Loan Eligibility & Affordability Calculator
Check your maximum loan borrowing limit and eligible principal based on your income, age, and existing loan EMIs.
Borrowing Power Insights
Your loan eligibility check metrics:
Max Allowable EMI
The highest monthly EMI payment banks will allow based on your FOIR.
Eligible Loan Principal
The maximum principal amount you can qualify to borrow at current interest rates.
Required Salary
The minimum monthly income needed to support the desired borrowing value.
How is it calculated?
Max\,EMI = (Monthly\,Income \times FOIR\%) - Existing\,EMIsFOIR (Fixed Obligation to Income Ratio) is usually capped at 50-60% by lenders. The remaining allowance is discounted at the given interest rate to get the eligible principal.
Worked Examples
₹1 Lakh Monthly Salary with ₹10,000 Existing EMI
Assuming a 50% FOIR, maximum allowable EMI is ₹50,000. Subtracting the existing ₹10,000 EMI gives a maximum eligible new EMI of ₹40,000. At 8.5% interest rate for 20 years, this translates to an eligible loan of approx ₹46 Lakhs.
Co-applicant Income Benefit
If you add a spouse earning ₹50,000 monthly, your combined income becomes ₹1.5 Lakhs, raising your loan eligibility from ₹46 Lakhs to over ₹72 Lakhs.
Frequently Asked Questions
How can I increase my loan eligibility?
What is FOIR in loan processing?
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Results are estimates and should not be considered financial advice.