How much home loan can i get on 100000 salary?

While filing a home loan application, I realised that monthly salary determines the total home loan amount. Some banks look at the gross salary of a home loan applicant while others look at the net salary. If you are wondering how much home loan can I get on 100000 salary, keep reading.

How much home loan you can get on a salary of 100,000 rupees depends on your credit score, the type of property you want to buy, the loan tenure, and the interest rate offered by the bank.

Usually, banks will allow you to borrow up to 50-60% of your net monthly income. This means that if you earn a monthly salary of 100,000 rupees, you may be eligible for a home loan of up to 50-60 lakhs rupees.

50% of 100,000 = 50,000 rupees per month

60% of 100,000 = 60,000 rupees per month

This is just an estimate, if you have a high credit score, you might be able to borrow more money. To give you an example, let's assume that you want to take out a home loan with a tenure of 20 years and an interest rate of 7.5% per annum. Assuming that you have no other existing loans or you may be eligible for a home loan of around 1 crore to 1.2 crore rupees. The final number depends on the lender's policies. To answer, how much home loan can I get on 100000 salary? You can get a loan that ranges from 50 lakhs to 1.2 crore rupees.

You can use a  home loan eligibility calculator to get an accurate estimate of how much you can borrow based on your income, expenses, and other financial obligations.

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I had recently visited a bank with the same question ‘

how much home loan can I get on 1 lakh salary?’. The bank officials told me that I can

potentially qualify for a home loan of up to ₹75 lakhs. But they also told me that the enders typically consider your debt-to-income ratio (DTI) to determine your loan eligibility. DTI is the percentage of your monthly income that goes towards debt payments. Most lenders prefer a DTI of 50% or less. With a salary of ₹100,000, assuming no other debts, your maximum EMI (equated monthly instalment) could be around ₹50,000.

1 Lakh Salary How Much Home Loan?

Using a home loan eligibility calculator and assuming an interest rate of 8% for a 20-year loan tenure, the maximum loan amount you could qualify for would be approximately ₹75 lakhs. This is just an estimate, and the actual amount may vary depending on the lender's assessment of your financial profile.

Home Loan Eligibility for 1 Lakh Salary?

Here are some factors that can influence your home loan eligibility:

1. Credit Score: A good credit score indicates financial responsibility and increases your chances of getting a higher loan amount.

2. Existing Debts: Lower existing debts will improve your DTI ratio, making you more eligible for a larger loan.

3. Loan Tenure: A longer loan tenure can reduce your EMI, allowing you to qualify for a higher loan amount.

4. Down Payment: A larger down payment reduces the loan amount, increasing your chances of approval.

Home Loan on 1 Lakh Salary for Different Tenure

Here's a breakdown of the estimated loan amount you could qualify for based on different loan tenures:

Remember, these are just estimates, and the actual loan amount may vary depending on your specific financial situation and the lender's assessment. 

I hope this was helpful to you in understanding

home loan for 1 lakh salary.