Most banks in India offer home loans up to 60 times your monthly income. For example, with a ₹50,000 monthly salary, you could get a loan of approximately ₹30 lakhs. However, the exact amount depends on your CIBIL score, existing EMIs, loan tenure, and the bank's lending policies. Use our calculator to get a personalized estimate.

EMI (Equated Monthly Installment) is the fixed amount you pay each month toward your home loan. It consists of both principal and interest components. EMI is calculated using the formula: EMI = [P × r × (1+r)^n] / [(1+r)^n-1], where P is principal, r is monthly interest rate, and n is tenure in months. Our calculator does this automatically for you.

Stamp duty is a state government tax on property registration, ranging from 3-8% of property value depending on the state. Registration charges are typically 1% of property value. For example, in Maharashtra it's 5-6% stamp duty plus 1% registration. Some states offer reduced rates for women buyers. These are one-time costs paid during property purchase.

Most banks require a minimum CIBIL score of 750 for home loan approval at competitive interest rates. Scores between 650-750 may get approval but at higher interest rates. Below 650, loan approval becomes difficult. A higher CIBIL score (750+) can help you negotiate better interest rates and faster approval.

PMAY (Pradhan Mantri Awas Yojana) is a government scheme offering interest subsidy on home loans for economically weaker sections. Subsidy ranges from ₹2.67 lakh (for annual income up to ₹6 lakh) to ₹2.35 lakh (for income ₹6-12 lakh). Eligibility: first-time home buyer, property value limits apply, and annual household income below ₹18 lakh.

You can claim deduction up to ₹2 lakh on interest paid (Section 24b) and up to ₹1.5 lakh on principal repayment (Section 80C) under Income Tax Act. For first-time home buyers, additional ₹50,000 deduction on interest is available under Section 80EE. These deductions can significantly reduce your tax liability.

Floating rates (currently 8-9.5%) change with RBI policy rates and market conditions, while fixed rates (typically 0.5-1% higher) remain constant for the fixed period (usually 2-5 years). Floating rates are generally cheaper over long term and are more popular in India. Choose fixed if you expect rates to rise significantly.

Home loan tenure in India typically ranges from 5 to 30 years. Longer tenure (25-30 years) means lower EMI but higher total interest. Shorter tenure (10-15 years) means higher EMI but lower total interest cost. Most banks have an age limit—your age + loan tenure shouldn't exceed 65-70 years at loan maturity.

Yes, you can prepay your home loan partially or fully. For floating rate loans, banks cannot charge prepayment/foreclosure charges as per RBI guidelines. For fixed rate loans, prepayment charges may apply (typically 2-5% of outstanding principal). Prepaying saves significant interest, especially in the early years of the loan.

LTV ratio is the percentage of property value that the bank will finance. In India, banks typically offer 80-90% LTV, meaning you need a 10-20% down payment. For properties above ₹30 lakh, maximum LTV is 80%. Higher LTV means lower down payment but may attract higher interest rates. RBI regulates LTV limits.