Loan Eligibility Calculator
Eligibility is the EMI question run backwards: instead of a loan amount producing a payment, your salary produces the largest payment a lender will accept, and that payment sets the loan. Banks express the ceiling as a share of income, so knowing your own number before house hunting keeps you from falling for property you cannot fund.
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Results
- Maximum monthly EMI
- ₹23,000.00
- Loan amount you can afford
- ₹26,50,309.32
- Total interest on that loan
- ₹28,69,690.68
- Income left after all EMIs
- ₹72,000.00
How is the Loan Eligibility calculated?
Give five numbers: gross monthly income, the EMIs you already pay, the share of income lenders allow as total obligations (35–50% is typical), the tenure you want and the offered rate. Existing EMIs are subtracted from the allowed share to get a maximum instalment, which is converted into a loan amount. The results also report the interest that loan carries and the income left after every EMI.
Formula
Maximum EMI = gross monthly income × obligations% ÷ 100 − existing EMIs. Loan = EMI × (1 − (1 + r)^−n) ÷ r, the reverse of the EMI formula, where r is the monthly rate and n the instalments (years × 12). At 0% the loan is simply EMI × n. The obligations share is the FOIR lenders actually apply.
Example
₹1,20,000 of monthly income, ₹25,000 of existing EMIs and a 40% limit leave 1,20,000 × 40% − 25,000 = ₹23,000 for a new instalment. At 8.5% over 20 years that EMI carries ₹26,50,309 of loan, on which you pay ₹28,69,690.68 of interest. After every obligation, ₹72,000 of income still stands free.
Things to remember
Treat the ceiling as a warning line rather than a target: sitting at 40% leaves little slack for a rate rise or a bonus-free month, while 35% keeps life comfortable. Credit score, employer stability and the requested tenure all move the real offer, so check your report before you shop for property.
Frequently Asked Questions
How much loan can I get on a ₹50,000 salary?
With no existing EMIs and a 40% obligations limit, ₹20,000 is available for instalments. At 9% over 15 years that carries about ₹19,71,868; at 8.5% over 20 years about ₹23,04,617. Every existing car or personal loan EMI comes off the ₹20,000 before any of this is calculated.
What is FOIR in a loan application?
Fixed Obligation to Income Ratio: every EMI and commitment you carry divided by monthly income. Most Indian lenders accept 40–50%. Below 40% leaves headroom and usually wins better pricing, while above 50% files are commonly declined whatever the credit score says.
How does a car EMI affect my home loan eligibility?
Every rupee of existing EMI comes straight off your ceiling. On ₹1,20,000 income at a 40% limit, ₹48,000 of obligations is allowed; a ₹25,000 car EMI cuts the home instalment you can carry from ₹48,000 down to ₹23,000, roughly half the borrowing power.
Does a higher income guarantee a bigger loan?
Not on its own. The amount follows income minus existing obligations at the allowed share, so a ₹2,00,000 salary carrying ₹90,000 of EMIs leaves less room than ₹1,20,000 with none. Lenders also weigh credit score, age, job tenure and the property papers before sanctioning.
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