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Buying a house is one of important financial decisions you will ever make in your life. Home Loan is among the lowest interest rate financial product, hence low EMI.

 

Every bank has its own set of eligibility criteria so as to properly assess your repayment capacity. The Repayment capacity per say is based on your monthly disposable income or surplus income, (which is based on factors such as total monthly income / surplus less monthly expenses) and other contributing factors such as your spouse's income, assets, liabilities, stability of income and so on.

The main concern from the bank's perspective is to make sure that you can comfortably repay the loan on time. The higher your disposable monthly income, the higher the amount you will be eligible for. A bank typically assumes that about 50-60 % of your monthly disposable income is available for repayment of the loan. There are exceptions to this however where some banks calculate the income available for EMI payments based on an individual’s gross income and not on the disposable income.

As always, the loan amount depends on the loan tenure and the interest rate. Banks generally fix an upper age limit for home loan applicants.