After checking out their dream home, many potential home buyers often are in a fix. They do not know whether they will be able to afford it and more importantly whether the bank will approve their **loan eligibility**. Given the home prices are high by any standards in most metros, a good home can cost a bomb. Most buyers do not have ready cash. Hence, they are reliant on home loans. If you are worried about whether you can get a loan, we have an easy way out. Use our **loan eligibility calculator**. Here is how you can use it.

The **loan eligibility calculator** tells you what is the maximum home loan one can get. To compute this, IDFC FIRST Bank calculator requires you to input your gross monthly income. The accurate figure should be keyed in. For example, a person with Rs 50,000 gross monthly income and no current EMIs could get a 20-year home loan for Rs 28.5 lakh. Another person with Rs 35,000 gross income would get a home loan for Rs 20 lakh. Do not exaggerate the income number. The closer it is to the truth, the more accurate will be the **loan eligibility** calculation process.

Another important data point for the **loan eligibility calculator** is current EMIs. If you already have EMIs, the **loan eligibility calculator** will account for it. Add all your existing EMIs and input the number in the second row. If you have a personal loan EMI of Rs 6500, an automobile loan of Rs 7,800 and an education loan of Rs 12,000, add up all the EMIs to put the total number, which in this case is Rs 6500+7800+12000 = Rs 26300.

For instance, if your gross monthly income was Rs 1 lakh with no EMIs, you would get Rs 62.9 lakh **loan eligibility** for a 20-year credit. But with existing EMIs of Rs 25,000, the same person will get a revised **loan eligibility** of Rs 34.3 lakh.

The last two points in the **loan eligibility calculator** are the tenure of loan and rate of interest. The minimum tenure is 12 months, while the maximum is 360 months. The default tenure is 240 months in the calculator. This will be the third row of the calculator.

The default rate of interest is 8.6%. If you get a lower rate of interest, kindly key it in the calculator's fourth row.

Once the numbers are keyed in, the **loan eligibility calculator** will compute the eligibility and it will be shown in a box on the right-hand side with a dark-yellow background.

Near the end of the page, IDFC FIRST Bank calculator also gives the repayment schedule according to each year of the loan tenure. This tells you how much of the EMI will go into the principal amount and interest amount. At the end of each year, the balance outstanding will also be displayed. This will give you an eagle-eye view of how your loan repayment process will pan out.

IDFC FIRST Bank also shows the approximate EMI is rupee that you will have to pay. If you feel you can afford this EMI and loan, kindly press the 'Apply Now' button.