What is the eligibility criteria for home loans in India?

Criteria Salaried Self employed
Age 18 years to 70 years 21 years to 70 years
Income ₹120,000 p.a. ₹200,000 p.a.
Loan Amount Offered ₹500,000 – ₹10,000,000 ₹500,000 – ₹20,000,000
Tenure 5 years – 30 years 5 years – 30 years

How much home loan can I get on 50000 salary?

How much home loan can I get on my salary?

Net Monthly income Home Loan Amount
Rs.25,000 Rs.18,64,338
Rs.30,000 Rs.22,37,206
Rs.40,000 Rs.29,82,941
Rs.50,000 Rs.37,28,676

What are the requirements for home loan in India?

For salaried individuals, housing loan eligibility criteria is:

  • You should be a resident of India.
  • You should be between 23 and 62 years of age.
  • You should be a salaried individual with a work experience of 3 years or more.
  • The minimum and maximum loan amounts are Rs. 10 lakh and Rs. 3.5 crore respectively.

What are the criteria to get home loan?

Housing Loan Eligibility

Age of the Applicant 18 to 70 years
Work Experience for Salaried 3 years and above
Business Stability for Self Employed 5 years and above
Minimum CIBIL Score 650
Maximum Loan on Property Value Up to 90%
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How much home loan can I get if my salary is 25000?

Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25,000 per month, you may become eligible for up to Rs. 2.5 Lakhs.

Can I take 2 home loans?

You may apply for more than one Home Loan, and the amount you spent on legalities may go up, but you are eligible just for a maximum rebate of 1.5 Lakhs. However, you can avail this benefit only after the house in under your possession, and you have not yet initiated the payment of the principal amount to the lender.

What is the EMI for 50 lakhs home loan?

Details of a 50 Lakh Home Loan EMI Plan

For instance, the EMI for 50 lakhs home loan for 20 years at an interest rate of 10% is just Rs. 48,251.

How is loan amount calculated?

The bank uses the latest interest rate to calculate this. So if your monthly net savings is Rs 12,600, the bank assumes that that is the amount available to pay off the EMI. If the prevailing interest rate is 10 per cent and you have applied for a loan tenure of 10 years, you will be eligible for a loan of Rs 9.5 lakh.

What is the minimum salary to get home loan?

Home Loan Eligibility Criteria

Age Limit for Salaried Individuals: 21 to 65 years . Age Limit for Self-Employed Individuals: 21 to 65 years. Minimum Salary: ₹10,000 p.m. Minimum business income: ₹2 lac p.a.

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How much loan can I get on 35000 salary?

Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).

Can I get a 100% home loan?

A 100% home loan allows you to borrow the full purchase price of a property without saving for a deposit. Typically you do not need to demonstrate a savings history, and only require funds to cover the transaction costs such as legal fees and any statutory charges such as stamp duty.

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