Quick Answer: What Is Minimum Salary Required For Home Loan?

How much home loan can I get on 55000 salary?

55,000 Monthly Salary.

If your monthly income is Rs.

55,000 net, your Home Loan EMI can be a maximum of Rs.

22,500, as per the 50% rule..

Is home loan a good idea?

Buying your home is likely to be one of the largest financial decisions you will make in your life. And that’s not just because of the emotional value, but also its increasing market value. Low interest rates: Low home loan interest rates make home loans very attractive to potential buyers.

How can I get a home loan with low income?

You can also buy a house using a government-backed mortgage, like FHA or USDA. With these programs, the government essentially insures the loan, so you can buy with a lower income, credit score, or down payment than you could otherwise.

Can I get home loan with 15000 salary?

How much loan amount you can get at 15000 per month income so here’s the complete list of banks with minimum loan amount, maximum loan amount….Home Loan Interest Rates Jan 2021.SBI6.80 – 7.70%HDFC Ltd6.80 – 7.30%ICICI Bank6.90 – 8.00%LIC Housing Finance6.90 – 7.30%DHFL Housing8.70%4 more rows

Which bank is best for house loan?

Best Banks Which Offers Home Loans in IndiaS.NoBank NameMarket Percentage1SBI Home Loan34.00%2HDFC Ltd24.13%3LIC Housing05.83%4ICICI Bank13.10%4 more rows

How much home loan can I get on 27000 salary?

Below the eligible loan amount is given if your salary is 27000 per month….For 27000 Salary Per Month Check Loan Eligibility.Personal Loan8 lakhHome Loan20 lakhCar Loan8 lakhTwo Wheeler Loan6 lakhCredit CardCredit limit is totally based on eligibilitySep 25, 2018

What is the EMI for 25 lakhs home loan?

EMI on a 25 lakh home loan for 20 years, 15 years and 10 yearsLoan AmountEMI when Tenor is 10 YearsEMI when Tenor is 20 YearsRs.25,00,000Rs.33,038Rs.24,126

Who is eligible for home loan?

Home Loan Eligibility Criteria Age Limit for Salaried Individuals: 21 to 65 years . Age Limit for Self-Employed Individuals: 21 to 65 years. Minimum Salary: ₹10,000 p.m. Minimum business income: ₹2 lac p.a.

How much home loan can I get if my salary is 25000?

If your earning Rs. 25,000 per month, your maximum EMI towards a personal loan can be up to Rs. 12,500. Most lenders determine the maximum loan amount up to 10 times of your monthly salary.

How much home loan can I get on 40000 salary?

Understand your salary:Net Monthly Income (₹)Loan Amount (₹)₹ 25,000₹ 13,73,026₹ 30,000₹ 17,09,806₹ 35,000₹ 20,46,586₹ 40,000₹ 23,83,3662 more rows

How is loan amount calculated?

USING MATHEMATICAL FORMULA EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

Can I buy a house with 40000 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. … Furthermore, the lender says the total debt payments each month should not exceed 36%, which comes to $1,200.

Can I get 100 percent home loan?

No, you can’t get a 100% home loan from any lender, be it the bank, housing finance company (HFC). Lenders finance around 75%-90% of the property cost and the remaining 10%-25% to be borne by you.

What are documents required for home loan?

The list of documents required to apply for a housing loan is as follows:Completed Home Loan Application Form.Passport size Photographs.Proof of Identification: (Any one of the below) … Proof of Age: (Any one of the below) … Proof of Residence: (Any one of the below) … Income Documents:More items…•

How much home loan can I get on 20000 salary?

Salary / Income per MonthSalary / Income per MonthSBI Home Loan EligibilityLIC Home Loan Eligibility20000120000011000002500014000001200000300001700000150000035000200000018000002 more rows

How much housing loan can I get on my salary?

A credit score of 750 or above makes you more eligible for the loan….How much home loan can I get on my salary?Net Monthly incomeHome Loan AmountRs.25,000Rs.18,64,338Rs.30,000Rs.22,37,206Rs.40,000Rs.29,82,941Rs.50,000Rs.37,28,6761 more row

What is the EMI for 20 lakhs home loan?

EMI Calculation for 20 Lakh Home Loan amount for Various Tenure Options:Tenure OptionsEMI Per Month10 YearsRs.2426015 YearsRs.1912020 YearsRs.1672025 YearsRs.154402 more rows

How much home loan can I get on 35000 salary?

If you are taking a home loan for 35,000 salary, you can get a maximum loan amount of Rs. 20,16,481 at say an 8.5% interest rate for a tenure of 20 years. In this situation, the home loan EMI amount you would pay is not more than Rs. 17,500.