Loan Eligibility Calculator – Check Max Loan Limit
Determine your maximum home or personal loan eligibility based on monthly in-hand income, existing EMI obligations, age, and interest rates.
Provide Details
How Loan Eligibility is Determined
Financial institutions check your repayment capacity before approving any debt. The standard metric utilized is the FOIR (Fixed Obligation to Income Ratio), which determines what percentage of your net monthly income goes towards current liabilities (like active credit card debts or vehicle loans).
Generally, lenders restrict total active EMIs (including the proposed new loan) to 45% - 50% of your take-home pay. For example, if you earn ₹1,00,000 net monthly, your aggregate monthly EMI obligations across all active loans should not cross ₹50,000.
Frequently Asked Questions (FAQ)
1. How can I increase my loan eligibility?
You can add a co-applicant (spouse or parents) to merge incomes, close out active low-value loans, clear outstanding credit card balances, or declare additional source earnings.
2. What documents are required to prove income?
Salaried employees need 3 months payslips, 6 months bank account statements, and Form 16, while self-employed professionals must submit 2 years of computed ITR files.