How lenders decide your eligibility
Banks look at your FOIR (Fixed Obligation to Income Ratio): the share of your monthly income that can go toward all EMIs combined. Most lenders allow 40%–60% depending on income level. Your eligible EMI is:
Eligible EMI = Income × FOIR − Existing EMIs
That EMI is then converted into a loan amount using the loan's interest rate and tenure.
Ways to increase your eligibility
- Add a co-applicant with a steady income (such as a spouse).
- Choose a longer tenure.
- Close small loans and credit card dues before applying.
- Keep a credit score above 750 to get better rates.
Banks typically finance up to 75–90% of the property value (LTV), so you'll need the rest as a down payment. Use the EMI calculator to plan repayments.