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Home Loan Eligibility Calculator

  • Overview
  • Eligibility & Documentation
  • Rates & Charges
  • Calculators
  • Quick Cash
  • FAQs
    • 1

    Tools and Calculator

    • Eligibility Calculator
    Net Income (Monthly)
    1 12,50,000 5,00,000
    Monthly EMI Obligation
    1 12,50,000 5,00,000
    Rate of Interest
    %
    9.2% p.a. 9.2% p.a. 12% p.a.
    Tenure
    Mo
    12 Months 18 Months 360 Months
    • EMI

      1,363*

    • Eligibility

      14,66,906*

    *Final amount may vary and it will depend on the final credit approval
    Name (as per PAN Card) Please enter a valid Name
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    Monthly Liabilities Enter 0 if no liabilities. Please enter an amount
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    Company Name Please enter a valid Company Name
    Salary (Monthly income) Please enter an amount
    Property ValuePlease enter an amount
    Portfolio ValuePlease enter an amount
    Please select your Occupation
    Please select an Entity
    Please enter the Number of Years
    Turnover Please enter an amount
    Profit After Tax Please enter an amount
    Required Loan Amount Please enter an amount
    Please select a Product
    Annual Income Please enter an amount
    Please select a Plan
    Please select a Medical Condition
    Vehicle Manufacturer Please enter a valid Manufacturer Name
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    Reg. No. (MH01AB1234) Please enter a valid Vehicle Number
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    Travel To Please enter a valid Country Name
    Trip Start Date Please enter a valid Date
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    Sum Insured Please enter an amount
    Tenure (years) Please enter a Tenure
    Premium to be paid Please enter an amount
    Please select a Security
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    Cost of Two Wheeler Please enter an amount
    Time Since Purchase (Months) Please enter a valid duration
    Current Residence Please enter an address
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    What is a Home Loan Eligibility Calculator?

    A home loan eligibility calculator lets you calculate the amount of home loan you are eligible to borrow by taking various factors into consideration.

    Worried about whether you qualify to avail a home loan? Tata Capital’s home loan eligibility calculator is designed to make the process of determining home loan eligibility an effortless one for you. 

    How to Use A Home Loan Eligibility Calculator?

    To calculate your Home Loan eligibility, you simply need to enter the following information –

    • Net Monthly Income

    Net Monthly Income is your take-home pay after the employer has deducted taxes and other deductions. For self-employed individuals, the amount that remains after taxes have been deducted from their Gross Income will be their Net Income.

    • Monthly Obligations

    Fixed monthly obligations are those payments that you need to make on a monthly basis. These monthly obligations do not include statutory deductions such as Provident Fund and taxes, and deductions on investments such as insurance premiums, recurring deposit, etc. Other loans that are not home loans do come under monthly obligations.

    • Rate of Interest

    The rate at which interest will be charged on your home loan amount.

    • Tenure (in Months or Years)

    Tenure is the period within which you are obligated to repay the entire home loan amount including the applicable interest. 

    Once done, the calculator will show the maximum loan amount that you are eligible to borrow as well as the EMI per month at the selected rate.

     

     

    Factors that Affect Your Home Loan Eligibility

    • Age

    Since home loan eligibility is estimated for a particular period called the ‘tenure’, the age of the applicant also comes into consideration. Generally, younger applicants are granted longer term home loans as compared to those nearing their retirement age.

    • Income

    This is self-evident. The income of an individual will determine the amount the lender will be willing to lend out as loan. The higher an individual’s income, the greater will be the loan amount that he can procure.

    • Type of Employment

    Yes, the type of your employment will have a lot of say on your home loan eligibility. Tata Capital will ask your background, whether you are a salaried employee, self-employed professional, or a self-employed non-professional.

    • CIBIL Score/Credit Score or Payment History

    Based on your credit history, a Credit or CIBIL Score is assigned to you. This credit score or payment history is used to determine how well you handled past liabilities and how likely you are to repay the loan.

    • Qualification and Experience

    Your academic credentials and work experience also matter when it comes to home loan eligibility. Higher academic credentials and impressive work experience increase your chances of getting a home loan sanctioned. 

    FAQ

    Calculating home loan eligibility is a matter of seconds with Tata Capital home loan eligibility calculator. Once the page opens, you simply need to adjust the net income (monthly), monthly EMI obligation, rate of interest, and tenure using the respective sliders. You can even enter the numbers or increase and decrease them using the ‘+’ and ‘-‘options. Once done, the calculator will automatically display the resulting home loan eligibility amount.

    Home loan eligibility calculator is different from home loan EMI calculator in that it is used to calculate the loan amount that a home loan applicant is eligible to apply for whereas a home loan EMI calculator gives the accurate amount of EMIs or Equal Monthly Instalments that the applicant will have to pay every month to repay the home loan at the given tenure and rate of interest.

    You can boost your home loan eligibility in the following ways –

    • Opt for a Longer Tenure 

    • Pre-pay Your Existing Loan

    • Improve Your CIBIL Score 

    • Add Another Source of Income 

    • Apply for Joint Home Loan 

    • Open Account with the Chosen Lender 

    • Consider Step-up Loans

    The following factors help in determining your home loan eligibility – Age, Academic Qualifications and Work Experience, Monthly Income, Type of Employment, and CIBIL or Credit Score.

    • Age – Must be between 24 to 65 years 

    • Academic Qualifications and Work Experience – The greater your academic qualifications and more impressive your work experience, the higher your chances of procuring home loan 

    • Monthly Income – The higher your monthly income, the higher your chances of getting a home loan 

    • Type of Employment – Whether a salaried individual or a self-employed individual 

    CIBIL or Credit Score – Ideally, 750 or higher

    Generally, home loan lenders will consider 40% to 50% of your monthly income as available towards the repayment of your home loan. Naturally, the proportion of amount that can be set aside for the monthly repayment of home loan will increase with an increase in income. So, the higher your income, the greater will be your home loan eligibility and vice-versa.

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