Financial Details
Enter your income and expenses
Tips to Improve Home Affordability
Increase Your Down Payment
In India, a larger down payment (20-30%) reduces your loan amount and EMI burden, and may qualify you for better interest rates.
Reduce Existing Debt
Lenders typically want your total debt payments (including new home loan EMI) to be below 40-50% of your income.
Shop Around for Rates
Indian banks and NBFCs offer varying interest rates. Even a 0.5% difference can significantly impact affordability.
Enter Your Financial Details
Fill in your income, expenses and down payment to calculate how much house you can afford
Frequently Asked Questions
In India, most banks prefer your total EMI obligations (including the new home loan) to be:
- Below 50% of your monthly income for salaried individuals
- Below 40% for self-employed individuals
This calculator uses the standard 28/36 rule as a guideline:
- 28%: Your housing expenses (EMI + taxes + insurance) should be ≤ 28% of gross monthly income
- 36%: Your total debt payments (housing + other EMIs) should be ≤ 36% of gross monthly income
This calculator focuses on mortgage affordability but doesn't include:
- Maintenance charges (especially for apartments in India)
- Registration fees and stamp duty (typically 5-8% of property value in India)
- Interior decoration and furnishing costs
- Brokerage fees if applicable