Question: How Much House Loan Can I Get On My Salary In India?

How much home loan can I get on 60000 salary?

You can get upto 60% of your monthly take home as EMI. It means at Rs. 60000 /pm you can pay up to 36000/pm as EMI so @9.4% for 20 years you can avail Rs. 37-40 lakhs loan.

How much home loan can I get on 40000 salary?

40,000, then your EMI should not exceed 50% of your income. However, if your monthly salary is greater than Rs. 40,000, then your EMI should not exceed 65% of your monthly salary.

How much loan amount is eligible for my salary?

Fixed Obligation Income Ratio In case your expenses exceed this percentage, banks either increase the tenure of the loan or reduce the amount sanctioned. Let us consider a personal loan for a ₹30,000 salary. If you have a monthly EMI of ₹8,000, you can usually get a personal loan of up to ₹5.5 lakh.

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How much home loan can I get on 1lakh salary?

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. Banks also consider other specific criteria before accepting the property for granting a loan.

What is the EMI for 20 lakhs home loan?

EMI on a 20 lakh home loan for 20 years

Loan Amount Interest rate EMI
Rs. 20 lakh 6.75%* Rs.19,300

Can I take 2 home loans?

You may apply for more than one Home Loan, and the amount you spent on legalities may go up, but you are eligible just for a maximum rebate of 1.5 Lakhs. However, you can avail this benefit only after the house in under your possession, and you have not yet initiated the payment of the principal amount to the lender.

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. Furthermore, the lender says the total debt payments each month should not exceed 36%, which comes to $1,200.

What is the EMI for 15 lakhs home loan?

EMI Calculations for a Home Loan of Rs. 15 Lakh with Different Tenors

Loan Amount EMI when Tenor is 10 Years EMI when Tenor is 15 Years
Rs. 15,00,000 19,823 16,119

How is loan amount calculated?

The mathematical formula for calculating EMIs is: 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.

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How much loan can I get on 35000 salary?

Understand your salary:

Net Monthly Income (₹) Loan Amount (₹)
₹ 30,000 ₹ 17,09,806
₹ 35,000 ₹ 20,46,586
₹ 40,000 ₹ 23,83,366
₹ 50,000 ₹ 30,56,926

How is Home Loan salary calculated?

For instance, if your salary is ₹ 25,000 then at interest rate of 6.70% offered by SBI, the loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be ₹ 42,91,028 to ₹ 50,36,589 depending on your age.

How can I get loan without salary slip?

Can I get a personal loan without a salary slip?

  1. You can validate your income by producing other financial documents like bank account statements, income certificate, Income tax returns or Form 16.
  2. You can jointly apply for the loan with another applicant, who could be your family member.

Can I get 1 crore home loan?

Banks may now give home loans for Rs 1 crore for 30 years – The Economic Times.

Do banks give 100 percent home loans?

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 is the EMI for 50 lakhs home loan?

Details of a 50 Lakh Home Loan EMI Plan For instance, the EMI for 50 lakhs home loan for 20 years at an interest rate of 10% is just Rs. 48,251.

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