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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Easily calculate your eligibility for a home loan using our home loan eligibility calculator
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Tailor-made loans with minimal documentation
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Top-up up to 100% at the same rate as Balance Transfer
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Digitised process for loans up to ₹5 Cr and tenure up to 30 years
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Higher eligibility for salaried & self-employed customers
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Tailor-made loans with minimal documentation
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Top-up up to 100% at the same rate as Balance Transfer
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Digitised process for loans up to ₹5 Cr and tenure up to 30 years
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Higher eligibility for salaried & self-employed customers
Home Loan Eligibility Calculator
A home loan is a great way to finance your dream house. IDFC FIRST Bank offers home loans at attractive interest rates, so you can get your perfect home without exhausting your income. You can use the home loan eligibility calculator to check whether you qualify for a home loan and how much you can borrow. Read More
Our home loan eligibility calculator is simple to use and provides you with a complete picture of your eligibility.Read Less
ELIGIBILITY
Who can apply?
Your present age, remaining working years, monthly income, and common deductions are important factors that affect your home loan application. Each factor has a certain weightage on the application. This means that even if one of these factors is not in your favour, the others with higher weightage can help your home loan application.
As an example, your fixed monthly income affects how much you can borrow for a home loan. The higher your salary, the more you can borrow. Age, on the other hand, is equally important. Listed below are the eligibility criteria for salaried and self-employed individuals:
For Self-Employed Individuals:
- Resident Indians only
- Aged between 23-70 years
- Minimum 4 years of business continuity
- Must earn minimum ₹1.5 lakh per annum
- Tenure duration 12 months - 300 months
For Salaried Individuals:
- Resident & Non-Resident Indians
- Aged between 21-60 years
- Minimum 3 years of experience
- Must earn minimum ₹1 lakh per annum
- Tenure duration 12 months – 360 months
Eligibility Criteria for Home Loan Based on Salary
Your net salary is an important criterion that determines how much loan amounts you can avail of. After deducting your monthly expenses including the mandatory deductions such as ESI, PF, insurance premiums and more, the bank can precisely forecast your repayment capabilities.
Your take-home salary helps determine the amount you can pay as home loan EMI conveniently. For example, if you have an in-hand salary of ₹50K, you are eligible for home loans of up to ₹37.28 lakhs. And, if you bring home a salary of ₹75K, you can get a home loan of up to ₹55.93 lakhs to purchase a property. However, the above loans can be sanctioned if you don’t have a running loan obligation.
Home Loan Eligibility Criteria Based on Age
Since home loan repayment tenures are as lengthy as 30 years in India, the lenders also consider your age to sanction loans that can be conveniently paid in the suitable loan tenure.
Acquiring home loans at lower age can help you get larger loan amounts since, you get longer repayment period to pay off your borrowings, provided your in-hand salary meets the eligibility criteria.
Most lenders offer loans to salaried individuals between the ages of 23 to 62 years and 25 to 70 years for self-employed. Banks consider the upper age limit at the time of maturity.
The following table depicts maximum acceptable loan tenure based on the applicant’s age.
| Age | Maximum tenure for salaried individual | Maximum tenure for self-employed individual |
| 25 years | 30 years | 30 years |
| 30 years | 30 years | 30 years |
| 35 years | 30 years | 30 years |
| 40 years | 30 years | 30 years |
| 45 years | 25 years | 25 years |
| 50 years | 20 years | 20 years |
Note – The ages are indicative and may vary on person-to-person basis.
Home Loan Amortisation Schedule
A home loan amortisation schedule is a tabular representation of your loan details which includes your principal loan amounts, repayment schedule, interest paid, and remaining amounts. All the information regarding your home loans can be easily accessed using the amortisation schedule. You can use a home loan EMI calculator or amortisation calculator to easily determine your amortisation schedule.
Here is an example of amortisation schedule of a ₹45 lakhs home loan for a tenure of 15 years at an interest rate of 8.85% per annum.
| Period | EMI | Interest | Principal | Balance |
| 0 | - | - | - | 4500000 |
| 1 | Rs. 45241.33 | Rs. 33187.50 | Rs. 12053.83 | Rs. 4487946.17 |
| 2 | Rs. 45241.33 | Rs. 33098.60 | Rs. 12142.72 | Rs. 4475803.45 |
| 3 | Rs. 45241.33 | Rs. 33009.05 | Rs. 12232.28 | Rs. 4463571.17 |
| 4 | Rs. 45241.33 | Rs. 32918.84 | Rs. 12322.49 | Rs. 4451248.68 |
| 5 | Rs. 45241.33 | Rs. 32827.96 | Rs. 12413.37 | Rs. 4438835.31 |
| .... | .... | .... | .... | .... |
| 179 | Rs. 45241.33 | Rs. 660.00 | Rs. 44581.33 | Rs. 44910.11 |
| 180 | Rs. 45241.33 | Rs. 331.21 | Rs. 44910.11 | Rs. .00 |
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Home Loan Eligibility Calculator FAQs
How is Home Loan eligibility calculated based on salary?
Your current salary is one of the factors that determine your home loan eligibility. Lending institutions evaluate your take-home salary, present age, the company you’re employed in, the age you will retire, and so on.
What is the minimum salary to get a home loan?
To be eligible for a home loan, your monthly salary should be above a certain amount. The amount varies from one lender to another.
How much home loan can I get for my salary?
Use our loan eligibility calculator to check the home loan amount you can avail of based on your current salary.
What factors determine Home Loan eligibility?
Home loan eligibility is based on salary and other factors such as your present age, monthly income, gratuity, remaining working years, and common deductions.
