If you earn Rs. 22,000 per month in India, then how much home loan can i get on 22000 salary? The amount of home loan you can get depends on factors like your age, job type, credit score, existing financial obligations, and loan tenure. However, most banks follow the rule that your total EMI should not exceed 40–50% of your monthly income.
Basic Loan Eligibility Estimate:
Monthly Salary: Rs. 22,000
Maximum Affordable EMI: Rs. 8,800 to Rs. 11,000
Assumed Interest Rate: 9% p.a.
Loan Tenure: 20 years (240 months)
With an EMI of Rs. 10,000 per month and 9% interest over 20 years, you may be eligible for a home loan of around Rs. 12 to Rs. 13 lakhs.
Using a standard EMI formula or online EMI calculator, the loan amount for an EMI of Rs. 10,000, interest at 9%, and tenure of 240 months comes out to roughly Rs. 12.3 lakhs.
A longer tenure reduces EMI and increases loan eligibility. If you’re already repaying other loans, your home loan eligibility will reduce. Adding a co-borrower with income can significantly increase the eligible loan amount.
This is how much home loan can I get on 22000 salary.
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I was planning to get my house renovated and for that I was in need of a home loan. To know about the Rs. 22000 salary home loan amount I started doing some research. While researching I came across NoBroker’s Home Loan eligibility calculator and with its help, I was able to calculate the exact amount, which was 12.99 Lakhs. Here is how I calculated the amount.
What is the Home Loan for 22000 Salary?
The amount I mentioned above was calculated at an interest rate of 8.4% p.a for 30 years. To start the calculation you need to visit the
NoBroker Home Loan Service page. Following that, here are the steps that I followed.
After visiting the page scroll down to locate the eligibility calculator and click on it.
Next, enter your monthly income as Rs. 22,000.
Following that, choose your rate of interest. I used 8.4% but you can use the rate that suits you.
Finally, choose your loan tenure area of 30 years,
This is it. Now, the loan amount would be displayed right below the Loan Tenure section. I find using this calculator over calling the bank and waiting for an executive to calculate and provide me with an answer. Hope your query about how much home loan can I get on 22000 salary has been answered.
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How Much Home Loan Can I Get on 22000 Salary?
Monica
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2024-10-01T10:47:31+00:00 2024-10-01T10:47:32+00:00Comment
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