Home Loan Eligibility Calculator - Check Housing Loan Eligibility | Kotak Mahindra Bank

Home Loan Eligibility

Owning the house of your dreams is now a reality with Kotak Mahindra Bank Limited Home Loans. KMBL Home Loan eligibility criteria for an individual are uncomplicated and are based on variables, viz., age, monthly income, etc.

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.

 


Loan amount you are eligible for:

15,68,124 INR

The KMBL Home Loan Eligibility Calculator is convenient to use. It provides an estimate of the loan amount available to you after examining your eligibility with the required details below:

Age Net Monthly Income(in Rs.)

 

25,000

50,000

75,000

25 - 50 Years

18.64 Lakh

37.28 Lakh

55.93 Lakh

*The calculator is given only as a general self-help planning tool. The results may vary according to the assumptions provided by the customer and other factors. We neither guarantee their accuracy nor applicability to your circumstances.

 

Home Loan Eligibility Criteria

Home Loan Eligibility Criteria for an Individual

Age:

  • Home Loan Eligibility for Salaried persons is between 18 and 60 years.
  • Home Loan Eligibility for Self-employed persons is between 18 and 65 years.

 

Indian Resident with a Gross Income of:

  • Minimum Income of Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai.
  • Minimum Income of Rs. 15,000 per month for the residents of other cities.

 

Minimum Qualifications:

  • If the applicant works with a private limited company or a partnership firm, the minimum educational qualification required is a Bachelor’s degree.
  • If the applicant is employed with either a public limited company or MNC or Government or public sector company, no minimum qualification is required.

 

Home Loan Eligibility Criteria for a Partnership Firm/ LLP/ Indian Company

  • The firm/organization should have been existing for a minimum of three years.
  • The partnership firm/LLP/Indian Company should have a minimum net income of:
    • 2,40,000 per annum for companies/firms/LLPs in Delhi, Mumbai, Bangalore, Pune, and Chennai.
    • 1,80,000 per annum for companies/firms/LLPs in other cities.

 

Home Loan Eligibility Criteria for a Hindu Undivided Family (HUF)

  • The applicant or the co-applicant must be the Karta of the HUF.
  • The HUF should have been in existence for a minimum of three years.
  • The HUF should provide their IT returns for a minimum of three years.
  • HUF with a Minimum Net Income of:
    • 2,40,000 per annum for the HUFs in Delhi, Mumbai, Bangalore, Pune, and Chennai.
    • 1,80,000 per annum for the HUFs in other cities.

 

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 regarding Home Loan Eligibility

 

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 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.

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.

Have specific doubts? Talk to our Home Loan Advisor

Ready to take the next step?

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Frequently Asked Questions

How will my loan eligibility be determined?

There are various factors that determine a borrower’s eligibility for a home loan.

Primary factors include: 

  • Age of the applicant
  • Gross Income
  • Qualification

For detailed eligibility criteria, Click here

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Who can be my co-applicant?

If you are an individual - your spouse, your parents, or even your major children can be your co-applicants. The co-owner of a property has to be a co-applicant, but a co-applicant need not be the co-owner of the property.

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How will my loan eligibility be determined?

Your repayment capacity as determined by Kotak Mahindra Bank will help decide how much you can borrow.

Repayment capacity takes into consideration factors such as income, age, qualifications, number of dependent's, spouse's income, assets, liabilities, savings history and stability and continuity of occupation.

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Who can be joint borrowers in case of a Home Loan?

Co-Borrower can be spouse, parents or brother or son, but income of co-borrower is consider as per home loan policy of Kotak Mahindra bank.

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What is the maximum number of Joint borrowers for a Home Loan?

There is no capping of upper limit of number of co-borrower, however minimum one co-borrower is required.

Note: Member who all are party to agreement must have to come up as o borrower / co-borrower.

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Disclaimer (Things you should know):

For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.

* Rs. 5,000 Flat processing fee applicable for women applicants.