How Much Home Loan Can I Get on 28000 Salary?

If your monthly salary is Rs. 28,000 and you do not have any existing loans or credit card dues, you may be eligible for a home loan of around Rs. 13.80 lakhs. This amount is calculated mainly based on your monthly income, eligible EMI, interest rate, and loan tenure.

1. Most banks allow 40% to 60% of your monthly salary to be used for EMI payments. With a Rs. 28,000 salary, your affordable EMI falls between Rs. 12,000 and Rs. 16,800. Assuming an average EMI of around Rs. 14,000, banks then calculate the loan amount using the applicable interest rate and tenure.

2. Home loan interest rates in India usually range from 9.25% to 15% per annum. If we consider an interest rate of around 9.5% and a loan tenure of 15 years, an EMI of approximately Rs. 14,000 can support a loan amount of about Rs. 13.80 lakhs. This is how the eligible loan amount is estimated.

3. Factors that affect the final loan eligibility include your age, job stability, credit score, monthly expenses, and existing financial obligations. Since there are no current loans or dues, your eligibility increases.

To apply for a home loan, you generally need a PAN card, an Aadhaar or a valid ID proof, salary slips, bank statements, and Form-16. Additional documents may be requested based on the lender’s policy. Hope this helps you.

Get Your Paperless Home Loan Approval Faster through NoBroker at Low Interest Rate.

If your monthly salary is Rs. 28,000, and you want to know: How much home loan can I get on 28000 salary? Then, let me tell you that you might be eligible for a home loan ranging between Rs. 12 lakh and Rs. 18 lakh. 

As per the loan eligibility calculation or the multiplier method: Most lenders offer 5 to 7 times your annual income (Rs. 28,000 x 12 = Rs. 3.36 lakh/year).

1. Minimum Loan: Rs. 16.8 lakh (5x annual income)

2. Maximum Loan: Rs. 23.5 lakh (7x annual income)

EMI Affordability: Lenders cap EMIs at 40 to 50% of monthly income (Rs. 11,200 to Rs. 14,000 for Rs. 28,000 salary).

At 8.5% interest for 20 years, you may qualify for Rs12 to Rs. 15 lakh (EMI: Rs. 10,400 to Rs. 13,000).

Key factors affecting your loan amount

1. Credit Score (CIBIL): A score >750 improves eligibility.

2. Existing Debts: Loans/credit cards reduce disposable income.

3. Co-applicant: Adding an earning spouse/parent boosts eligibility.

4. Property Value & Location: Lenders finance up to 75-90% of property cost (lower for expensive cities).

With a Rs. 28,000 salary, no existing loans, and a 750+ CIBIL score, you can expect Rs. 12 to Rs. 18 lakh at competitive rates.

Get Your Home Loan Approved at Lowest Interest, & Max Tenure Via NoBroker Home Loan Services

Read more:

How Much Home Loan Can I Get on 85000 Salary?

If your monthly salary is Rs. 28,000 in India, you may be eligible for a home loan of approximately Rs. 14 to Rs. 17 lakhs. However, how much home loan can I get on 28000 salary depends on various factors like the interest rate, tenure, your credit score, and whether you have existing financial obligations.

Basic Calculation:

1. Monthly Salary: Rs. 28,000

2. Eligible EMI Range: Rs. 11,000 to Rs. 14,000 (40 to 50% of income)

3. Assumed Interest Rate: 9% per annum

4. Tenure: 20 years (240 months)

You can also use online home loan eligibility calculators for a quick estimate tailored to your situation.

I hope this answers your query: How much home loan can i get on 28000 salary? With Rs. 28,000 salary, you can generally expect a home loan of Rs. 14 to Rs. 17 lakhs, depending on your financial profile and the bank’s lending norms. 

Get Home Loan at Lowest Interest Rate with NoBroker Home Loan Service

Read more:

How Much Home Loan Can I Get on 85000 Salary?

To purchase a house, I needed a home loan, and to learn about how much home loan can I get on 28000 salary, I called the bank. I told the bank executive about my salary and asked him how much I would get. He told me that I would receive around Rs. 20.16 Lakhs. The executive asked me to visit. During my visit to the bank, he explained the process to me. 

How Much is the 28000 Salary Housing Loan Amount?

The executive told me that most banks use the multiplier method to calculate the amount of loan that I can receive. For that, they multiply the NMI (Net Monthly Income) by a factor between 60 to 72. Following that, he helped me with the calculation, which I have added below. 

Since I have a salary of Rs. 28,000, he told me to multiply it by 72. So that would make the amount. 

Rs. 28,000 x 72 = Rs. 20,16,000 =

So, the 28000 salary home loan amount is Rs 20.16 Lakhs. He also told me that this was the maximum amount that I could receive, but it could differ based on my CIBIL score. Hope this helps.