The eligible loan amount is dependent on host of other factors such as your occupation (whether salaried / self-employed), your monthly expenses, number of dependents, the interest rate charged by the bank, tenure of the loan, etc.
Generally, lenders consider certain percentage of your net monthly income as available for payment of all Emi’s. Though there is no fixed percentage defined it varies from one financial institute to another but normally it is considered as 40% – 45% of net monthly income as a comfortable ratio.
Based on your income this calculator will give you a rough estimate of how much a lender will be able to finance you.
Some of the common terms used on this calculator are:-
The maximum tenure is also restricted by your age at the end of the tenure so as to ensure that your loan repayment ends on or before the retirement age, which is usually 60 years for salaried and 65 years for self-employed individuals.
Interest rate have strong bearing on your loan eligibility. High interest rate results in higher Emi thereby reducing the loan amount eligibility and vice versa.
By entering details about your income, monthly liabilities (if any), tenure, approx. interest rate you can estimate the loan amount that works with your budget.
Note: All calculators and comparators are made based on certain assumptions, which may not be true in your case. You should consult your personal financial advisor before taking any decision. Apnapaisa disclaims any responsibility for any decision taken based on these calculators and comparators.