How Much Home Loan Can I Get On 50000 Salary?

How Much Home Loan Can I Get on 50000 Salary

Along with many achievements and milestones in life buying a house is a dream come true for any salaried individual. To fulfil this dream most homebuyers take help from money lenders for home loans.

The salary of home loan borrowers is one of the crucial factors when deciding the home loan amount.

A person with 50,000 salary can opt for a home loan. 

A person who is eligible for a home loan can get up to 38 – 42 Lakh loan on a 50000 salary.

The home loan amount can vary from person to person depending on his other financial commitments, age factor and Credit score. 

Here is a table to get an understanding of home loans on a 50000 salary.

To increase the home loan amount you can apply with a co-applicant for a joint loan.  

What is Home Loan Eligibility For 50000 Salary 

Any Indian citizen with a 50000 salary can opt for a home loan in India. You can calculate eligibility by using the home loan eligibility calculator.

Here are the eligibility criteria an individual needs to fit in to get a housing loan. 

Age For Home Loan

Age factors play a vital role in deciding on a home loan. Most lenders favour giving home loans to salaried individuals between the ages of 23 – 62. 

For self-employed individuals, the age limit is 25- 70.

Additionally, if you choose a loan with a longer term of 20 or 30 years, your eligibility would be higher if you are younger than 70 when the loan is due to be repaid.

CIBIL Score

A person’s present financial worthiness is revealed by their credit score. If an individual earns a 50000 salary monthly but is under lots of debt then this credit score may not satisfy the home loan criteria. 

Your eligibility for a loan may be impacted by any unpaid balances on your credit cards.

A Credit score of 750 or higher is required for approval of the anticipated home loan amount.

Number Of Dependent Members

This is yet another criterion which can affect your home loan. 

The people who depend on you are an important consideration because families with more family members typically have more expenses, which can lead to smaller principal amounts.

Also, the other finances associated with many members such as educational, medical, Travel, or wedding expenses are considered while approving a home loan. 

Ability For Home Loan Repayment

This is another crucial factor for obtaining mortgage loans.

Financial organisations consider your salary, savings, and unpaid debt when determining your ability to repay a loan.

Before granting the amount of a housing loan, banks check the credit histories of applicants.

Work Experience and Employment

All who work for reputable organisations are far more likely to get accepted for a mortgage since they are perceived as being more secure. 

As a result, there is a higher chance that EMIs would be paid in full.

If all other things are equal, if you employ by a trusted brand as compared to a person who works with a less reputable organisation, you may be eligible to get a larger payment.

Similar to this, your industry experience demonstrates your dependability and acts as a positive indicator for your loan application.

You can calculate EMI using the home loan EMI calculator.

Top Banks For Home Loans In India

Here are the top banks in India to get a home loan.

Which Document Required For a Home Loan Application?

The following documents are required for a home loan application on 50000 salary.

• Adhaar Card
• PAN card
• Passport
• Voter Id 
• Salary slip
• Last 6-month bank statement
• Property valuation Document
• Passport size photograph

Guidelines and Tips For Obtaining a Home Loan on 50000 Salary

Mortgage eligibility requirements are often uniform across all lenders. 

However, some standards and restrictions may apply to certain banks or financing organisations. 

To ensure a smooth home loan disbursement, it is crucial to understand the requirements and qualifying conditions before submitting the application.

Here are a few tips you should know before applying for a home loan.

• The monthly incomes of additional earning members of your household may also be added together to determine a higher eligible amount.
• If you want to raise your credit score, pay off whatever other debt you have.
• You might choose a longer-term if the loan balance is high to lower your monthly payments.
• Mentioning any other income streams in your loan application will boost your rating and eligibility.

Also, Read How Many Home Loans Can One Person Have?

FAQs