Home loans are large financial commitments which put a sizable load on borrowers’ shoulders. The various criteria decide the amount of loan an individual is eligible for, one of the main criteria is the applicant’s monthly salary. Check out the article to learn about how much home loan you can get on a 60,000 salary.
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How Much Loan Can I Get on 60000 Salary?
Buying a home can impose a significant financial load on a person. Home loans help in carrying this burden.
Any salaried individual can avail of the home if fits in eligibility criteria such as age limit which decides the tenure of the home loan, monthly income, location of the property, CIBIL score etc.
Every financial institution has set its own eligibility criteria.
Here we have created a table with approximate housing loan amounts on a particular salary.
| Monthly Salary | Home Loan Amount |
| Rs 60,000 | Rs 50,04,788 |
| Rs 58,000 | Rs 48,37,962 |
| Rs 56,000 | Rs 46,71,136 |
To increase your housing loan eligibility you can also opt for a joint home loan which can avail higher home loan amount.
What Is My Home Loan Eligibility With a 60,000 Salary?
Banks issue home mortgages to an individual with 60 times of there yearly income.
The housing loan gets approved if the person fits the set of eligibility criteria.
You can calculate loan eligibility by using the Home loan eligibility calculator.
Here are the home loan eligibility criteria for a person with a salary of 60,000.
Age of Applicant
Banks or financial institutions favour younger mortgage borrowers as they get more time for repayment.
The age limit for home loans is set from 23- 62 years for salaried individuals and 25-70 years for self-employed individuals.
Borrowers, who are in their 40s could find little challenging to get a loan. Banks offer some alternative payment options and rates of interest for such borrowers.
Number of Dependants
This is another important criterion when getting housing loans.
The people who rely on you are a crucial factor as expenditure will be higher for more people in a family which can result in a lower principal sum.
CIBIL Score
A credit score tells a person’s current financial worthiness.
Any remaining, forgotten credit card payments can affect your loan eligibility.
An expected home loan amount can get approved with a CIBIL score of 750 or more.
Repayment Ability
Financial institutions assess your savings, earnings and outstanding finances for loan repayment.
Banks evaluate applicants’ credit history before approving housing loan amounts.
Home Loan EMI Calculator
You can calculate your monthly payments by using the EMI calculator.
With the help of the EMI calculator, you can find out how much housing loan you can get on 60,000 salary.
Documents Required for Home Loan
- Documentation proof of stating Indian Nationality.
- KYC Documents such as Aadhar cards, voter ID, Passports and PAN cards.
- Income Proof such as Bank Statement for the last 6 months, Salary slip, and ITR of the Last 3 Years.
- Proof from a company for operating over five years.
How Can I Increase My Chances Of Getting a Home Loan?
There are many ways which can be implemented to increase the chances of getting housing loans.
- You can opt for a housing loan with a co-applicant.
- Select long-term Tenure.
- Maintain a good CIBIL score and keep a perfect record of payments.
How Much Must I Pay As A Down Payment For a Home Loan?
In general, you are required to pay approximately 15-20 % of the total property cost as a downpayment. It is totally up to you and your financial condition.
No bank offers a 100% home loan to borrowers as per RBI guidelines.
FAQs
| Can I avail 100% home mortgage in India?
No, as per RBI guidelines, no one can avail 100% housing loan from lenders. The financial institution offers up to 90 % of home loans depending on the individual’s eligibility criteria. |
| What salary is required for a housing loan?
For salaried employees, min salary of 10,000 is necessary For Self-employed min, 2 lakhs per annum are required. |
| Does salary affect housing loans?
When you apply for a housing loan your monthly income is an essential factor for a financial institution to major your repayment capability. |
| How much salary is required for a 1cr housing loan?
To get a 1 crore housing loan your salary should be more than 1,00,o00 per month. |
