Recently, one of my cousins asked me how much home loan can I get on 38000 salary. During research, I found lenders usually allow home loans up to 60 times your net monthly income (multiplier method). Apart from this, EMIs are capped at 50% to 60% of monthly income. Applying that to Rs 38,000:
Loan amount = Rs 38,000 × 60 = Rs 22,80,000, i.e., roughly Rs 22.8 lakh.
Banks allow a maximum loan tenure of up to 30 years, making this loan affordable at typical interest rates around 8.5% to 9% p.a. With no other EMIs or obligations, the EMI would likely remain within Rs 19,000 to Rs 22,000. It is 50% of Rs 38,000 and within the acceptable EMI cap.
Of course, this estimate assumes no existing EMIs, clean credit history, and that allowances (like medical or LTA) are excluded by lenders when assessing income. You can use the online eligibility calculator to get the exact loan amount.
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In 2021, I planned to avail a home loan from Axis Bank. As my salary was 38,000, so to ensure the total amount I would get, I contacted my bank manager. I asked him, how much home loan can I get on 38000 salary? He said I could get a loan of around Rs. 19 lakhs. He further added, this amount varies based on several aspects which I mentioned below for you.
How much Housing Loan can I Get with 38,000 Salary?
My bank manager said, you may be eligible for a home loan of approximately Rs. 19 lakhs if you don’t have any existing financial obligations like EMIs or outstanding credit card dues. It also depends on the interest rate, which is usually between 9.25% p.a. to 15% p.a or higher, based on your credit history and exact loan amount.
I am sharing the amount I received after availing a home loan from the Axis Bank.
Loan Amount | Rs. 18.73 lakhs |
Interest Rate | 9.25% p.a. onwards |
Tenure | 180 months |
I would highly recommend you use a home loan eligibility calculator to get the exact amount. All you need to do is enter some requested details like your monthly income, any existing EMIs, and age. After a few minutes, you will get the loan amount and other eligibility details.
That’s how I could figure out my eligibility. I hope this will help you too.
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How Much Home Loan can I Get on 38000 Salary?
Pratika
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9 months
2025-02-28T08:51:00+00:00 2025-02-28T08:51:00+00:00Comment
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