About the Home Loan Eligibility Calculator
This gives a rough estimate of the maximum home loan you might qualify for, based on your net monthly income, any existing EMI obligations, and a typical lender income-to-EMI ratio (FOIR).
How it works
It first works out the maximum total EMI a lender might allow: your net monthly income multiplied by the FOIR percentage, minus any existing EMIs you're already paying. It then reverse-solves the standard reducing-balance EMI formula for the loan amount that produces exactly that EMI at your entered interest rate and tenure.
Assumptions and behaviour
- Uses FOIR (Fixed Obligation to Income Ratio) — the share of your net income lenders assume can go toward all EMIs combined. 50% is a common assumption for salaried borrowers, though it varies by lender and income level.
- Assumes the loan is the only new EMI being added on top of what you already pay.
- The maximum allowed EMI is floored at zero if your existing obligations already exceed the FOIR limit.
Limitations
- This is a rough estimate only, not a loan pre-approval. Actual lender eligibility also depends on your credit score, employment type and stability, age, property valuation, and each lender's own internal policies.
- Doesn't account for co-applicant income, which can significantly increase eligibility when a loan is taken jointly.
- Doesn't include processing fees or other charges.
Privacy
The calculation runs entirely in your browser. Nothing is uploaded or stored.
Get FreeMyTask as an app