How to Calculate Home Loan Eligibility Online

The Magicbricks Home loan eligibility calculator is very easy to use. Take the following steps:

Step 1:

Enter the amount you want to borrow

Step 2:

Fill in your Monthly Net Income (excl. LTA and Medical Allowances)

Step 3:

Enter your existing loan commitments per month (if any)

Step 4:

Enter the tenure for which you want to take the loan

Step 5:

Fill in the rate of interest on the loan and click “Calculate Eligibility”

Once you take all the steps above, you will be able to view the amount that you are eligible to borrow. In addition, you will also get to know your EMI on the home loan.

Key Factors Affecting Your Home Loan Eligibility

Check out some of the most important factors that may affect your home loan eligibility:

Age:

When it comes to applying for a home loan, age is not just a number. Lower the age, the easier it is to get the loan approved. Therefore, a young professional who is just 30 years old can easily get a home loan for upto 30 years. In comparison, an individual who is 50 years old may find it tough to get a home loan for such a long tenure.

Income:

Your income also determines how much you are eligible to borrow. Most lenders have specified a minimum income requirement for the applicant as well as co-applicant. Whether you are self-employed or a salaried individual, you must meet the minimum income requirement. In addition, lenders also check whether your income is stable enough or not.

Credit score:

Your credit score is also very important. Higher the score, the higher your chances of getting a loan approved. A score of 650 and above is generally considered good and indicates higher chances of approval.

Existing loan obligations:

Your existing loan obligations (or Debt-to-income ratio) should not be more than 50% of your income. If this ratio is too high, it indicates you have too many outstanding loans and therefore, you are more likely to default in future.

Bank-wise Home Loan Eligibility Criteria

Bank of Baroda Home Loan
Resident type: Indians and Non-Resident Indians (NRIs)
Applicant's age: 21 - 70 years

Indian Bank Home Loan
Applicant's age: 18 - 70 years
Resident type: Indians and Non-Resident Indians (NRIs)
Min. monthly income for primary applicant: Rs 25,000

Union Bank of India Home Loan
Applicant's age: 18 - 75 years
Resident type: Indians and Non-Resident Indians (NRIs)

ICICI Bank Home Loan
Applicant's age: 25 - 65 years
Resident type: Indians and Non-Resident Indians (NRIs)
Min. monthly income for primary applicant: Rs 18,000

HDFC Bank Home Loan Applicant's age: 18 - 70 years
Resident type: Indians and Non-Resident Indians (NRIs)
Min. monthly income for primary applicant: Rs 15,000
Min. monthly income for co-applicant: Rs 10,000

SBI Home Loan
Applicant's age: 18 - 70 years
Resident type: Indians and Non-Resident Indians (NRIs)
Min. monthly income for primary applicant: Rs 15,000
Min. monthly income for co-applicant: Rs 10,000

Bajaj Housing Finance Home Loan
Applicant's age: 23 - 55 years
Resident type: Indians only

Sundaram HFL Home Loan
Applicant's age: 18 - 60 years (salaried) or 18 - 65 years (self-employed)
Resident type: Indians and Non-Resident Indians (NRIs)
Min. monthly income for primary applicant: Rs 15,000
Min. monthly income for co-applicant: Rs 15,000

L&T HFL Home Loan
Applicant's age: 21 - 60 years
Resident type: Indians and Non-Resident Indians (NRIs)
Min. monthly income for primary applicant: Rs 15,000
Min. monthly income for co-applicant: Rs 15,000

PNB HFL Home Loan
Applicant's age: 18 - 70 years
Resident type: Indians and Non-Resident Indians (NRIs)
Min. monthly income for primary applicant: Rs 15,000
Min. monthly income for co-applicant: Rs 10,000

Cholamandalam HFL Home Loan
Applicant's age: 21 - 60 years
Resident type: Indians only
Min. monthly income for primary applicant: Rs 15,000
Min. monthly income for co-applicant: Rs 10,000

Magma Housing Finance Home Loan
Applicant's age: 21 - 65 years
Resident type: Indian
Co-applicant with income mandatory if the primary applicant is upto 25 years of age.