Home Loan Eligibility Calculator

Currency $ USD ₹ INR € EUR £ GBP ¥ JPY

Monthly Income

$

Loan Tenure (Years)

Interest Rate (%)

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How this works?

This calculator assumes that up to 40% of your monthly income can go towards EMI. Based on this and the interest rate, it estimates the loan amount you may be eligible for.

How to use:

1. Select your currency.
2. Enter your monthly income.
3. Specify the loan tenure in years.
4. Input the interest rate (annual).
5. Click "Calculate" to see your eligible EMI and maximum loan amount.

Understanding the Calculation

The calculator uses the following formula to estimate the maximum loan amount based on your monthly income, tenure, and interest rate:

• Eligible EMI: 40% of your monthly income
• Maximum Loan Amount: Calculated using the EMI formula

EMI Formula:

EMI = [P × r × (1 + r)ⁿ] ÷ [(1 + r)ⁿ - 1]

Where:

• P = Principal loan amount
• r = Monthly interest rate (annual rate / 12 / 100)
• n = Number of monthly installments (tenure in months)

Disclaimer

This calculator provides an estimate of your home loan eligibility based on the inputs provided. It does not guarantee loan approval or the exact amount you may be eligible for. Actual eligibility may vary based on lender policies, credit score, and other factors.

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