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Loan Eligibility Calculator

Lenders work backwards from your income: they cap what all your EMIs can add up to, subtract what you already pay, and lend whatever the remaining EMI can service. This calculator runs that same arithmetic so you know the ballpark before you apply.

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Calculator and results

On a ₹1,00,000 monthly income with ₹10,000 of existing EMIs, you may be eligible for a home loan of about ₹46,09,234 at 8.5% over 20 years, with an EMI of ₹40,000 at 50% FOIR.

Sets a typical rate and tenure. Replace both with the figures your lender quotes.

₹
₹

Rent, a co-applicant's salary or other income the lender will count.

₹
%
%

Share of income a lender allows towards all EMIs together.

Estimated eligible loan

₹46,09,234

over 20 years

EMI it implies

₹40,000

at 50% FOIR

Total interest

₹49,90,766

Total repayment

₹96,00,000

How this figure is built

Total monthly income
₹1,00,000
EMI budget at 50% FOIR
₹50,000
Less existing EMIs
- ₹10,000
EMI available for this loan
₹40,000
Loan that EMI services at 8.5%
₹46,09,234

If the lender uses a different FOIR

Eligible loan amount at different FOIR assumptions
FOIREMI availableEligible loan
40%₹30,000₹34,56,925
50%₹40,000₹46,09,234
60%₹50,000₹57,61,542

Saved scenarios stay in this browser only. No sign-up.

Estimated eligible loan

₹46,09,234

20 years
An estimate based on income and existing EMIs only. It is not a loan offer, a pre-approval or financial advice.
What it is:
An estimate of the loan amount a lender might sanction on your income.
What it calculates:
The EMI your income can support after existing obligations, and the loan that EMI translates into.

Key Assumptions

  • Based on FOIR alone; real eligibility also weighs credit score, employment and the asset.
  • Lender FOIR limits vary, commonly between 40% and 60%.
  • It is an estimate for planning, not an offer or a pre-approval.

How does the Loan Eligibility Calculator work?

The starting point is FOIR, the fixed obligations to income ratio: the share of monthly income a lender will let all your EMIs occupy together. Most lenders sit between 40% and 60%, and apply a lower figure at lower incomes.

Whatever is left after your existing EMIs is the instalment available for the new loan. Running the EMI formula backwards at your expected rate and tenure turns that instalment into a loan amount.

This is an income test only. A real sanction also depends on your credit history, how long you have been employed, your age at the end of the tenure, and the value of whatever you are buying. Treat the output as a planning figure, not an approval.

Worked example: a take-home income of ₹60,000 a month and an existing ₹5,000 EMI. At a 50% FOIR, all EMIs together can be ₹30,000, which leaves ₹25,000 for the new loan. Over 20 years at 8.5% that supports a home loan of about ₹28.8 lakh; over 5 years at 11%, a personal loan of about ₹11.5 lakh.

To raise the amount you qualify for, clear small existing loans first, add an earning co-applicant, or choose a longer tenure. Each EMI you close frees its full amount for the new loan. Then check what the loan will cost with the Home Loan EMI Calculator or Personal Loan EMI Calculator.

Loan Eligibility Calculator formula

Eligible EMI = (income x FOIR%) - existing EMIs; Loan = EMI x ((1+r)^n - 1) / (r x (1+r)^n)

FOIR%
= share of income allowed towards all EMIs
r
= monthly interest rate = annual rate / 12 / 100
n
= tenure in months

Co-applicant income is added to your own before the FOIR is applied, which is why joint applications qualify for more.

Loan Eligibility Calculator: worked example

₹1,20,000 income, ₹15,000 of existing EMIs, a 20-year home loan at 8.5%

EMI budget at 50% FOIR
₹60,000
Less existing EMIs
- ₹15,000
EMI available
₹45,000
Estimated eligible loan
₹51,85,388
Total interest over 20 years
₹56,14,612

Loan Eligibility Calculator: frequently asked questions

Does a loan eligibility estimate mean I will get the loan?
No, a loan eligibility estimate only shows what your income could support. Lenders also check your credit score, employment stability, age and the asset being financed, and each has its own FOIR policy.
Should I use gross or take-home income?
Take-home. Most lenders assess net monthly income after tax and statutory deductions.
Does adding a co-applicant increase eligibility?
Usually yes. A co-applicant's income is added before the FOIR cap is applied, so the EMI budget grows. Their existing EMIs are added too.
Why does a longer tenure increase the loan I qualify for?
Because the same EMI services a larger principal when spread over more months. It also increases the total interest substantially, so check that figure before stretching the tenure.
What FOIR do lenders actually use?
It varies by lender, loan type and income band, commonly 40% to 60%. The comparison table shows what each assumption does to the answer.
How much loan can I get on a ₹60,000 salary?
With no existing EMIs and a 50% FOIR, an EMI of up to ₹30,000 a month, which supports a home loan of about ₹34.6 lakh over 20 years at 8.5%. An existing EMI reduces this by the amount you already pay.

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Reviewed by Pradipta Ray, MBA (Finance) · Updated