I know that having a dream of owning a home with ₹15,000 salary sounds next to impossible. But dreams are meant to come true. I know this because I have a friend who wanted to get a home loan at ₹15,000 salary. He went to a bank and asked how much loan can I get on 15000 salary. Let me tell you how the bank official helped him out.
Home Loan Eligibility for 15000 Salary
The bank's experienced loan officer, assessed my friend’s financial profile. He considered my friend’s age, credit score, existing debts, and the bank's lending policies. He explained that a person’s debt-to-income ratio (DTI), the percentage of his income dedicated to debt payments, plays a crucial role in determining his loan eligibility.
With a salary of ₹15,000 and assuming no other debts, my friend's maximum EMI (equated monthly instalment) could be around ₹7,500. The bank officer used a home loan eligibility calculator and considered an interest rate of 8% for a 20-year loan tenure. The estimated 15000 salary home loan amount my friend could qualify for is approximately ₹11 lakhs.
The bank officer also said that it was just an estimate and the actual amount may vary depending on the bank's final assessment. He highlighted factors that could influence a person's loan eligibility, including his credit score, existing debts, loan tenure, and down payment. A good credit score, lower debts, a longer tenure, and a larger down payment would enhance Rahul's chances of securing a higher loan amount.
Home Loan for 15000 SalaryAfter we returned from the bank, I advised my friend to consult with multiple lenders, compare interest rates, terms, and eligibility criteria, and factor in additional costs like stamp duty, registration charges, and home insurance. He realises that with careful planning, financial discipline, and informed decisions, his dream of owning a home is within reach.
Check out NoBroker to apply for home loans. Read More: How Much Home Loan Can I Get on 100000 Salary? How Much Home Loan Can I Get on 90000 Salary?Your Feedback Matters! How was this Answer?
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Hey friend,
You can see how much home loan amount you are eligible for by checking out NoBroker Loan Estimate Services. You will have to mention a few details including your salary, previous loans ( if any ) etc.
Want to check loan eligibility from the comfort of your home ? Check out NoBroker Home Loan services
An approximate estimate will be provided to you. According to my calculations with a salary of Rs.15000. You can get a home loan up to approximately Rs. 9,00,000.
My salary is Rs.15000 so how much home loan amount am I eligible for?
Vijay
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2022-04-04T14:53:23+00:00 2023-10-22T06:58:10+00:00Comment
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