Calculate Home Loan Eligibility Online at Bajaj Markets
✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 8.50%
Wondering how to check home loan eligibility? To calculate home loan eligibility online, simply enter the following into the calculator:
Gross Income (Monthly)
Tenure
Rate of interest
Other EMIs (Monthly)
This tool will check your home loan eligibility and display how much financing you can avail as well as your EMI. You can use the home loan eligibility calculator to see the potential loan amount you qualify for anytime, anywhere.
Home loan eligibility is a measure of your potential to avail a home loan. If your income is high and current debts are low, your loan eligibility increases. Similarly, if you are young and have many working years ahead, you may be eligible for a large home loan amount.
Factors like your credit history, property details, and existing relationship with your lender influence your home loan eligibility. You can check your eligibility by reading the lender’s checklist or using a housing loan eligibility calculator.
This digital tool gives you an estimate of how much you can borrow based on your current finances, employment, city of residence and more.
Lenders offer you a home loan based on your eligibility. This includes factors like your earnings, obligations, age, work profile, employment stability, credit score, presence of a co-applicant, if any, and more.
Given below is the comprehensive list of the housing loan eligibility criteria of most lenders:
Eligibility Criteria for Home Loan |
||
Employment Status |
Home Loan Criteria for Salaried |
Home Loan Criteria for Self-Employed |
Age Limit of the Applicant |
23 to 62 years |
25 to 70 years |
Annual Income |
₹10,000 per month and above |
₹2 Lakhs per annum and above |
Work Experience |
Minimum 3 years |
Minimum 5 years (consecutively) |
Residence Type |
Permanent resident or non-resident Indian (NRI) |
|
Required Credit Score for Home Loan |
Above 750 |
|
Property Type |
|
|
When you meet these parameters, you will be eligible for instant home loan approval once the credit assessment is complete. However, note that the terms may vary slightly from lender to lender. So, check your chosen financial institution’s terms before you apply.
House Loan Eligibility Based on Salary: Your monthly salary helps the lender determine your home loan repayment capacity. Your income also helps the lender understand the maximum loan amount they can extend without risking default.
Remember that lenders focus on your take home or in-hand salary without all the pertinent deductions. These include contributions towards EPF and insurance, if applicable.
The amount that you get after all such contributions will impact the monthly payments you can afford. Thus it affects what lenders offer you as the home loan amount.
To be eligible for a home loan as a salaried borrower, you must have at least three years of work experience in your respective field.
Check Eligibility Based on Salary:
House Loan Eligibility Based on Age: Your age plays an important role in determining your eligibility for a housing loan. The lower your age, the more time you have to pay off the home loan. It can also make you eligible for a higher loan amount.
The table below includes the range of eligibility terms for a home loan for self-employed and salaried applicants:
Banks/ NBFCs |
Loan Amount Eligibility and Maximum Tenure |
Age of Eligible Borrower |
Maximum Loan on Property Value |
₹2.5 Crores for 30 years |
23 to 70 years |
85% of the value of the property |
|
₹40 Lakhs for 20 years |
21 to 68 years |
90% of the value of the property |
|
₹5 Crores for 30 years |
21 to 65 years |
85% of the value of the property |
|
₹50 Lakhs for 20 Years |
- |
- |
|
₹50 Lakhs for 20 Years |
18 to 60 years |
75% - 80% of the property’s value |
|
₹15 Crores for 30 years |
21 to 70 years |
80% of the value of the property |
|
₹15 Crores for 30 years |
21 to 65 years |
85% of the value of the property |
|
₹10 Crores for 25 years |
21 to 70 years |
90% of the value of the property |
|
₹50 Lakhs for 20 years |
21 to 65 years |
80% of the value of the property |
|
₹15 Crores for 30 years |
18 to 75 years |
90% of the value of the property |
Disclaimer: Home Loan eligibility depends on the rules and regulations of the financial institution. The lender gives approvals based on the borrower's income, credit profile, and existing relationship with the bank/NBFC.
Home Loan Eligibility FAQs
Lenders consider three main factors to check your housing loan eligibility after receiving your home loan application. These include being an Indian citizen and having at least three years of work experience with a steady income. You must also be in the age group of 23–62 years.
The home loan eligibility calculator tool works on a mathematical formula that considers certain variables to evaluate your eligible loan amount. These factors include the expected loan amount, your age, monthly income, existing obligations and secondary income, among other things.
Lending institutions consider Non-Resident Indians for a home loan if they are drawing a salary equivalent of $3,000 per month. This applies to the USA and other countries. NRI applicants also need to have been actively working in their field for a total of 2 years.
Of these, six months must have been spent overseas. The applicant must also be at least 24 years of age and 60 at most. If you are wondering how to calculate home loan eligibility as an NRI in more detail, get in touch with customer support staff.
You can add your children as co-applicants and take a joint home loan. They must be Indian citizens aged 23 and over and have work experience with a reputed firm for at least three years.
However, you must only add their names to the application if you plan on making them co-owners of the property.
A co-applicant’s income and credit score, clubbed with that of your own, can improve your home loan eligibility. At times, a co-applicant can also function as a guarantor.
Yes, you can get financing of up to 80% of your home’s value if its cost is ₹30-75 Lakhs. If it is lower than ₹30 Lakhs, the maximum LTV is 90% and over ₹75 Lakhs, the maximum LTV is 75%.
It is not possible to get 100% financing to buy a home from a bank, NBFC or housing finance company. The usual LTV is based on the home’s value and your eligibility and is between 90% to 75% of the home’s cost.
Yes, you can take a home loan for a tenure of 10 years, but this depends on your age, earnings, current debt and more. Usually, you can get a home loan for up to 30 years.
Yes, you can get a home loan for 15 years. While the maximum tenure goes up to 30 years, your tenure depends on eligibility parameters like age, work experience, credit score and more.
