Eligibility Calculator

Home Loan Eligibility Calculator

Buying a house is one of life’s most important milestones, especially for young working professionals and self-employed individuals.

However, buying a home, especially in an expensive city, may not be easy for many. A home loan makes it easier for you to buy a home to call your own.

First, you need to be eligible to get a home loan. Various factors such as your monthly income, existing loan obligations, current age, and years left to retire play an important role in your home loan eligibility. It can also indicate the home loan amount that you can afford.

You can use Kotak Bank Home Loan Eligibility Calculator to calculate the home loan amount you can borrow. You can also prepare estimates to plan for your home loan requirements from the comfort of your home.

All you need to do is to enter the various data points such as your monthly gross income, loan tenure, and other existing EMIs in the home loan eligibility calculator given below to know your eligible home loan amount and home loan EMI.

HL Eligibility Criteria

  • Home Loan Eligibility for Salaried Person & Self Employed
  • Age of salaried individuals: Between 18 and 60 years old
  • Age of self-employed people: Between 18 and 65 years old
  • Minimum income for individuals residing in Bangalore, Delhi, Mumbai, Bangalore, Pune and Chennai : Rs.20,000/month.
  • Minimum income for people residing in other cities: Rs.15,000/month.


Factors that affect your home loan eligibility

Your age: Your age is one of the main factors determining your home loan eligibility, and it may affect your monthly payment and interest rate for the given loan amount. If you are young, you may opt for a long loan tenure and get a loan with a lower EMI and low home loan interest rate.

Your income: Your monthly income will influence how much of an EMI you can afford. So, high-income individuals may be eligible for a higher loan amount.

Your existing loan obligations: In addition to your income, existing financial obligations such as credit card debt or other loans may also have an impact on your eligibility. These are considered regular monthly outflows and reduce the EMI portion you can set aside for house loan repayment.

Your credit report: The credit report gives a bird’s eye view of your financial state. It assists the lender in determining your ability to repay the loan. It is a significant factor for loan approval or rejection.

Regulatory requirements: The National Housing Bank (NHB) has also set limits on the maximum loan amount as a proportion of the home’s purchase price. This permissible limit fluctuates slightly and depends on the cost of the residence. Lower-priced homes may have a higher maximum limit and vice versa.


General Questions Related to Home Loan Eligibility &
Relevant FAQs 

What is Home Loan Eligibility?

Home loan eligibility is the amount of a home loan you can take from a bank like Kotak Mahindra Bank.

How is Home Loan Eligibility calculated?

The home loan eligibility depends on different factors such as your salary, credit score, total work experience, other EMIs and your age. These criteria are used to determine your creditworthiness, i.e., your ability to repay the loan.

How to check Home Loan Eligibility?

You can know about your home loan eligibility by adding your information to our home loan eligibility calculator.


Loan amount you are eligible for:

15,68,124 INR

FAQs

How to use the Home Loan Eligibility Calculator?

The home loan eligibility calculator is extremely easy to use. All you need to do is set the following values in the respective fields:

  • Your gross monthly income
  • Your loan repayment tenure
  • Other EMIs


You will see your home loan eligibility and your home loan EMI on the right side.

How can I improve my Home Loan Eligibility?

Here are some ways to improve your home loan eligibility:

  • Increase your credit score
  • Take actions to correct issues in your credit report
  • Go for a joint home loan
  • Clear any existing loans before applying for the home loan
  • Maintain a consistent income stream
  • Provide information about your other sources of income

What are the factors that affect Home Loan Eligibility?

Here are the factors that affect home loan eligibility:

Age: If you are young, you can take a home loan for a longer tenure. This will reduce your EMI and interest rate for the required loan amount.

Income: Your home loan eligibility will depend mainly on your income. It determines the amount of money you can earmark to repay your loan EMI.

Existing loan commitments: Existing loan commitments lowers the amount of income that you can utilize towards paying your home loan.

Credit score: Your credit score comes in handy for the bank to determine your creditworthiness.

How is Home Loan Eligibility calculated on the basis of Income/Salary?

Your current take-home salary after deducting certain standard deductions such as PF and gratuity is used to calculate your home loan eligibility.

If you live in Mumbai, Delhi, Bangalore, Pune or Chennai, your minimum monthly income must be above Rs.20,000/month to apply for a Kotak Home Loan. The minimum income for residents in other cities is Rs.15,000/month.

How is Home Loan Eligibility calculated on the basis of Income/Salary?

Your current take-home salary after deducting certain standard deductions such as PF and gratuity is used to calculate your home loan eligibility.

If you live in Mumbai, Delhi, Bangalore, Pune or Chennai, your minimum monthly income must be above Rs.20,000/month to apply for a Kotak Home Loan. The minimum income for residents in other cities is Rs.15,000/month.

How is Housing Loan Eligibility calculated on the basis of age?

The maximum home loan tenure of Kotak Mahindra Bank is 20 years. So, you may opt for a longer loan tenure if you are young.

Salaried individuals between 18 and 60 years old and self-employed people between 18 and 65 can apply for a Kotak Home Loan.

Eligibility Calculator


Use our easy to access EMI calculators to help you plan for your dream faster and more efficiently. Please select the loan type that you require and get your estimated costing right now!

Loan amount you are eligible for:

15,68,124 INR