How much home loan can I get on 70000 salary?

If you’re earning Rs. 70,000 per month, and are wondering, how much housing loan can I get on 70000 salary? Let me tell you that with a monthly take-home of Rs. 70,000, the lender estimates you could be eligible for a home loan of around Rs. 52.3 lakh, assuming you have minimal or no other monthly obligations.

What Factors Affect the Home Loan Amount on a 70000 Salary?

Around Rs. 52.3 lakh is a rough estimate. The exact amount you qualify for depends on several additional factors.

These include your: 

1. Age

2. Employment type/stability

3. Credit score

4. Existing liabilities (other EMIs or debts)

5. Property value relative to loan (loan-to-value ratio or LTV)

6. Lender’s fixed obligation to income ratio (FOIR).

For example, the FOIR indicates what portion of your income is already committed to EMIs/obligations; the lender typically prefers this to be within 75 to 80% or lower.

You’ll also need to meet eligibility criteria such as being salaried (or self-employed) within certain age limits (for salaried: 23 to 67 years) and having a credit score that demonstrates good repayment history.

With Rs. 70,000 monthly income, provided your other finances are in good shape (low existing obligations, strong credit profile, good employer/job stability), you may expect eligibility in the ballpark of Rs. 50 lakh (Rs. 52.3 lakh) for a home loan.

Get Home Loan Via NoBroker at Lowest Interest Rate Now!

Hi there, One of the most important steps to being settled in India is buying your own house. But like other salaried people, your desire can only come true once you have enough savings because real estate costs are rising daily. If you earn 70,000 monthly, then you must have a query, how much home loan can I get on 70000 salary? So, with a monthly salary of Rs.70,000, you may get a home loan of at least about Rs.35 lakhs, depending on several criteria.

How much Housing Loan can I Get on 70000 Salary?

The amount of a 70000 salary home loan you can get depends on factors like your income, liabilities, credit score, age, and the lender’s policies. 

1. Lenders typically consider 50 to 60% of your monthly income as available for loan repayment (EMI). 

2. The loan amount is determined by the EMI, interest rate, and loan tenure. Using a thumb rule, for a Rs.70,000 salary, the loan amount is approximately Rs.42 to 56 lakhs.

3. Assuming you took a home loan at a tenure of 20 years and an interest rate of 8%, you will get Rs. 42.3 lakhs at an EMI of 35000.

I hope you understand what is the home loan amount for 70000 salary.

Avail Home Loan via NoBroker at Lowest Rates and with Minimal Documentation.

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Which Banks will Quickly Approve Home Loan?

I am planning to avail a home loan to finance my home purchase. I used the NoBroker home loan eligibility checker, to know how much home loan for 70000 salary. From this tool, I was able to know that I should be able to get a home loan between Rs. 40 and Rs. 55 lakhs with an income of Rs. 70,000. 

How Much Home Loan on 70000 Salary Can I Get?

Now let me say that your pay, EMIs, and other qualifying requirements all affect the amount of your house loan. I’ll be happy to share the steps that I followed while checking the amount of home loan that I was eligible for;

• I visited the

  NoBroker Home Loan Services

  ' official website.

• I could locate the calculator for home loan eligibility on the right.

• Entered my email address, name, and mobile number to see if I qualify.

• Selected "Check Eligibility."

• Entered personal information now, including my preferred tenure, required loan amount, monthly income, type of job, and current EMIs.

This process was seamless. All the loan alternatives were displayed on the website along with a list of banks based on my eligibility for credit from which I can avail 70000 salary home loan.

Read More:

• The minimum age to apply for a home loan is 18 years and the maximum age to apply for home loan is 70 years.
• Banks prefer to give home loans if a co-applicant is added.
• The minimum monthly salary to secure a home loan is Rs.25,000.
• The minimum CIBIL score to secure a home loan is 650.
• The applicant must have two years of work experience.
• The applicant should obtain approval from the builder before securing a home loan.