HomeLoans & EMI
Loan eligibility calculator
Estimate the largest loan your income can support.
Quick answer
Loan eligibility is the largest loan whose EMI fits within the share of income that lenders allow for repayments. Formula: Affordable EMI = income × FOIR − existing EMIs. With ₹1,00,000 income, no EMIs and a 50% limit, about ₹57.6 lakh of home loan fits at 8.5% over 20 years.
Read the guide: How to calculate car loan EMI and the real cost
Estimated eligible loan
₹57,61,542
- Affordable EMI
- ₹50,000
- Total interest on that loan
- ₹62,38,458
An estimate. Lenders also check your credit score, age, job type and the property or vehicle value.
How is loan eligibility calculated?
Lenders cap your total EMIs at a share of your income, called FOIR (fixed obligation to income ratio). The calculator works backwards from the EMI you can carry to the loan it pays off.
Existing EMIs on cards or other loans reduce the room for a new one, so list them all.
A longer tenure or a lower rate raises the loan you qualify for, but it also raises the interest you pay in total.
What is the formula for loan eligibility?
- Affordable EMI = income × FOIR − existing EMIs
- Loan = EMI × ((1 + r)^n − 1) ÷ (r × (1 + r)^n)
- r = rate per year ÷ 12 ÷ 100, n = tenure in months
Can you show a worked example of loan eligibility?
Income ₹1,00,000, no existing EMIs, FOIR 50%: affordable EMI = ₹50,000. At 8.5% for 20 years that supports a loan of ₹57,61,542.
How much loan can I get on my income?
With no other EMIs, 50% of income allowed for EMIs, 8.5% interest and 20 years. An estimate: lenders also check your credit score and more.
| Monthly take-home income | Affordable EMI | Estimated loan |
|---|---|---|
| ₹30,000 | ₹15,000 | ₹17,28,463 |
| ₹50,000 | ₹25,000 | ₹28,80,771 |
| ₹75,000 | ₹37,500 | ₹43,21,156 |
| ₹1,00,000 | ₹50,000 | ₹57,61,542 |
| ₹1,50,000 | ₹75,000 | ₹86,42,313 |
| ₹2,00,000 | ₹1,00,000 | ₹1,15,23,084 |
Common questions
What is FOIR?
Fixed Obligation to Income Ratio: the share of monthly income that goes to loan EMIs. Many banks allow 40 to 55%.
Does my credit score matter?
Yes. A low score can mean rejection or a higher rate, even if the income says you qualify.
Does this guarantee approval?
No. It is an estimate of capacity. The lender decides after checking your documents.
Should I borrow the full eligible amount?
Not necessarily. Borrowing less than the maximum leaves a buffer for rate rises and other expenses.