Back in 2017, I was looking for a property in Bangalore. At the same time I was arranging for the funds. I had saved up some amount which was enough to make the down payment, rest I planned on getting a home loan from my bank. To get answers to my queries such as how much loan can I get on 35000 salary, what is the loan process and is it even possible to get home loan on this salary, I visited my bank branch manager. I learnt a new thing that day and I am going to share that with you.
“My salary is 35000 how much home loan can I get?” This was my first question to her.
She explained that any bank can offer a home loan of 60x of the salary of the applicant. That means, I was eligible to get home loan amounting to Rs. 35000 x 60, i.e., Rs. 21,00,000.
But would I be getting all of this amount? Umm maybe but there is still a catch.
The bank manager was patient enough to explain how the loan amount gets decided for a home loan applicant. There are a few things which are looked into before arriving at the loan amount which can be disbursed. These factors are:
Credit score/ CIBIL report
Repayment capacity
Dependents on loan applicant
Age
So the bottom line is that the answer to your question, how much home loan can I get on 35000 salary is Rs. 21,00,000 but of course TERMS AND CONDITIONS applied.
You can check out NoBroker Loan Services to get the best deals and assistance in getting a home loan quickly, through this,
[widget_homeLoan_checkEligibility_form]
You might like theseHow home loan worksWhat are hidden charges in home loanHow do I get tax benefit on joint home loan
The exact 35000 salary home loan amount you can get in India will depend on various factors, including your age, credit score, existing debts, and the lender's policies. However, as a general estimate, you could potentially qualify for a home loan of up to ₹29 lakhs.
What is the 35000 Salary Home Loan?
Lenders typically consider your debt-to-income ratio (DTI) to determine your loan eligibility. DTI is the percentage of your monthly income that goes towards debt payments. Most lenders prefer a DTI of 50% or less. As far as I know about home loan eligibility for 35000 salary, with this salary, assuming no other debts, your maximum EMI (equated monthly installment) could be around ₹17,500.Using a home loan eligibility calculator and assuming an interest rate of 8% for a 20-year loan tenure, the maximum loan amount you could qualify for would be approximately ₹29 lakhs. This is just an estimate, and the actual amount may vary depending on the lender's assessment of your financial profile.Here are some factors that can influence your home loan eligibility:
Credit Score: A good credit score indicates financial responsibility and increases your chances of getting a higher loan amount.
Existing Debts: Lower existing debts will improve your DTI ratio, making you more eligible for a larger loan.
Loan Tenure: A longer loan tenure can reduce your EMI, allowing you to qualify for a higher loan amount.
Down Payment: A larger down payment reduces the loan amount, increasing your chances of approval.
Post
Question
How much home loan can I get on 35000 salary?
Vikas
✔In Progress
👁904
Views
October 7, 2021
2021-10-07T15:58:39+00:00 2023-10-22T06:56:21+00:00Comment
2
Answers
Home Loan
Share