Your eligibility for a home loan The basic parameter for assessing home loan eligibility is the applicant's repayment capacity. This depends on age, income and other loan obligations. The eligibility criteria differ from HFI to HFI. However, the following guidelines may help you assess/estimate your home loan eligibility:  The loan amount that most Housing Finance Institutions offer you will be such that the EMI payable should be 40% to 50% of your gross monthly income.
In case of joint application, a part of the co-applicant's gross income will also be considered. Depending on the HFI, the maximum loan repayment period is limited to 20 years or the number of years you have before you reach the age of 65 whichever is earlier. In case of joint application, the age of the elder applicant will determine the maximum repayment period possible. If you have already taken another loan, then the monthly repayment of your existing loan and the EMI of the new home loan should not exceed 40% to 50% of your gross monthly income. | 
