Home loans are often very large lines of credit, which place a considerable load on the borrowers’ finances due to the loan’s high value. However, the amount of the loan that you are eligible for will differ based on a variety of criteria, such as your age, the location of the property, the applicant’s existing commitments, and preferences.
How much home loan am I eligible for with a Rs 60,000 salary?
In most cases, financial institutions will issue a loan amount that is up to 60 times your annual earnings. If one goes by those numbers, it seems like you would be eligible for a loan of up to Rs. 36,00,000 (Rs 36 lakh).
However, there are a few additional factors that affect your ability to take out a loan. These elements are as follows:
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Your age
When it comes to lending money, banks are more willing to take chances with younger borrowers. To a lesser or greater extent, getting the loan amount you want may be more challenging in your 40s, and you could be offered alternative interest rates and repayment schedules.
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CIBIL score
A key measure of your creditworthiness is your current credit score, often known as your CIBIL score. Any outstanding credit or credit card payments will affect your creditworthiness for a home loan. A decent loan amount may very well be obtained with a credit score of 750 or above.
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Total number of dependents
This has a significant bearing on whether or not you will be eligible for a loan. Suppose you have a significant number of people who rely on you. In that case, this will have an effect on your eligibility for a loan, and you may be offered a lower principal amount since your expenditure will be larger in comparison.
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Ability to make repayments
After evaluating your earnings, savings, and outgoing expenses, a lender will evaluate your ability to make repayments. They evaluate your credit history before arriving at a conclusion on the amount of money they are ultimately willing to provide you after doing so.
Home loan EMI calculator
To calculate your monthly payment, you may use any EMI Calculator that is available on housing.com. By using this EMI calculator, you can determine ‘how much house loan can I get on a Rs 60,000 salary?’ and ‘what would be the EMI.’ Here are a few banks that give home loans at a set rate of interest.
Eligibility
- Documents proving that you are a citizen of India.
- The minimum age should be 21, and the maximum age should be 58 years old.
- To get a home loan between 30 lakhs – 50 lakhs, you need to be professionally stable in an organisation or service and bring in at least Rs. 45,000-60,000 per month in salary.
- If you are a salaried employee, you are needed to provide a 6-month bank statement of your payment account in addition to a six-month bank statement that includes the most transactions.
- You need to have a reasonable credit score.
Documents required to Apply for a loan
When applying for a loan with an annual income of Rs 60,000 per month, the following documents are required:
- KYC documents
- Evidence of income (salary slips, form 16, financial documents of a business)
- A statement of bank accounts for the last six months
- Evidence from the company indicating at least five years of continuous operation
How To Boost Chances Of Being Approved For A Home Loan?
- Add a co-applicant.
- Opt for an extended payment duration.
- Include all of the potential sources of income.
- Keep a good credit score and a perfect record of on-time payments at all times.
FAQs
I am interning. Can I get a home loan?
To qualify for a housing loan, you need to have at least two years' of work experience.
If I am unable to pay my mortgage each month, what options do I have?
The bank could impose a variety of ECS bounce charges and fees under its authority. It will also reflect negatively on your credit report. The severity of the default will have a substantial impact on your ability to get future credit, including mortgages, car loans, and more. In addition to this, the lending institution might seek legal action against the consumer.
How does the bank decide what the interest rate will be for processing the loan?
Unlike personal loans, the interest rate charged by banks to all of their customers is predetermined and does not vary depending on who the applicant is. The difference between the floating interest rate and the fixed interest could make a little difference. Consequently, it is reliant on the option that you make in this regard.
How long does it generally take for a house loan to be disbursed?
In most cases, the sanctioning of your house loan will take between 3 and 4 weeks. Your application for a home loan could be placed on hold for any number of reasons; therefore, it's important to be patient during such times.