AffordlyMost calculators show the maximum a bank will lend you. Affordly shows a healthier, more personal number — updated instantly as you type below.
Enter your monthly salary to see what you can responsibly afford.
This is a general guideline, not financial advice. Please verify with a certified financial advisor and your bank before making decisions. Full disclaimer
FOIR stands for Fixed Obligation to Income Ratio — the share of your monthly income that goes toward fixed commitments like loan EMIs. Indian banks typically cap FOIR at around 40-50% before approving a home loan, meaning your existing EMIs plus the new home loan EMI shouldn't cross that share of your income. It's a useful sanity check, but it's built around what a bank can safely lend, not around what leaves your monthly budget comfortable.
40%
Bank's FOIR cap
30%
Affordly's cap
A bank calculates the largest EMI you could plausibly repay, assuming nothing goes wrong. It doesn't account for your SIPs, the emergency fund you want to keep building, or the fact that rates can rise over a 15-30 year tenure. Borrowing at the edge of what a bank approves can mean years of stretched budgets. Affordly applies a lower, more conservative cap and sets aside a safety buffer, so the number you see is one you can actually live with.
Most lenders offer — and often push — a loan protection (credit-life) insurance policy alongside your home loan. It pays off your outstanding balance if something happens to you, so your family isn't left holding the debt. It's not legally mandatory in India, though some lenders make it feel that way at sanction. The bank's own policy is usually sold as a single premium added straight to your loan amount, which means you end up paying interest on the insurance itself for the life of the loan — a separate term insurance policy for the same cover is often cheaper and more flexible. This is also different from property or fire insurance, which some lenders separately require to protect the physical structure, not you.
It depends on your take-home salary, existing EMIs, essential expenses, and how much surplus you want to keep unallocated. Rather than quoting a generic multiple of salary, enter your real numbers above — the calculator applies a bank-style FOIR cap and a more conservative cap on top of it, then shows you the lower, safer figure.
Use your take-home (net, after-tax) salary. Banks often calculate FOIR against gross salary, which can overstate what you can actually spend each month. Affordly asks for take-home specifically because it reflects the cash that's really available to you.
A bank's calculator shows the maximum you could technically repay if nothing goes wrong. Affordly caps the EMI lower and sets aside a safety buffer from your monthly surplus, so the number you see already accounts for emergencies, rate changes, and the SIPs or savings you don't want to interrupt.
Yes, in two ways: it directly reduces the loan amount you need (and therefore the EMI and total interest), and lenders often view a larger down payment favorably, which can mean a better interest rate. Enter different down payment amounts above to see the effect on your numbers immediately.
Re-run the calculator — it takes seconds and nothing is saved, so there's no history to manage. It's worth revisiting whenever your income, EMIs, or expenses change meaningfully, and especially before making a final decision on a specific property.
Especially so. First-time buyers don't yet have a feel for what a "stretched" EMI looks like over 15-20 years, which makes it easy to borrow right up to a bank's maximum approval without realizing how tight that leaves the monthly budget. This calculator exists specifically to give a more conservative, safer starting point before you're deep into the buying process.
Yes — most people who use this are just curious what they could afford before they start seriously house-hunting. There's no signup and nothing is saved, so feel free to try different numbers and come back later once your situation changes.
Yes — this calculator works backward from your finances, but if you already have a specific loan amount in mind and just want the monthly EMI for it, use Affordly's EMI Calculator instead (linked at the top of this page). It takes the loan amount, rate, and tenure directly and gives you the EMI, total interest, and total payment.
No, loan protection insurance isn't legally mandatory — though some lenders present it as a routine part of sanctioning the loan, and a few make it hard to decline in the moment. You can usually opt out or arrange equivalent cover independently. Check your specific lender's policy and read the fine print carefully before signing anything at disbursal.
Home loan (credit-life) insurance covers your outstanding loan balance if you die or are unable to pay — it protects your family from being left with the debt, and the payout usually goes straight to the lender. Home insurance is a different product that covers the physical property against fire, natural disasters, or theft. Some lenders require the latter for high-value properties; despite the similar names, the two don't cover the same thing.