Loan Eligibility Calculator - Check How Much You Can Borrow

Most Indian banks and NBFCs allow a maximum EMI of 40–50% of your net monthly take-home salary (FOIR). At a home loan rate of 8.5% for 20 years, a net salary of ₹60,000/month means max EMI = ₹30,000, which qualifies you for approximately ₹34.5 lakh loan. With a ₹1 lakh/month salary, you can generally borrow ₹57–60 lakh. Existing EMIs reduce your eligibility proportionally. Use the free Loan Eligibility Calculator on AbacusHand to calculate your exact result instantly.

FOIR (Fixed Obligation to Income Ratio) is the percentage of your monthly income already committed to loan EMIs and fixed expenses. Banks cap this at 40–60%. For example, if your salary is ₹80,000 and you already pay ₹15,000 in car and personal loan EMIs, your available EMI capacity = ₹40,000 - ₹15,000 = ₹25,000, reducing the loan amount you can borrow. Keeping FOIR below 40% gives you maximum flexibility. Use the free Loan Eligibility Calculator on AbacusHand to calculate your exact result instantly.

On a net monthly salary of ₹60,000 with no existing EMIs, most banks allow an EMI of up to ₹30,000 (50% FOIR). At 8.5% interest for 20 years (240 months), this supports a loan of approximately ₹34.5 lakh. SBI, HDFC, and ICICI Bank all use similar FOIR calculations. Boosting your salary through co-applicants (spouse) or reducing existing EMIs before applying can significantly increase eligibility. Use the free Loan Eligibility Calculator on AbacusHand to calculate your exact result instantly.

Key factors include: (1) Net monthly income — higher income means higher eligibility; (2) Existing EMI obligations — reduce your FOIR; (3) Loan tenure — longer tenure (20–30 years) increases eligibility; (4) Interest rate — lower rate = higher eligible amount; (5) CIBIL score — a score above 750 unlocks better rates and higher amounts; (6) Employer type — government employees and PSU workers often get higher eligibility. Use the free Loan Eligibility Calculator on AbacusHand to calculate your exact result instantly.

CIBIL score ranges from 300 to 900. A score above 750 is considered excellent and qualifies you for the best home loan rates (currently 8.35–8.5% at major banks). A score between 650–749 may lead to higher interest rates or lower loan amounts. Below 650, most banks will reject the application. Maintaining a healthy CIBIL score by paying all EMIs on time, keeping credit card utilisation below 30%, and avoiding multiple loan applications helps maximise your eligibility. Use the free Loan Eligibility Calculator on AbacusHand to calculate your exact result instantly.