How much I can get home loan on my salary?

SBI home loan eligibility based on salary

Age	Net Monthly Income (Rs.)
	25,000	50,000
40 years	44.72 Lakh	67.07 Lakh
45 years	42.47 Lakh	63.71 Lakh
50 years	39.15 Lakh	58.72 Lakh

Consequently, how much loan I can get on my salary?

However, most banks and NBFCs limit a personal loan at Rs. 25 lakh to an individual. Lenders evaluate the monthly income of loan applicants and the potential growth in it before approving a loan. In most of the cases, individuals are eligible for a personal loan amount of up to 30 times of their monthly income.

Likewise, how much home loan can I get on 50000 salary? Normally, all banks provide home loans up to 60 times your monthly net income. You have a monthly in-hand (take home) salary as Rs 50,000 and you are looking for a home loan of about Rs 30 lakh.

Subsequently, one may also ask, how much home loan can I get on 40000 salary?

25,000. In case your net monthly income is between Rs. 25,000 – Rs. 40,000, you may be eligible for loan if your fixed obligations (rent, EMI) do not exceed 50% of income.

How much home loan can I get on 20000 salary?

As 20000 Rs as monthly income you can get minimum of 20000 x 60 = 1200000 Rs loan. If you want to increase your loan amount following can be done. Show more income source, like Passive income, Fixed deposit or part time job etc.

38 Related Question Answers Found

Can I get 100 percent home loan?

Lenders use this term to represent the ratio of the loan approved as a percentage of the total appraised value of the property. Banks usually approve 80% to 90% of the value of the property. Therefore, it is not possible to get 100% of the home loan.

What is the minimum salary for personal loan?

Although, individuals with minimum monthly income of Rs. 25,000 are preferred more by the banks. And for self- employed individuals, a gross annual income of minimum Rs. 5 lakh is usually needed to qualify for a personal loan.

How is loan amount calculated?

Multiply the amount you borrow (a) by the annual interest rate (r), then divide by the number of payments per year (n). Or, multiply the amount you borrow (a) by the monthly interest rate, which is the annual interest rate (r) divided by 12: Formulas: a*(r/n) or (a*r)/12.

What is the maximum home loan amount?

Your Home Loan Eligibility will be calculated after deductions of the EMIs that you are paying. Generally, the banks provide maximum upto 85% of loan against the value of property. Therefore, if you want a home loan for buying a property of Rs. 50 lakhs, the maximum amount you can get is 85% of that ie 42.50 lakhs.

Is it hard to get a bank loan?

It's becoming increasingly difficult to qualify for a personal loan through your bank or credit union, especially if you want a larger amount, but it is possible to get a reasonable loan if you meet the requirements.

How much personal loan do I qualify for?

Typically, most lenders offer personal loans up to $50,000. However, some lenders offer loans up to $100,000 to borrowers with excellent credit and high income, which is usually at least $150,000 a year. The stronger your application, the more money you're likely to get approved for.

How much home loan can I get on 15000 salary?

Salary of 15000, Am I eligible for Loan? Check here online

Product	Salary	Max. loan amount
Personal Loan	15000	140000
Home Loan	15000	850000
Car Loan	15000	310000
Credit Card	15000

How much home loan can I get on 27000 salary?

If your salary is 27000 per month check how much loan amount you can get for Personal loan, home loan, credit card, car loan, two wheeler loans.

Home Loan Interest Rates Feb 2020.

Bank of Baroda Home Loan	8.15% – 9.15%
SBI Home Loan	7.90% – 8.25%
ICICI Home Loan	8.25% – 8.70%
PNB Home Loan	7.95% – 8.20%

How much is 40000 salary per month?

Since there are 12 months in a year, you can estimate the average monthly earnings from your $40,000 salary as $3,333.33 per month.

How can I buy a house with 40k salary?

Take a homebuyer who makes $40,000 a year. The maximum amount for monthly mortgage-related payments at 28% of gross income is $933. ($40,000 times 0.28 equals $11,200, and $11,200 divided by 12 months equals $933.33.)

How much home loan can I get on 28000 salary?

If your salary is 28000 per month check how much loan amount you can get for Personal loan, home loan, credit card, car loan, two wheeler loans.

Home Loan Interest Rates Mar 2020.

Bank of Baroda Home Loan	8.15% – 9.15%
ICICI Home Loan	8.25% – 8.70%
PNB Home Loan	7.95% – 8.20%
HDFC Ltd Home Loan	8.00% – 8.80%

How much home loan can I get on 45000 salary?

It depends on your life style amd how much you spend out of the 45000/- salary. As a rule of thumb the financial institutions will consider 40–50% of your salary as your EMI payability (the amount you can pay as EMI) and grant you a loan of 20–25 lakhs (Home Loan) for a period of 20–25 years.

How much home loan can I get on 23000 salary?

If your salary is 23000 per month check how much loan amount you can get for Personal loan, home loan, credit card, car loan, two wheeler loans.

Home Loan Interest Rates Feb 2020.

Bank of Baroda Home Loan	8.15% – 9.15%
ICICI Home Loan	8.25% – 8.70%
PNB Home Loan	7.95% – 8.20%
HDFC Ltd Home Loan	8.00% – 8.80%

How much home loan can I get on 90000 salary?

Re: How much mortgage does a 90,000 salary qualify for

This would include property taxes, HOA, and insurance. So on $90,000, they likely wouldn't get approved for much more than $2,700/month. At current rates, they might get approved for around $500K on a 30 year loan, assuming $500/month for taxes and insurance.

How much home loan can I get on 21000 salary?

If your salary is 21000 per month check how much loan amount you can get for Personal loan, home loan, credit card, car loan, two wheeler loans.

Home Loan Interest Rates Feb 2020.

Bank of Baroda Home Loan	8.15% – 9.15%
ICICI Home Loan	8.25% – 8.70%
PNB Home Loan	7.95% – 8.20%
HDFC Ltd Home Loan	8.00% – 8.80%

Which home loan is best?

#1. ICICI Bank Home Loan.
#2. State Bank of India Home Loan.
#3. HDFC Bank Home Loan.
#4. Axis Bank Home Loan.
#5. Dewan Housing Finance Ltd. ( DHFL)
#6. Indiabulls Home Finance.
#7. LIC Housing Finance Home Loan.
#8. PNB Housing Finance.

How much loan can I get on 35000 salary?

Below the eligible loan amount is given if your salary is 35000 per month.

For 35000 Salary Per Month Check Loan Eligibility.

Personal Loan	9 lakh
Home Loan	24 lakh
Car Loan	10 lakh
Two Wheeler Loan	7 lakh
Credit Card	Credit limit based on eligibility