With a salary of Rs. 27,000/month, your eligibility for a home loan depends on several parameters: existing EMIs (if any), credit score, age, loan tenure, interest rate, type of employment, and whether there is a co‐applicant. Now if you are wondering: how much home loan can I get on 27000 salary? Let me tell you that a common rule of thumb is that lenders allow EMIs up to about 40 to 50% of your monthly income for servicing loans, after accounting for other liabilities.
How Much Home Loan can I Get on a Salary of 27000?
If you assume no other EMIs and assume you can devote 50% of your income (≈ Rs. 13,500) toward EMI, and take a loan tenure of, say, 20 years (240 months), at an interest rate of approx. 10% p.a., then the loan amount you could afford can be calculated roughly via an EMI formula.
Using these assumptions:
EMI = Rs. 13,500
Interest rate = 10% per annum
Tenure = 20 years
Plugging into standard home loan / EMI calculators gives a loan principal of roughly Rs. 13 to Rs. 15 lakhs (somewhere between Rs. 12 to Rs. 16 lakh depending on minor differences in rate or whether you stretch tenure to 25 or 30 years).
If you increase the tenure (e.g. to 25 or 30 years), then monthly EMI drops, so you might be able to get slightly higher loan: maybe toward Rs. 16 to Rs. 18 lakhs, provided your age allows long tenure and credit profile is good.
Remember, if you already have other EMIs, your eligibility will drop. If the interest rate is higher than 10%, the loanable amount decreases. If you have a co-applicant with income, that can increase the eligible amount.
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How Much Home Loan Can I Get on 27000 Salary?
Grisha
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10 months
2025-02-27T11:01:12+00:00 2025-02-27T11:01:12+00:00Comment
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