Calculate eligibility for home loan

Using a Home Loan Eligibility Calculator is certainly one of the easiest ways to determine eligibility for a home loan. Lending institutions consider several factors such as monthly salary, loan repayment tenor, other source of monthly income, any other obligation and EMIs payable besides other basic information. With a housing loan eligibility calculator, one can quickly set the values or inputs to these fields and check their eligibility without any hassle. It will help buyers to make an informed choice and avoid loan application rejections, which can otherwise affect their credit behaviour and CIBIL score negatively.

Also, with the easy-to-use home loan eligibility calculator, you can avoid applying for a loan at multiple lenders.

What is home loan eligibility?

Every borrower needs to meet the eligibility criteria required to qualify for a housing loan. This ensures that he/ she can repay the loan amount effortlessly without defaulting. Failing to meet the eligibility criteria may lead to rejection of the loan application, leaving a negative mark on the individual’s credit profile. So, ensure to complete the processing faster and smoothly by fulfilling the required eligibility criteria.

Home loan eligibility criteria

Home loan eligibility is dependent on many factors such as your salary, current age, credit score, location, total work experience and other monthly financial obligations. Bajaj Finserv brings easy-to-meet eligibility criteria, making the Home Loan more accessible. Below is a chart with details.

Eligibility criteria for home loan

Age limit of salaried individuals

23 to 62**

Age limit of self-employed individuals

25 to 70**

Required Credit Score for home loan

Minimum 750

Work experience of salaried applicants

Minimum 3 Years

Business continuity

Minimum 5 Years

Minimum salary

Rs. 25,000


Indian, residing within the country

** Maximum age considered at the time of loan maturity.

Strong applicants can avail Rs. 5 Crore, or higher, based on their eligibility, as a home loan. Know the complete Housing Loan eligibility criteria and documents required for home loan before applying.

Home loan eligibility based on salary

One of the eligibility criteria that determine how much loan you can avail is your net salary (in-hand salary). Your salary is crucial as it helps in forecasting your repayment capabilities.

Your income will determine the loan amount you are eligible for. Lenders will consider your take-home salary, minus certain common deductions such as gratuity, PF, ESI, etc. The take-home salary will determine the EMI amount you can afford and thus the total loan amount you can borrow.

For instance, if your take-home salary is Rs. 25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.) But if your take home is Rs. 50,000, you can avail a loan amount of Rs. 37.28 Lakh for the same property. Subsequently, if your take-home is Rs. 75,000 you can increase your eligibility up to a loan amount of Rs. 55.93 Lakh.

Home loan eligibility based on age

Age is another determining factor when it comes to loan tenor. The maximum tenor that you can avail is 30 years.

You will be able to avail a longer repayment tenor if you are of a lower age. You can also avail a home loan of higher value provided you have a high income.

Salaried applicants have to be between the ages of 23 and 62** years to apply for a home loan. Self-employed applicants have to be within the age bracket of 25 and 70 years to avail one.
** Maximum age considered at the time of loan maturity.

The following table shows the maximum tenor individuals are eligible for based on their age:


Maximum tenor for salaried applicants

Maximum tenor for self-employed applicants

25 Years

30 Years

30 Years

30 Years

30 Years

30 Years

35 Years

30 Years

30 Years

40 Years

30 Years

30 Years

45 Years

25 Years

25 Years

45 Years

20 Years

20 Years

How to check home loan eligibility?

Individuals can easily check their home loan eligibility criteria on the official website of their preferred lending institution. Although most key requirements are usually the same, certain eligibility criteria may differ from lender to lender. These eligibility criteria are basically a set of parameters based on which a lender can assess a borrower’s creditworthiness and past repayment behaviour. It depends on several factors, including credit history, age, credit score, financial obligations of an individual along with FOIR and financial status.

Another easier and quick way to determine loan eligibility is to use an online home loan eligibility calculator. One can use this calculator to work out a personalised quote that can possibly meet the loan amount requirement on favourable and affordable means.

How is home loan eligibility calculated?

The eligibility calculator functions on a mathematical formula to evaluate the eligible loan amount. It takes into consideration loan tenor, net monthly salary, existing obligations or EMIs, other monthly incomes, etc.

What is an eligibility calculator for a home loan?

An easier way to check home loan eligibility is by using an online calculator. The Bajaj Finserv Home Loan Eligibility Calculator instantly computes the amount you are eligible to borrow. It helps in better financial planning and reducing the chances of application rejection. This tool also eradicates the hassle of manual calculation completely.

With Bajaj Finserv, access this online calculator whenever you need from anywhere and use it for free.

How to use a home loan eligibility calculator?

Potential borrowers can easily use an online housing loan eligibility calculator following some quick steps as mentioned below.

First, individuals need to enter their date of birth and city of residence in the respective fields of the calculator.

Next, one needs to set a value for some parameters on the home loan eligibility calculator. These include:

  • Net monthly salary
  • Loan repayment tenor
  • Other sources of monthly income
  • EMIs of any existing loan along with other obligations

Before going forward with a loan application, individuals must assess all eligibility criteria prescribed by various lenders. This will help one to opt for a lender that can provide housing loans at attractive terms to make repayment comfortable with EMIs spread over a favourable tenor.

Factors affect home loan eligibility?

Some of the key factors that affect an individuals’ housing loan eligibility are stated below:

  • CIBIL score: Applicants possessing an ideal CIBIL score above 750 are more likely to avail of a home loan at affordable terms that make repayment comfortable
  • Fixed obligations to income ratio: Lenders are likely to offer housing loan options at favourable terms to individuals with a low FOIR. A low FOIR value indicates a higher disposable income, thereby increasing the chances of the borrower repaying the loan amount timely
  • Age of the applicant: The age of the borrower dictates the tenor of loan repayment. An extended repayment tenor will have smaller EMIs, thereby making it easier for the individual to repay the loan without defaulting

Apart from these, employment status, monthly income, property details and loan-to-value (LTV) ratio also affect home loan eligibility.

How to increase home loan eligibility?

Listed below are some of the ways to increase home loan eligibility and improve the chances of availing a home loan at favourable terms and interest rate.

  • Improve CIBIL score: Lending institutions tend to provide home loans at attractive interest rates to individuals who possess an ideal CIBIL score above 750. Timely payment of bills, EMIs, credit card dues and not applying for multiple credit products simultaneously are some ways to improve CIBIL score
  • Clear existing loans: Lenders also assess loan repayment capacity by gauging an individual’s debt-to-income ratio. Hence, clearing existing loans before applying for a new one can increase home loan eligibility
  • Opt for a joint home loan: The housing loan eligibility improves if one applies for this credit product jointly with an earning co-applicant or spouse

Frequently asked questions about home loan eligibility criteria

How to utilise Bajaj Finserv’s Eligibility Calculator?

It’s quite easy and simple to use the Eligibility Calculator provided by Bajaj Finserv. Enter all the details as required, including your date of birth and residing city.

  • Enter the date of birth in the format of DD/MM/YYYY
  • Provide the place you are residing in
  • Set net monthly salary either by directly entering the amount or by adjusting the bar provided
  • Set your preferred tenor up to 30 years as per your financial plans and repayment capability
  • Enter details of other incomes per month if any. Skip this step if you don’t have other income sources
  • Provide the total amount of EMIs you are currently paying towards your existing debts. Avoid if there’s none

Make sure to provide accurate information to compute the correct results. Recheck all the entries and click on ‘check your eligibility’. The calculator displays the maximum loan amount you can borrow from Bajaj Finserv instantly.

Adjust the bar for other feasible tenors and check the amounts you can avail. Once you get the maximum eligibility amount, apply for a home loan as per your needs.

What factors determine home loan eligibility?

Several factors determine a borrower’s eligibility for a home loan. A few of the essential ones are as follows:

  • Age bracket: Self-employed applicants falling within the age bracket of 25 to 70 qualify to apply for the loan. Salaried individuals must age between 23 and 62 years to be eligible
  • CIBIL score: CIBIL score is a 3-digit value which signifies the creditworthiness of an individual. On the scale of 300 to 900, 750 is considered as the minimum rating required to qualify for a loan. A healthy CIBIL score for Home Loan can be beneficial to avail attractive features and better interest rates
  • Occupation: Applicants must either be self-employed (businessman, doctor, chartered accountant and others) or salaried with any private or public sector company or an MNC
  • Minimum earnings: Bajaj Finserv brings a slab of net income per month based on the location of residency. Applicants must meet the minimum requirements as applicable
  • LTV and property value: The chance of getting a higher loan amount is more if the property’s market value is higher. If you can make a 20% down payment, you can get a home loan faster

An eligible applicant can enjoy competitive home loan interest rates along with features like part-prepayment, foreclosure, balance transfer facility, etc.

How can you enhance home loan eligibility?
  • Increasing the tenor makes you more eligible for a higher loan amount as the EMIs reduce. The interest payable, however, increases
  • Pay off your existing debts, including loan EMIs, credit card dues, etc. It brings down your FOIR, making you more eligible for a home loan
  • Apply for a joint home loan with a co-applicant and enhance your eligibility to borrow a higher amount

Check your eligibility using Bajaj Finserv’s Eligibility Criteria and avail a feature-rich Home Loan to finance your property purchase.

What is the minimum salary to get a home loan?

Your minimum take home salary should be 25,000 per month to be eligible for Bajaj Finserv home loan.

How much home loan can I get for my salary?

The home loan amount on your salary depends on criteria like your credit score, salary, work experience, your age, your location, current obligations etc. You can use a home loan eligibility calculator to calculate the home loan amount based on your salary.

How much home loan can I get on a 25000 salary?

Considering your age is 25, with no other monthly income & obligations - you are eligible for a home loan upto 19,87,150 for tenor of 25 years on your monthly 25,000 salary.

How much home loan can I get on a 35000 salary?

Considering your age is 25, with no other monthly income & obligations - you are eligible for a home loan upto 27,82,011 for tenor of 25 years on your monthly 35,000 salary.

How much home loan can I get on a 60,000 salary?

Considering your age is 25, with no other monthly income & obligations - you are eligible for a home loan upto 47,69,161 for tenor of 25 years on your monthly 60,000 salary.

Does income affect loan eligibility?

Your net monthly income (NMI) is in fact one of the most important deciding factor for lenders when it comes to approving and rejecting your loan. While there is a minimum net monthly income you should earn to qualify for a loan, your loan application can still be rejected for an income more than that. In case you want a higher loan amount, you can add a co-applicant who earns and can add to your monthly income. Use a Home Loan Eligibility Calculator to easily determine your eligibility for a Home Loan.

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