How much Home Loan am I eligible for?

What is the maximum Home Loan can I get? This is one question which is asked time and again by anyone who wants to get into real estate.

Till now the only answer you got was it depends on your take home salary, your age, kind of job, your assets among other factors. But thankfully now a lot of financial institutions have put “Instant Home Loan Eligibility Calculator” on their websites. These calculators ask for all the details like your monthly take home salary, your company, your work experience among other things. And end of it, the calculator gives your final Home Loan eligibility based on loan tenure and options with the bank.

One thing to note is for same kind of income and work experience, different loan providers have different loan eligibility.

Here are a few examples:

For the below loan eligibility, I have assumed a 31 year old person working in a reputed MNC with 5 years of work experience and retirement age of 60. Three scenarios have been considered with take home monthly salary of Rs. 25 thousand, Rs. 50 thousand and Rs. 1 Lakh. Also the tenure of Home Loan has been fixed at 20 years.

Maximum Home Loan Eligibility for 20 years (in Lakhs):

Monthly Salary
25,000 50,000 100,000
SBI 13 22.9 45.8
HDFC 11.4 25.4 50
ICICI Bank 11.4 22.9 50
Axis Bank 16 31.4 62.9

As you can see the Home loan limit is similar for ICICI bank and HDFC Bank. Axis Bank seems to be most aggressive as far as the Home Loan limit is concerned. So in case you need a higher loan, it might be a good idea to explore Axis Bank.

You can find these calculators at the following links

SBI Home Loan Eligibility Calculator

ICICI Bank Home Loan Eligibility Calculator

HDFC Home Loan Eligibility Calculator

Axis Bank Home Loan Eligibility Calculator

You can also find such Home Loan Eligibility Calculators on different Financial Institution Websites.

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