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 home loan eligibility criteria may lead to the rejection of the loan application, leaving a negative mark on the individual’s credit profile. Ready to take the first step toward your dream home? Check your eligibility for a Bajaj Housing Finance Home Loan now. You may already be eligible, find out by entering your mobile number and OTP.
What is home loan eligibility calculator?
A Home Loan Eligibility Calculator is an online tool that helps you estimate the loan amount you qualify for based on factors like income, age, credit score, and existing financial obligations. It simplifies the loan planning process, ensuring you apply for a suitable loan amount within your repayment capacity.
How does a home loan eligibility calculator work?
Once you share your details, our home loan eligibility calculator compares them with the various criteria needed to secure a home loan of a specific amount within its up-to-date database. It then draws the nearest estimate based on the criteria you align with the closest to offer you an instant result.
How is home loan eligibility calculated?
Home loan eligibility is determined using a formula that factors in your monthly income, loan tenure, existing debts, and additional income sources. Lenders use this data to calculate the loan amount they are willing to offer you, ensuring the repayment is within your capacity.
Calculation example:
Let’s assume the following:
- Monthly income (after taxes): Rs. 50,000
- Current EMI (existing loan): Rs. 5,000
- Additional income: Rs. 10,000
- Loan tenure: 20 years
- Interest rate: 8.50% per annum
The home loan eligibility calculator uses a formula like:
Eligibility = (income - existing EMI) × multiplier (based on tenure)
In this case:
- Income after tax + additional income = Rs. 50,000 + Rs. 10,000 = Rs. 60,000
- Eligible income for loan = Rs. 60,000 - Rs. 5,000 (existing EMI) = Rs. 55,000
- Based on the loan tenure and interest rate of 8.50%, the multiplier could typically be around 20.
Loan eligibility = Rs. 55,000 × 20 = Rs. 11,00,000
So, with an interest rate of 8.50%, the eligible loan amount in this example would be Rs. 11 lakh, assuming other conditions remain the same. Actual eligibility may vary based on credit score and lender policies.
Home loan eligibility criteria
To qualify for a home loan, applicants must meet the following criteria:
Eligibility Criteria |
Details |
Nationality |
Must be an Indian citizen |
Age Limit (Salaried) |
23 to 65 years |
Age Limit (Self-Employed) |
23 to 70 years |
Minimum Income (Salaried) |
₹25,000/month* |
Business Vintage (Self-Employed) |
Minimum 5 years |
Required Credit Score |
725 or higher preferred |
Work Experience (Salaried) |
At least 3 years |
Work Experience (Self-Employed) |
Minimum 5 years |
Loan Tenure |
Up to 32 years |
Financial Position |
Based on income and existing obligations. |
** Maximum age considered at the time of loan maturity.
Applicants can get home loan up to Rs. 15 crore*, based on their eligibility. Know the home loan eligibility criteria and documents required for home loan before applying.
Important links: Home Loan Interest Rates | Home Loan Eligibility Criteria | Documents Required for Home Loan | Home Loan Balance Transfer | Joint Home Loan | Home Loan Tax Benefits
How to use the Bajaj Finserv home loan eligibility calculator?
It’s quite easy and simple to use the eligibility calculator. Enter all the details as required, including your date of birth and residing city.
Step 1: Enter the date of birth in the format of DD/MM/YYYY.
Step 2: Provide the place you are residing in.
Step 3: Set net monthly salary either by directly entering the amount or by adjusting the bar provided.
Step 4: Set your preferred tenure up to 32 years as per your financial plans and repayment capability.
Step 5: Enter details of other incomes per month if any. Skip this step if you do not have other income sources.
Step 6: Provide the total amount of EMI you are currently paying towards your existing debts. Avoid if there is 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 Finance instantly.
Adjust the bar for other feasible tenures and check the amounts that you can avail. Once you get the maximum eligibility amount, apply for a home loan as per your needs.
Planning to buy your dream home? Check if you qualify for a Bajaj Finance Home Loan with interest rates starting at just 7.49%* p.a.. You may already be eligible, find out by entering your mobile number and OTP.
Bajaj Finserv home loan eligibility for salaried individuals
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. Check the given table for quick reference.
Net Monthly Salary (Rs.) |
Eligible Loan Amount (Rs.) |
25,000 |
15,07,211 |
30,000 |
18,08,653 |
35,000 |
21,10,096 |
45,000 |
27,12,980 |
50,000 |
30,14,422 |
55,000 |
33,15,865 |
60,000 |
36,17,307 |
65,000 |
39,18,749 |
70,000 |
42,20,191 |
75,000 |
45,21,634 |
80,000 |
48,23,076 |
85,000 |
54,90,555 |
90,000 |
58,13,529 |
95,000 |
61,36,503 |
100,000 |
64,59,477 |
Bajaj Finserv home loan eligibility for self-employed
Bajaj Finserv offers home loans suited to the specific needs of self-employed people. These applicants may be professionals (such as lawyers, engineers, and doctors) or non-professionals (like traders or contractors). Loans can be taken individually or with a family member as a co-applicant.
Here are some important things to consider if you are self-employed and want to take a home loan:
- Earnings and ability to repay: You need to provide three years of income tax returns and at least two years of audited accounts.
- Your background: Factors like age, education, and family dependents are considered, as they affect your available income.
- Your finances: Having fewer existing debts can increase your chances of approval.
- Business strength: Lenders will check how well your business is doing, how long it has been running, and any risks it may carry.
- Loan term: Adjustable-rate loans may go up to 30 years, while fixed-rate loans generally go up to 20 years.
- Loan size: You may get up to 90% of the property value for homes under Rs. 30 lakh, and up to 75% if it costs more than Rs. 75 lakh.
- Interest rate: Both fixed and floating interest rates are available, and switching between them is possible under certain conditions.
Bajaj Finserv home loan eligibility based on age
Benefit from longer repayment tenures when you apply for a home loan from Bajaj Finserv at an earlier stage. The lower EMIs make managing your finances and other priorities easier and more efficient. The table below shares a possible example of home loan eligibility based on age:
Applicant age |
Maximum eligible tenure |
21 - 35 years |
30 years |
36 years |
29 years |
37 years |
28 years |
38 years |
27 years |
39 years |
26 years |
40 years |
25 years |
41 years |
24 years |
42 years |
23 years |
43 years |
22 years |
44 years |
21 years |
45 years |
20 years |
Bajaj Finserv home loan eligibility based on value of property
The value of the property and the LTV (Loan-to-Value) ratio are two major factors that lenders use to decide how much you can borrow. LTV refers to the share of the property's price that the lender will finance.
The Reserve Bank of India (RBI) has set the following limits:
Loan slab |
LTV ratio limit |
Up to Rs. 30 Lakh |
Up to 90% of the property value |
Between Rs. 30 lakh - Rs. 75 lakh |
Up to 80% of the property value |
More than Rs. 75 Lakh |
Up to 75% of the property value |
Within these rules, lenders still assess the applicant's creditworthiness and may offer lower LTV ratios if there are higher risks involved.
Bajaj Finserv home loan eligibility based on credit score
To apply for a home loan with Bajaj Finserv, your credit score should ideally be 650 or more. A good credit score makes it easier to qualify for a home loan. Here is how scores are generally viewed:
- 750 and above: Good
- 600 - 750: Average
- Below 600: Poor
Factors affecting Bajaj Finserv home loan eligibility
While your income and ability to repay the loan are key, there are other important points that affect your home loan eligibility too. These include:
- Age: You must be between 21 and 67 years old. Your age affects how long your loan tenure can be and how much you are allowed to borrow.
- Income stability: A higher income means you may be eligible for a larger loan. If you add a co-applicant, it can further increase the loan amount you can get.
- Credit history: A steady record of repayments without missed payments helps you get your loan approved faster.
- Credit score: A good CIBIL Score is needed to qualify for a loan.
- Other debts: If you have fewer current loan payments, it becomes easier to get a higher home loan amount.
How to increase home loan eligibility?
Improving your eligibility for a home loan can help you get better loan terms and higher amounts. Here are six tips to help you qualify more easily:
- Keep your credit score high: Aim for a score of 700 or above. Pay your EMIs and credit card bills on time and avoid applying for many loans at once. This shows lenders you are responsible with credit.
- Add a co-applicant: Including a working family member with a good repayment record can increase your combined income and make you eligible for a bigger loan. Co-applicants are equally responsible for payments. If the co-applicant is a woman, you may even get a lower interest rate. But do keep in mind, if either person misses payments, both credit scores can be affected.
- Explore interest-only loan plans: Some banks offer home loans where you only pay interest during the first few years. These include Flexipay or Step Up loans. They suit buyers of under-construction homes or those expecting their income to rise. While this helps in the short term, total repayment ends up higher.
- Make a bigger down payment: Banks usually lend up to 90% of the home value. The rest has to come from your own funds. By paying a larger share upfront, you lower the risk for the lender, which can increase your chances of loan approval.
- Keep EMIs within 50–55% of your take-home pay: If your total EMIs (including the new home loan) stay within this range, your chances of getting a loan are better. If you go over, consider a longer loan period to bring down your EMI and stay within the limit.
- Apply for mortgage guarantee-backed loans: Some banks work with India Mortgage Guarantee Corporation (IMGC), which offers a guarantee to cover part of the risk if a borrower defaults. This helps banks offer higher loans even to people with lower eligibility. These loans can come with longer repayment terms or higher LTVs, especially useful for older applicants nearing retirement.
Need a home loan of up to Rs. 15 crore* for your dream property? Bajaj Finance offers attractive interest rates and quick approval in 48 hours*. You may already be eligible, check your offers by entering your mobile number and OTP.
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Frequently asked questions
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 23 years to 70 years qualify to apply for the loan. Salaried individuals must age between 23 years to 67 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.
Wondering if you qualify for a home loan? Bajaj Finserv considers your income, credit score, age, and existing debts when determining eligibility. Check your eligibility for a Bajaj Housing Finance Home Loan with just a few clicks. You may already be eligible, find out by entering your mobile number and OTP.
Your minimum take home salary should be 25,000 per month to be eligible for Bajaj Finserv home loan.
The amount of a home loan is determined by factors such as your credit score, income, work history, age, location, and existing financial commitments. You can use a home loan eligibility calculator to calculate the home loan amount based on your salary.
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.
Considering your age is 25, with no other monthly income & obligations - you are eligible for a home loan up to 19,87,150 for tenor of 25 years on your monthly 25,000 salary.
Considering your age is 25, with no other monthly income & obligations - you are eligible for a home loan up to 27,82,011 for tenor of 25 years on your monthly 35,000 salary.
Considering your age is 25, with no other monthly income & obligations - you are eligible for a home loan up to 47,69,161 for tenor of 25 years on your monthly 60,000 salary.
Ready to find out exactly how much home loan you qualify for with your salary? Bajaj Finserv offers loans up to Rs. 15 crore* based on your eligibility. Check your home loan offer now. You may already be eligible, find out by entering your mobile number and OTP.
A co-applicant improves home loan eligibility by combining their income with yours, increasing the loan amount you can qualify for. Co-applicants also share the repayment responsibility, making them crucial for joint ownership or when the primary applicant’s income is insufficient.
Younger applicants have longer working years ahead, enabling lenders to offer longer loan tenures and higher eligibility. Older applicants face shorter tenures, reducing the loan amount offered, as lenders ensure repayment aligns with retirement age.
The required salary for a ₹40 lakh home loan depends on the interest rate and loan tenure. Generally, a monthly income of ₹50,000–₹70,000 is preferred for easy approval, assuming minimal existing liabilities.
Yes, you may get a home loan with a ₹25,000 salary, but the loan amount will depend on your repayment capacity, credit score, and existing obligations. Opting for a longer tenure can improve eligibility.
