How much home loan can i get on 15000 salary?

The common query I came across recently is: how much home loan can i get on 15000 salary. If you earn a monthly salary of Rs 15,000 in India, the home loan amount you can get is limited by your income, repayment capacity, and lender-specific eligibility norms. I have shared more details on it below.

What is Home Loan on 15000 Salary?

Typically, banks and housing finance companies follow a conservative approach and allow the EMI to be around 40% to 50% of your net monthly income. For a salary of Rs 15,000, this translates to a maximum EMI of Rs 6,000 to Rs 7,500.

Assuming you are eligible for an EMI of Rs 6,000, and considering a home loan interest rate of around 8.50% per annum, here's how the loan amount would work for different tenures:

1. For 20 years: A Rs 6,000 EMI can fetch you a loan of approximately Rs 7.2 to Rs 7.5 lakhs.

2. For 25 years: You may be eligible for a loan of around Rs 8 to Rs 8.5 lakhs.

These figures are based on online EMI calculators using standard home loan interest rates. But, it may vary depending on the bank’s terms, your credit score, job stability, existing debts, and the location or value of the property. This is all about how much home loan I can get on 15000 salary.

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Availing of a loan depends on your CIBIL score, your salary, your requirements, and other factors. I planned to build a house but my salary was quite low. During a visit to the bank to withdraw some money I asked an official can I buy a house with 15k salary and was glad to know that it was possible. Banks allow 60 times one’s net monthly income if they pass all the rules of the loan. Let me share the calculation I understood here.

What Will Be The Housing Loan For 15000 Salary?

As per the rule, with Rs 15K, you can get a home loan of Rs (60*15000) =Rs 900000 or 9 lakh as home loan. This is the home loan for salary 15000 you can avail of. To be honest, with Rs 9 lakh, you cannot build a home completely. Even a 1 BHK house will cost you a minimum of Rs 15 lakhs. But yes, in remote areas, the price is lower. You can try having a house for Rs 9 lakh there but I would suggest you first check out a few properties within your budget before finalising anything. 

You should also visit a few banks to see how much money you can get on a home loan with your salary. 

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Do you want to know how much loan can I get if my salary is 15000? The good news is that, as long as your credit score is excellent, you can apply for a loan with an income of Rs. 15000. 

How much loan I can get if my salary is 15000?

With an income of Rs. 15,000, I was eligible for a loan between Rs. 50,000 and Rs. 1,50,000. However, the precise loan amount can differ from one lender to another.

Home loan eligibility for 15000 salary:

When deciding to apply for a personal loan with an income of Rs. 15,000, it's critical to meet the qualifying requirements established by lenders. A few parameters are as follows:

• You must be an Indian resident

• A salaried individual with a minimum monthly income of Rs. 15,000 is required.

• You need to be at least 21 years old.

• You must have a minimum of two to three years of job experience.

• A solid credit score of at least 600 is required.

• If you are new to the credit system, you need an NTC (New to Credit) score of at least 150.

I hope this helps you understand how much loan can I get if my salary is 15000.

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I myself had availed of a home loan while I was earning Rs 15,000 back in 2018. I asked my bank branch’s officials about my home loan salary eligibility, and they gave me a list of them. But with such a low income, I expected the amount would be too low, but I was wrong. You can get a good sum of money as a loan, but of course, you have to meet the eligibility criteria. Before sharing the eligibility criteria, let me share the answer to how much loan can I get on 15000 salary. Sarthak has already provided the thumb rule. You can avail of a loan amount of 60* your monthly salary. Let me provide you with an elaborate idea about it.

When I visited the bank and stated to the officials that I have an income of Rs 15,000 monthly, I was told that I could get a home loan worth Rs 9,00,000 easily. So it is 60* 15000 = 9,00,000. Let me share some of the best banks to avail 15k salary home loan-

• SBI Home Loan

• LIC Home Loan

• HDFC Home Loan

• PNB Home Loan

• ICICI Home Loan

• Axis Bank

• HDFC Personal Loan

• Union Personal Loan

• Axis Personal Loan

• Bank of Baroda Personal Loan

• HDFC Car Loan

• ICICI Car Loan

• Axis Bank Car Loan

• United Car Loan

• TVS Credit Car Loan

As for home loan salary eligibility, let me tell you that the bank will only approve your loan if you are an

• Indian citizen

• Have good credit score

• Have a steady income

You are to provide some compulsory documents kike

• Identity proof

• Bank statements for the last three or six months

• Salary slips and more if needed

One of the main aspects that determine your qualification for a home loan is the amount of money you make. Because of this, not every applicant will be eligible for a home loan.  Let me help you know the answer to your query, can I get home loan with 15000 salary.

What amount you can get as a home loan on 15000 salary?

Home loans would be more readily available to you, and the interest rates would be lower than those of personal loans. You might expect to get about Rs. 8.5 lakhs with a 20-year repayment schedule as a home loan salary less than 15000. As per lenders, these loans' quantities will vary, and your credit score will also affect how much you'll pay in interest. Your credit score will be a significant factor in determining the amount you are qualified for. You will be eligible for bigger loan amounts if your credit score is higher. This answers your question my salary is 15000 I need home loan.

How does LTV (Loan to Value) affect home loans?

Financial institutions only finance up to 75% to 90% of the entire cost of the property, even if your net monthly income qualifies you for a bigger home loan. This is carried out to ensure they have sufficient reserve money in case of default to sell the asset and get their money back.

I hope you understood can I get home loan with 15000 salary.

Hey Pal,

Eligibility for home loan

is the first query that comes to mind if you are a salaried person and want to buy a home. In Indian culture in particular, purchasing one's own home is regarded as the primary step towards being settled. The majority of people who earn a salary, however, can only realise this ambition later in life, when they have saved enough money because real estate costs are out of their price range. This is where getting a home loan might help someone realise their dream of becoming a homeowner at a young age.

• Current Age and Remaining Working Years: 

The age of the applicant has a significant impact on whether they are eligible for a house loan. Typically, a loan can only be taken out for a maximum of 30 years.

• Age restriction for salaried employees: 

21 to 65 years old.

• Age restriction for self employed individuals:

21 to 65 years old.

• Home loan minimum salary: 

Rs. 10,000 per month.

• Minimum annual business revenue:

 2 lakh

• Loan term maximum: 

30 years

• Financial Situation: 

The size of the loan is heavily influenced by the applicant's (current) and projected income.

• Credit history from the past and present and score: 

Positive repayment history is regarded as such.

• Other Financial Liabilities: 

Current debts like a vehicle loan or credit card balance.

Aftr understanding the home loan eligibility, you must be pondering about what will be the

home loan for 15000 salary, in this case I would like to agree with Sarthak. Generally speaking, salaried people are qualified for house loans up to 60 times their net monthly income. You can therefore obtain a home loan up to about Rs. 900000 if your net monthly salary is Rs. 15,000.

I would like to conclude here as I believe this suffices your query about the eligibility for home loan. I hope this helps:)

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Hi Prateek,

Having a home which you can call your own is a dream of everyone. And home loans are the guiding light which take us closer to this dream of ours. So knowing whether or not you are eligible for a home loan for a particular salary range is an utmost important task. Just like everyone, I had a dream of buying a home for myself too but my salary was just Rs. 15,000 when I sowed the seeds of this dream. So, I waited a few more years to become more financially stable to buy a house. But if you are very much interested in buying a house at Rs. 15,000 salary, you can go through Mr. Sarthak’s answer. But before that I would like you to know the

home loan interest rate charged by major banks of India so that you have a better idea of how much EMI you will have to pay for the loan you take.

Now that you have an idea of the rate at which you will be charged an interest for your home loan, you can proceed with understanding the minimum salary for home loan. The minimum salary requirement for home loan approval by various banks has been mentioned by Mr. Sarthak in the previous answer. Although, if you have a remarkable CIBIL score and you do not have any other liabilities in the form of other loans, the banks can consider your application given that banks show a trust on your loan repayment ability.

So, it is not impossible to get a 15000 salary home loan. Be persistent in your efforts and the bank may give you a chance to buy your dream home. Even if it doesn't, just wait for a few years like me, to get a little more financially stable and you will face no issues in getting a loan then keeping the home loan interest rate in mind.

I hope I was able to help you.