865 |
60,000 |
36,17,307 |
65,000 |
39,18,749 |
70,000 |
42,20,191 |
75,000 |
45,21,634 |
80,000 |
48,23,076 |
85,000 |
54,90,555 |
90,000 |
58,13,529 |
95,000 |
61,36,503 |
100,000 |
64,59,477 |
Home loan eligibility based on age
Age is another determining factor when it comes to loan tenure. The maximum tenure that you can avail of is up to 32 years.
You will be able to avail of a longer repayment tenure if you are of a lower age. You can also avail of a home loan of higher value provided you have a high income.
Salaried applicants have to be between the ages of 23 years to 67 years to apply for a home loan. Self-employed applicants have to be within the age bracket of 23 years to 70 years to avail one.
**Maximum age considered at the time of loan maturity.
How to check home loan eligibility?
Individuals can easily check their home loan eligibility criteria on the official website of their preferred lending institution. Although most key requirements are usually the same, certain eligibility criteria may differ from lender to lender. These eligibility criteria are basically a set of parameters based on which a lender can assess a borrower’s creditworthiness and past repayment behaviour. It depends on several factors like credit history, age, credit score, financial obligations of an individual along with FOIR and financial status.
Another easier and quick way to determine loan eligibility is to use an online home loan eligibility calculator. One can use this calculator to work out a personalised quote that can possibly meet the loan amount requirement on favourable and affordable means.
How is home loan eligibility calculated?
Home loan eligibility is determined using a formula that factors in your monthly income, loan tenure, existing debts, and additional income sources. Lenders use this data to calculate the loan amount they are willing to offer you, ensuring the repayment is within your 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.
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) |
₹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 30 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.
How to Increase Home Loan Eligibility?
Here are some ways to increase your home loan eligibility and improve the chances of availing a home loan.
- Improve CIBIL
- Maintain a CIBIL Score above 750 by ensuring timely repayments.
- Clear existing loans to reduce your debt-to-income ratio.
- Add an earning family member as a co-applicant.
- Highlight additional income sources like bonuses, incentives, or rent.
- Ensure consistent savings and investments for financial stability.
- Opt for a structured repayment plan.
- Verify and correct errors in your credit report.
- Keep a record of variable salary components for better assessment.
Frequently asked questions
Several factors determine a borrower’s eligibility for a home loan. A few of the essential ones are as follows:
- Age bracket: Self-employed applicants falling within the age bracket of 23 years to 70 years qualify to apply for the loan. Salaried individuals must age between 23 years to 67 years to be eligible
- CIBIL Score: CIBIL Score is a 3-digit value, which signifies the creditworthiness of an individual. On the scale of 300 to 900, 750 is considered as the minimum rating required to qualify for a loan. A healthy CIBIL Score for Home Loan can be beneficial to avail attractive features and better interest rates
- Occupation: Applicants must either be self-employed (businessman, doctor, chartered accountant, and others) or salaried with any private or public sector company or an MNC
- Minimum earnings: Bajaj Finserv brings a slab of net income per month based on the location of residency. Applicants must meet the minimum requirements as applicable
- LTV and property value: The chance of getting a higher loan amount is more if the property’s market value is higher. If you can make a 20% down payment, you can get a home loan faster
An eligible applicant can enjoy competitive home loan interest rates along with features like part-prepayment, foreclosure, balance transfer facility, etc.
Your minimum take home salary should be 25,000 per month to be eligible for Bajaj Finserv home loan.
The amount of a home loan is determined by factors such as your credit score, income, work history, age, location, and existing financial commitments. You can use a home loan eligibility calculator to calculate the home loan amount based on your salary.
Your net monthly income (NMI) is in fact one of the most important deciding factor for lenders when it comes to approving and rejecting your loan. While there is a minimum net monthly income you should earn to qualify for a loan, your loan application can still be rejected for an income more than that. In case you want a higher loan amount, you can add a co-applicant who earns and can add to your monthly income. Use a Home Loan Eligibility Calculator to easily determine your eligibility for a Home Loan.
Considering your age is 25, with no other monthly income & obligations - you are eligible for a home loan up to 19,87,150 for tenor of 25 years on your monthly 25,000 salary.
Considering your age is 25, with no other monthly income & obligations - you are eligible for a home loan up to 27,82,011 for tenor of 25 years on your monthly 35,000 salary.
Considering your age is 25, with no other monthly income & obligations - you are eligible for a home loan up to 47,69,161 for tenor of 25 years on your monthly 60,000 salary.
Yes, income significantly impacts loan eligibility. Higher income increases your repayment capacity, allowing you to qualify for a larger loan amount. Lenders evaluate your take-home pay, subtracting existing financial obligations, to determine how much you can comfortably repay each month.
A co-applicant improves home loan eligibility by combining their income with yours, increasing the loan amount you can qualify for. Co-applicants also share the repayment responsibility, making them crucial for joint ownership or when the primary applicant’s income is insufficient.
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.
Home loan eligibility depends on factors like income, credit score, age, employment type, and existing financial obligations. Lenders assess these parameters to determine the borrower's repayment capacity before approving the loan.
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.
