How much home loan can I get on 20000 salary?

If your monthly income is Rs. 20,000, the loan amount depends on factors like age, existing debts, credit score, and repayment tenure. So, to answer your query: how much home loan can I get on 20000 salary? Generally, with this salary, you may be eligible for a home loan of around Rs. 12 lakh, assuming a repayment period of 20 years and a standard interest rate.

How Much Home Loan I Can Get on 20000 Salary?

1. Banks usually calculate eligibility based on the EMI-to-income ratio, meaning your monthly loan instalment should not exceed 40 to 50% of your salary. For someone earning Rs. 20,000 per month, this limits the maximum EMI you can comfortably pay, which directly determines the loan amount.

2. Other financial obligations, such as personal loans or credit card debt, can reduce the eligible amount. Your credit history also plays an important role in approval and interest rates. 

3. Using an online home loan calculator can give a quick and personalised estimate of how much you can borrow before applying.

Hope this provides you with a clear idea of home loan eligibility.

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A month ago, my friend asked me how much home loan can I get on 20000 salary? I informed her that if you earn a monthly salary of Rs 20,000 in India, the amount of home loan you can get depends on several factors. This includes the lender’s eligibility criteria, your credit profile, existing obligations, age, location, and loan tenure.

How much Home Loan I can Get on 20000 Salary?

On average, you can get approximately Rs. 12 lakhs on this salary. However, a general rule followed by most banks is that your EMI should not exceed 40 to 50% of your monthly income.

Basic Calculation:

1. Monthly salary: Rs 20,000

2. Safe EMI range: Rs 8,000 to Rs 10,000 (around 40 to 50% of salary)

3. Assumed interest rate: 9% per annum

4. Tenure: 20 years

Let’s consider an EMI of Rs 9,000 per month. Using a standard EMI calculator, at 9% interest for 20 years, the loan amount you can afford is approximately:

Loan Amount = Approximately Rs 10 to Rs 12 lakhs

A score above 750 improves your chances of approval and may get you better interest rates.

If you have existing loans, you may get a smaller loan amount. Property location and market value also affect the loan amount banks can offer.

I hope your query about my salary 20000 how much home loan I can get should be resolved.

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How to Get a Home Loan Approved in a Short Time 

I needed a home loan, but I didn't know whether I would be able to get it at my current salary or not. I called my uncle, who works at a bank, and asked him can I get home loan with 20000 salary. He told me that I could get it and provided me with some other information. 

How Much Salary Required for 20 Lakh Home Loan?

My uncle said that, according to the rules, people with salaried jobs can get home loans for up to 60 percent of their in-hand monthly income. So, if a person earns Rs 20,000 per month, he is eligible for a home loan of Rs 10-12 lakh. But that can change based on the amount of credit score and various other factors of the bank. 

He also said that the EMI shouldn’t exceed 50% of my monthly salary or else it will increase the financial burden, So the EMI of a home loan for 20k salary should not go beyond Rs. 10,000.

He provided me with a breakup of how much EMI I needed based on the loan tenure. You can learn about that from the answer provided by Juhi. After that, he also gave me a few tips for improving home loan eligibility for 20000 salary. 

Tips for Improving Home Loan Eligibility

• He told me I could take a joint home loan with my parents or spouse to increase the loan amount.

• He also told me to compare banks to find low interest rates for home loan.

• My uncle also suggested opting for longer repayment periods to avoid financial burden. 

This is what my uncle told me when I asked him can I get home loan with 20000 salary. Hope this helps. 

We have been living in a rented house since my childhood, so in 2014 I decided to build our new home. Buying a house is tough for a middle class family, and we cannot spend 10-15 lakhs all of a sudden. I had a salary of about Rs 20,000 so I visited the bank to discuss how much home loan can I get on 20000 salary in SBI. one bank official explained everything to me in detail so let me share the same here

How much housing loan can I get on 20000 salary?

As a general rule, an individual can get up to 60 percent of their salary per month. But yes, their creditworthiness will be verified before sanctioning the loan. The higher their CIBIL score, the higher the loan amount they can get. So for 20k salary home loan can be about Rs 60*20000 = Rs. 1200000. Here is a basic chart of EMI that you must look at to get a clear idea-

The amount will depend on the interest rate, so this chart is just based on an assumption. So in SBI you can get a home loan of Rs 10-12 lakhs with a monthly income of Rs 20,000.

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If you are a salaried person who wants to buy a home, "housing loan eligibility" is obviously the first thing that comes to mind. In general, individuals in salaried positions are eligible for mortgage loans up to 60 times their monthly net income.

• 5 years

• 30 years

• 20 years

• 25 years

• 7 years

• 15 years

After going through the above-mentioned answers, I’d say that I completely agree with R. Soumya’s answer, where she mentioned all the criterias of home loan eligibility for 20000 salary. However, apart from Age of the borrower, Credit history and CIBIL score, Loan tenure, Income stability, Right property documentation, Property insurance, ITR files; one should also consider that your home loan eligibility depends on your employer and work history, any other existing obligations, and LTV. 

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

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I knew that a loan gets approved after looking at several aspects but the foremost among them is the salary that one gets. I have been working for the last 10 years and am planning to buy a house of my own. However I know that with such a low salary, it is going to be hard for me. Yet I approached my father to get an idea and asked him how much loan can I get on 20000 salary. He simply said that one can get about 60 times their net income so for me it is going to be about 20000*60=1200000. Let me tell you what other aspects determine a loan.

When I asked more people about a home loan for 20000 salary, they suggested that I visit the bank and get the exact details. The next question was: which bank will be the best to avail Home Loans from? So here is a list of banks that is well-known for sanctioning Home Loans:

• Bank of Baroda

• State Bank of India

• ICICI Bank

• Punjab National Bank

• HDFC Bank and more

However, for my 20000 salary home loan, I approached Union Bank of India where the interest rate was 6.40 to 7.0% but as it is mentioned in the above answer, there are several factors that determine the home loan so the interest rate may vary depending on those factors.

Now you must have known how much loan can I get on 20000 salary.

• Age of the borrower
• Credit history and CIBIL score
• Loan tenure
• Income stability
• Right property documentation
• Property insurance
• ITR files

• PAN Card
• Government approved Identification documents (Aadhaar Card, Voter ID, Driving Licence)
• Address proof (Aadhaar Card, Voter ID, Driving Licence, Electricity bill, Gas Bill, Landline telephone bill, property tax receipt, etc)
• Date of birth proof
• Signature proof (passport, PAN Card, banker’s verification)
• Income Proof

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