Loan Eligibility Calculator India
Your Eligible Loan Amount
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Frequently Asked Questions
What is a loan eligibility calculator?
A loan eligibility calculator estimates the loan amount you qualify for based on income, EMIs, tenure, and loan type using methods like FOIR, Multiplier, and LTV.
What is FOIR method?
FOIR (Fixed Obligations to Income Ratio) calculates affordable EMI as 40–50% of income minus existing EMIs, converted to a loan amount using the EMI formula.
How does LTV affect home loan eligibility?
LTV (Loan-to-Value) limits home loan eligibility to 80–90% of the property value, ensuring banks cover only a portion of the asset’s worth.
Why is eligibility different for salaried vs. self-employed?
Salaried individuals get higher eligibility (e.g., 60x monthly income) due to stable income, while self-employed face stricter criteria (e.g., 4x annual income) due to income volatility.
How does interest rate impact eligibility?
Lower interest rates increase eligibility by reducing the EMI burden for the same loan amount, allowing you to qualify for a larger loan.