Loan Eligibility Calculator
Free loan eligibility calculator: estimate the maximum home or personal loan from your income, existing EMIs, interest rate and tenure.
Banks often use 40 to 60%
Runs in your browser. Nothing you enter is uploaded.
How to use the Loan Eligibility Calculator
- Enter your monthly net income and existing EMIs.
- Enter the expected rate and tenure.
- Adjust the share of income lenders allow for EMIs.
- Read the estimated loan amount.
How lenders decide your loan amount
Banks limit total monthly obligations to a share of income, often called FOIR (Fixed Obligation to Income Ratio), typically 40% to 60%. The room left after existing EMIs becomes your affordable EMI, which is converted into a loan amount.
Affordable EMI = income × FOIR − existing EMIs
Loan = EMI × [(1 + r)ⁿ − 1] ÷ [r × (1 + r)ⁿ]
Worked example
Income 80,000, existing EMIs 10,000, FOIR 50%: affordable EMI = 40,000 − 10,000 = 30,000. At 9% for 20 years that supports a loan of about 33.3 lakh.
What else affects eligibility
- Credit score and repayment history.
- Age, job stability and employer type.
- Property value and the lender's loan-to-value limit.
Frequently asked questions
What is FOIR?
Fixed Obligation to Income Ratio: the share of income that may go toward fixed monthly payments including the new EMI.
Is the result guaranteed?
No. Lenders also check credit score, age, employment and the property, so treat the result as a guide.
How can I raise my eligibility?
Clear existing EMIs, add a co-applicant income, choose a longer tenure or improve your credit score.
Which FOIR should I use?
Start with 50%. Check your bank's stated policy for a closer estimate.