Estimate the home loan principal supportable by an EMI you can comfortably pay.
This works backwards from the normal EMI formula.
Principal: EMI × ((1+r)ⁿ − 1) ÷ (r × (1+r)ⁿ)
Is this the same as my home loan eligibility?
This shows the loan amount your EMI can support, mathematically. Your real eligibility also depends on your income, other debts, and the bank's own lending rules.