Home Affordability Calculator
How much house can you actually afford? This calculator uses the bank FOIR (Fixed Obligations to Income Ratio) norm — banks typically limit total EMIs to 40–50% of monthly income. Enter your income, existing loan EMIs, down payment, and loan rate to find the maximum property value you're eligible for.
Frequently Asked Questions
What is FOIR and why does it matter?+
FOIR (Fixed Obligations to Income Ratio) is the percentage of monthly income a bank allows to go towards EMIs. Most banks cap this at 40–50% for salaried borrowers. If your income is ₹1L/month, maximum total EMIs (including new home loan) allowed = ₹40,000–50,000. Existing car/personal loan EMIs reduce your home loan eligibility.
How much down payment do I need?+
Minimum: 10–20% of property value (banks fund 80–90%). For properties above ₹30L, LTV is capped at 80%; above ₹75L, at 75%. A higher down payment reduces EMI burden, total interest, and improves loan approval odds. However, don't drain your emergency fund — keep at least 3–6 months expenses liquid.
Does this include stamp duty in the affordability calculation?+
Stamp duty and registration (5–10% of property value) are over and above the property price — banks typically don't fund them. Budget separately: for an ₹80L property in Maharashtra, stamp duty ~₹4–5L must come from your own funds. Factor this into your total cash requirement.
How can I increase my home loan eligibility?+
Key strategies: (1) Add a co-applicant (spouse/parent) — income is clubbed, eligibility rises, (2) Close or prepay existing loans before applying, (3) Extend tenure (30 years vs 20) — lower EMI improves eligibility, (4) Build strong credit score (750+), (5) Opt for Step-Up EMI product where EMI increases with income over time.