Home Loan EMI Calculator
Interest rates for salaried professionals depend on credit score, employer category, loan-to-value,
property profile and whether you opt for floating or fixed repayment plans.
To use the Home Loan EMI
Calculator, all you need to do is enter the variables like principal amount, interest
rate, tenure, etc. in the calculator and it will give you the EMI amount instantly.
It is a free tool available on TyTil .com 24 X 7. You can use the EMI
Calculator to make an informed decision by comparing various loan EMIs before you finalize a Home
Loan.
Tips to Secure a Better Rate
Use these levers to qualify for the sharpest rate slabs:
- Maintain a credit score of 750+ with no recent payment delays.
- Keep FOIR (Fixed Obligations to Income Ratio) below 40% by clearing short-term debts.
- Add a salaried co-applicant or increase your down payment to improve the lender’s comfort.
- Opt for shorter tenures if cash flows permit so that the perceived risk reduces.
Track repo announcements and ask for rate repricing whenever the policy cycle turns downward.
Home Loan Interest Rates
Interest rates for salaried professionals depend on credit score, employer category, loan-to-value
ratio, property profile and whether you opt for floating or fixed repayment.
Floating rates currently start near 8.40% p.a. for strong profiles and can rise to 10.25% p.a. for
higher-risk applicants. Fixed options sit slightly higher but protect you from repo-linked resets.
Even a 0.25% gap meaningfully changes the EMI over a 20-year tenure.
When you compare offers, look beyond the headline rate. Factor in processing fees, legal and
valuation charges, reset frequency, margin-on-reset clauses and prepayment conditions to calculate
the true cost of borrowing.
How Lenders Decide Your Rate
Banks benchmark rates to the repo-linked lending rate and then add a spread that reflects your risk
profile.
The spread increases when credit scores dip, FOIR (Fixed Obligations to Income Ratio) is high or
the property carries legal/market risks.
Key factors lenders evaluate:
- Credit score and recent repayment track record.
- Employer category, salary credit consistency and overall leverage (FOIR).
- Loan-to-value ratio, property approval status and location demand.
- Loan tenure and chosen rate type (floating/fixed).
Use these levers to negotiate a sharper slab with the bank or housing finance company:
Already servicing a loan at a higher rate? Consider asking for a spread reset or shifting to
another lender once your credit score and loan-to-value improve.
Home Loan Eligibility
Lenders evaluate salaried applicants on income stability, credit behaviour, employer category and
property profile before approving the loan amount.
Most banks expect at least 2 years of total work experience (with 6+ months in the current
organization), a minimum net monthly income of ₹30,000 and a credit score of 700 or higher.
FOIR (Fixed Obligations to Income Ratio) should ideally stay under 40% for metro cities. A clean
repayment track record and a property with clear title help stretch the eligible amount.
Key eligibility parameters
Underwriters look at age, income, obligations, stability of employment and the property being
financed.
Meeting most of the criteria below significantly improves approval odds:
Minimum eligibility checklist:
- Age between 23 and 60 years at loan maturity.
- Minimum net monthly income of ₹30,000 (higher for metros).
- At least 2 years of total work experience with 6+ months in the current job.
- Credit score of 700+ with no recent bounces or overdue accounts.
Let’s take an example to understand this clearly. For instance, you have taken a Home Loan of Rs
Agreement to Sale / Allotment letter / Builder-Buyer Agreement.
Title documents, chain/link documents, approved building plan and possession/occupancy
certificate (if applicable).
Receipts for booking amount or margin money already paid.
Additional Documents (Case Specific)
- NOC from society/developer for resale units.
- Foreclosure statement of existing loan for balance transfer cases.
Documents Required
Having the right paperwork ready keeps the loan journey smooth. Submit self-attested copies and
keep originals handy for verification.
Keep soft copies ready as many lenders initiate eKYC before the physical pickup. Uploads should be
clear, legible and signed where required.
Below is a quick checklist of what salaried borrowers usually need to share with the credit team.
KYC & Identity Proof
- PAN Card (mandatory) plus one of Aadhaar, Passport, Voter ID or Driving Licence.
- Recent passport-sized photographs of all applicants/co-applicants.
Income Proof (Salaried)
- Last 3 months’ salary slips and matching bank statements.
- Form 16 or Income Tax Returns for the previous 2 financial years.
- Employment proof such as HR letter/ID card if requested.
Property & Down Payment Proof
- Agreement to Sale / Allotment letter / Builder-Buyer Agreement.
- Title documents, chain/link documents, approved building plan and possession/occupancy
certificate (if applicable).
- Receipts for booking amount or margin money already paid.
Additional Documents (Case Specific)
- NOC from society/developer for resale units.
- Foreclosure statement of existing loan for balance transfer cases.
- Co-applicant’s KYC and income proof when income is clubbed.
Many lenders now accept scanned uploads during the initial stage. Our team can help tailor the
checklist per lender so the file stays compliant from day one.