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Home Loan Eligibility Calculator
Online Eligibility Calculator for Home Loan
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Home Loan Eligibility Calculator

Home Loan Eligibility Overview

Many people today heavily depend on home loans to help finance the purchase of their dream house. However, prior to making your application to SMFG Grihashakti, it is best to run a quick check on your home loan eligibility and if you are able to fulfil all the required criteria.

Calculate Eligibility for Housing Loan

You can now use the SMFG Grihashakti’s online home loan eligibility calculator to know the maximum loan amount you may be able to get based on your monthly income, nature and value of the property and existing monthly obligations.


Your Results

Maximum home loan amount You can get

EMI on Loan


Disclaimer:Please note that these values are an estimate for demonstrative purposes only. Actual eligibility will depend on a number of factors, including SMFG Grihashakti policy at the time of loan application. Please contact us or apply now to know more.

How to use SMFG Grihashakti’s Home Loan Eligibility Calculator

  • Enter the value of the property you wish to purchase
  • Select whether the property is commercial or residential
  • Enter your monthly income
  • Enter your net monthly obligations. This is the sum of all EMIs you are currently paying. If you don’t have any ongoing EMIs, please enter zero.
  • Select interest rate and tenure

You will be able to see the maximum home loan amount you may be eligible for on the right side along with the monthly EMI. You can vary the interest rate and tenure to understand how these factors may impact your loan amount eligibility.

Please note that actual eligibility will be determined on the basis of several other criteria including CIBIL score , creditworthiness, repayment capacity, nature and value of property, nature of employment, etc. and SMFG Grihashakti’s policy at the time of home loan application.

Home Loan Eligibility Criteria

SMFG Grihashakti requires individuals applying for home loans to meet the following basic eligibility parameters:

For Salaried:

  • Multinational cos / listed public ltd cos / govt.
  • Organizations private ltd cos / closely held or unlisted companies / partnerships /proprietorship firms

For Self-Employed:

  • Self-employed individual businessmen/ sole proprietorship
  • Self-employed professionals - doctors /architect's / CA’s
  • Partnership firms
  • Private limited companies/ closely held/ unlisted companies

*Please note that other parameters such as your age, CIBIL score, repayment capacity, nature of employment, and several other factors will also be taken into consideration to determine your eligibility.

How to Check Home Loan Eligibility Online?

As a prospective home loan seeker, you can conveniently determine your eligibility from the comfort of your home using the digital tools provided on the websites of most financial institutions.

To streamline the process, start by visiting the home loan eligibility calculator page and inputting essential information such:

  • Monthly income
  • Net monthly obligations
  • Market Value of Property You Wish to purchase/construct
  • Interest rate
  • Loan tenure

Evaluating the home loan eligibility criteria offered by different providers enables you to compare options effectively. This step is crucial in choosing the right housing loan, ensuring you benefit from favourable EMIs and can manage timely repayments.

How to Enhance Home Loan Eligibility?

How to Enhance Home Loan Eligibility?

  • Adding an earning family member as a co-applicant
  • Ensuring a steady income, such as regular savings and investments
  • Presenting details of additional income sources
  • Maintaining a record of variable salary components
  • Rectifying credit score errors
  • Repaying ongoing loans and debts

How to Improve Your Home Loan Eligibility?

Factors like advancing age or an unstable income can hinder securing the ideal home loan for your dream property. Yet, there are strategies to potentially boost your eligibility. Here are five key tips to significantly enhance your chances of qualifying for a home loan:

Consider Applying With A Co-Applicant: Applying with a co-applicant, like a family member, can increase eligibility and share the financial responsibility. The financial burden is shared and tax benefits are enjoyed by the co-applicant.

Choose A Longer Loan Tenure: Opting for a longer tenure may result in lower EMIs, positively impacting your repayment track record and eligibility. It may put a burden on your pocket to make substantial payments.

Repay Existing Loans: Clearing existing debts improves the Debt-to-Income Ratio, a vital factor in determining eligibility. Prepay all of your existing loans to improve your credit score and increase loan eligibility.

Maintain A Good CIBIL Score: Maintaining a credit score of 700 or above reflects strong repayment capacity, enhancing home loan eligibility. Keep a regular check on your credit score to avoid rejection and defaulting.

Specify Additional Income Sources: Specifying all supplementary income sources, such as rental income, contributes to an improved debt-to-income ratio, positively influencing eligibility.

Home Loan Eligibility Documents

Eligibility for a House Loan will be verified through specific documentation to process the application towards gaining approval.

Here is a basic document list for your easy reference.

  • Proof of Identity – PAN Card, Voter’s Card, Driving Licence, Employee Card
  • Proof of Residence – Aadhaar Card, Latest Electricity Bill/Piped Gas Bill, Ration Card, Property Tax/Water Bill
  • Co-applicant Guarantor – KYC documents
  • Proof of Income for Salaried Individuals – 6 Months Bank Statements with Salary Credit, Last 3 months Pay Slips, Form 16 for 2 years
  • Proof of Income for Self-Employed Individuals – 6 Months Bank Statements for Primary Account, IT Returns for the last 2 years, CA Audited Financials (if applicable)
  • Documents pertaining to the property you wish to purchase will also be requested

Factors That Impact Your Housing Loan Eligibility

Besides using the housing loan eligibility calculator to ascertain your maximum loan amount, and the basic eligibility criteria, there are a host of secondary factors that can affect your home loan eligibility. These include:

a. The Applicant’s Age: Generally, applicants must be above the age of 21 for home loan products . As a result of their extended working life, younger applicants have a higher income potential which works in their favour when applying for a home loan. Also, the applicant cannot exceed 65 years of age at the time of loan maturity. Thus, a 50 year old applicant may be only able to get a home loan if he selects a tenure of 15 years.

b. Type of Employment: Salaried individuals with a stable job at a reputed organisation may be given a better preference.

c. Income: The inflow of income on a monthly basis determines the amount for your instalments that the individual will be able to afford towards the home loan.

d. Credit Report & Score: The applicant’s past credit behaviour is reflected in the Credit Score and Report generated by CIBIL. A score of 700 and above indicates that the applicant may be a good candidate for a home loan.

e. Existing Financial Commitments: In addition to income, we also take into account existing EMIs to ensure that the home loan instalment does not add further financial stress.

f. LTV: The LTV or the Loan to Value ratio is the maximum loan amount that we can approve towards the mortgaged property. This is calculated taking into account the current market value of the property.

g. Property valuation: SMFG Grihashakti will also determine the value of the property in terms of age of the property, construction quality, location, market value, etc. to determine the loan eligibility.

Frequently Asked Questions

What is the role of a co-applicant in home loan eligibility?

Adding a co-applicant to your home loan application is a strategy to enhance eligibility. In the event of default by the primary applicant, the co-applicant becomes legally responsible for loan repayment, reinforcing the lender's assurance of repayment.

What percentage of salary is eligible for home loan?

Ideally, limit your home loan EMI to 35% to 40% of your income as a rule of thumb. This ensures financial flexibility to address additional expenses and prevents overburdening your budget. Allocating a higher percentage, such as 60%, to EMI payments may strain your ability to meet other essential financial obligations, emphasizing the importance of maintaining a balanced financial structure.

Why is it important to use a Home Loan Eligibility Calculator?

This tool aids in budgeting by aligning expenses with your income. It calculates the total interest paid over your loan term, offering insights for potential adjustments to the tenure, depending on your budget. This user-friendly calculator serves as a swift and straightforward resource to help you make informed decisions about your financial planning.

How accurate is the Home Loan Eligibility Calculator in determining my eligibility?

These calculators are offered solely as general self-help planning tools. Results hinge on various factors, including the assumptions you make. No financial institution can assure the accuracy or applicability of these results to your specific circumstances. It is crucial to consider these calculations as informative estimates rather than definitive guarantees.

Can I use the Home Loan Eligibility Calculator for any type of home loan?

Yes, Home Loan Eligibility Calculators are generally applicable to various home loan types, including purchases, refinancing, and home improvement loans. However, it's advisable to verify with the specific lender or financial institution, as features and criteria may differ across different types of home loans and institutions.

Disclaimer: *Please note that loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms and disbursal process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.)
CIN number: U65922TN2010PLC076972

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Based on the values you have entered you may not be eligible for a loan. Please try again with different values


You may not be eligible for a home loan. Please select different values or contact your nearest branch