Loans & EMI
Home Loan Eligibility Calculator
Quick answer: The FinTax24 Home Loan Eligibility Calculator uses your net monthly income, existing EMI obligations, preferred tenure, indicative interest rate and employment type (salaried / SEP / SEB) to compute your maximum affordable home loan amount using the bank-standard FOIR (Fixed Obligations to Income Ratio) of 55-60%.
Home Loan Eligibility Calculator
Find the maximum home loan you qualify for based on income, FOIR, and existing EMIs.
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Disclaimer: Results are for indicative purposes only and may vary based on actual rates, rules, and policies. Please consult a FinTax24 expert for binding advice.
How to use this calculator
Follow these 6 steps for an accurate result.
- 1
Enter net monthly income
Take-home salary after tax + deductions.
- 2
Add spouse co-applicant income
Optional but boosts FOIR ceiling from 55% to 60% for home loan.
- 3
Enter existing EMI obligations
Sum of all active EMIs (car / personal / education / credit-card minimum due).
- 4
Pick tenure + interest rate
Current home loan rates: 8.5-9.5% for salaried prime borrowers.
- 5
Pick employment type
Salaried with Form 16 / SEP with 3-year ITR / SEB with 3-year ITR — different income haircuts.
- 6
Read eligibility + verdict
See "Eligible / Limited / Strong / Ineligible" + maximum loan amount + recommended action.
Key takeaways
- Home loan FOIR cap is 55% (single applicant) or 60% (with spouse co-applicant). Personal loan FOIR cap is 50%.
- Self-employed professionals / businesses face a 15-25% income haircut (banks discount declared income).
- Existing EMI obligations (car loan, personal loan, credit-card minimum due) are deducted from the FOIR ceiling before computing eligibility.
- Credit score (CIBIL) ≥ 750 and clean repayment history are non-negotiable for the upper end of eligibility.
Frequently asked questions
Quick answers to common questions about home loan eligibility calculator.
What is FOIR and why does it matter?
FOIR (Fixed Obligations to Income Ratio) is the bank-standard measure of how much of your monthly income is already committed to existing EMIs + the proposed new EMI. Banks cap FOIR at 50-60% (loan-type dependent) to ensure borrowers can service all EMIs without financial stress.
Why does self-employed income get a haircut?
Self-employed professionals (doctor, CA, lawyer) typically face a 15% haircut and businesses a 25% haircut because banks treat declared income as less stable than salary. Salaried with Form 16 / 2-year ITR is the cleanest for approval.
Does adding spouse as co-applicant double eligibility?
Adding spouse increases eligibility by ~9% (FOIR cap rises 55% → 60%) and total income rises, but the new combined EMI must stay within the new FOIR. The math is additive, not multiplicative.
Will a 750+ CIBIL score get me the upper limit?
A 750+ score gets you close to the upper limit. Banks also check: employer category (MNC / PSU / listed > SME), vintage with current employer (3+ years), property type for home loan, and existing relationship with the bank.
Sources & authority: For regulations on home loan eligibility calculator, refer to gst.gov.in, mca.gov.in, incometax.gov.in, rbi.org.in, RBI Master Direction on Housing Finance, Bank FOIR norms (industry practice).
Last reviewed by: FinTax24 Lending Desk · Reviewed on:
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