{"id":10401,"date":"2023-02-07T13:19:33","date_gmt":"2023-02-07T13:19:33","guid":{"rendered":"https:\/\/www.homebazaar.com\/knowledge\/?p=10401"},"modified":"2024-11-22T06:03:47","modified_gmt":"2024-11-22T06:03:47","slug":"how-much-home-loan-can-i-get-on-60000-salary","status":"publish","type":"post","link":"https:\/\/www.homebazaar.com\/knowledge\/how-much-home-loan-can-i-get-on-60000-salary\/","title":{"rendered":"How Much Home Loan Can I Get On 60000 Salary?"},"content":{"rendered":"<h2><b>How Much Loan Can I Get on 60000 Salary?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">Buying a home can impose a significant financial load on a person. Home loans help in carrying this burden.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Any salaried individual can avail of the home if fits in eligibility criteria such as age limit which decides the tenure of the<\/span><a href=\"https:\/\/www.homebazaar.com\/homeloans\"><span style=\"font-weight: 400\"> home loan<\/span><\/a><span style=\"font-weight: 400\">, monthly income, location of the property, CIBIL score etc.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Every financial institution has set its own eligibility criteria.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-10406 size-full\" src=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130216\/How-Much-Loan-Can-I-Get-on-60000-Salary-jpg.webp\" alt=\"How Much Loan Can I Get on 60000 Salary?\" width=\"810\" height=\"285\" srcset=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130216\/How-Much-Loan-Can-I-Get-on-60000-Salary-jpg.webp 810w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130216\/How-Much-Loan-Can-I-Get-on-60000-Salary-300x106.webp 300w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130216\/How-Much-Loan-Can-I-Get-on-60000-Salary-768x270.webp 768w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130216\/How-Much-Loan-Can-I-Get-on-60000-Salary-750x264.webp 750w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><\/p>\n<p><span style=\"font-weight: 400\">Here we have created a table with approximate housing loan amounts on a particular salary.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Monthly Salary\u00a0<\/b><\/td>\n<td><b>Home Loan Amount<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Rs 60,000<\/span><\/td>\n<td><span style=\"font-weight: 400\">Rs 50,04,788<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Rs 58,000<\/span><\/td>\n<td><span style=\"font-weight: 400\">Rs 48,37,962<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400\">Rs 56,000<\/span><\/td>\n<td><span style=\"font-weight: 400\">Rs 46,71,136<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: 400\">To increase your housing loan eligibility you can also opt for a <\/span><a href=\"https:\/\/www.homebazaar.com\/knowledge\/how-to-apply-for-a-joint-home-loan\/\"><span style=\"font-weight: 400\">joint home loan<\/span><\/a><span style=\"font-weight: 400\"> which can avail higher home loan amount.\u00a0<\/span><\/p>\n<h2><b>What Is My Home Loan Eligibility With a 60,000 Salary?<\/b><\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10407 size-full\" src=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130256\/Home-Loan-Eligibility-jpg.webp\" alt=\"Home Loan Eligibility\" width=\"810\" height=\"391\" srcset=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130256\/Home-Loan-Eligibility-jpg.webp 810w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130256\/Home-Loan-Eligibility-300x145.webp 300w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130256\/Home-Loan-Eligibility-768x371.webp 768w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130256\/Home-Loan-Eligibility-750x362.webp 750w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><\/p>\n<p><span style=\"font-weight: 400\">Banks issue home mortgages to an individual with 60 times of there yearly income.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The housing loan gets approved if the person fits the set of eligibility criteria.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">You can calculate loan eligibility by using the <\/span><a href=\"https:\/\/www.homebazaar.com\/home-loan-eligibility-calculator\"><span style=\"font-weight: 400\">Home loan eligibility calculator<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Here are the home loan eligibility criteria for a person with a salary of 60,000.<\/span><\/p>\n<p><b>Age of Applicant<\/b><\/p>\n<p><span style=\"font-weight: 400\">Banks or financial institutions favour younger mortgage borrowers as they get more time for repayment.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The age limit for home loans is set from 23- 62 years for salaried individuals and 25-70 years for self-employed individuals.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Borrowers, who are in their 40s could find little challenging to get a loan. Banks offer some alternative payment options and rates of interest for such borrowers.\u00a0<\/span><\/p>\n<p><b>Number of Dependants<\/b><\/p>\n<p><span style=\"font-weight: 400\">This is another important criterion when getting housing loans.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The people who rely on you are a crucial factor as expenditure will be higher for more people in a family which can result in a lower principal sum.<\/span><\/p>\n<p><b>CIBIL Score<\/b><\/p>\n<p><span style=\"font-weight: 400\">A credit score tells a person\u2019s current financial worthiness.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Any remaining, forgotten credit card payments can affect your loan eligibility.<\/span><\/p>\n<p><span style=\"font-weight: 400\">An expected home loan amount can get approved with a CIBIL score of 750 or more.\u00a0<\/span><\/p>\n<p><b>Repayment Ability<\/b><\/p>\n<p><span style=\"font-weight: 400\">Financial institutions assess your savings, earnings and outstanding finances for loan repayment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Banks evaluate applicants&#8217; credit history before approving housing loan amounts.\u00a0<\/span><\/p>\n<h2><b>Home Loan EMI Calculator\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400\">You can calculate your monthly payments by using the <\/span><a href=\"https:\/\/www.homebazaar.com\/home-loan-emi-calculator\"><span style=\"font-weight: 400\">EMI calculator<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With the help of the EMI calculator, you can find out how much housing loan you can get on 60,000 salary.\u00a0<\/span><\/p>\n<h2><b>Documents Required for Home Loan<\/b><\/h2>\n<p><img decoding=\"async\" class=\"alignnone wp-image-10408 size-full\" src=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130351\/Documents-Required-for-Home-Loan.png\" alt=\"Documents Required for Home Loan\" width=\"704\" height=\"340\" srcset=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130351\/Documents-Required-for-Home-Loan.png 704w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130351\/Documents-Required-for-Home-Loan-300x145.png 300w\" sizes=\"(max-width: 704px) 100vw, 704px\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Documentation proof of stating Indian Nationality.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">KYC Documents such as Aadhar cards, voter ID, Passports and PAN cards.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Income Proof such as Bank Statement for the last 6 months, Salary slip, and ITR of the Last 3 Years.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Proof from a company for operating over five years.\u00a0<\/span><\/li>\n<\/ul>\n<h2><b>How Can I Increase My Chances Of Getting a Home Loan?<\/b><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-10409 size-full\" src=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130429\/How-Can-I-Increase-My-Chances-Of-Getting-a-Home-Loan-jpg.webp\" alt=\"How Can I Increase My Chances Of Getting a Home Loan?\" width=\"810\" height=\"391\" srcset=\"https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130429\/How-Can-I-Increase-My-Chances-Of-Getting-a-Home-Loan-jpg.webp 810w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130429\/How-Can-I-Increase-My-Chances-Of-Getting-a-Home-Loan-300x145.webp 300w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130429\/How-Can-I-Increase-My-Chances-Of-Getting-a-Home-Loan-768x371.webp 768w, https:\/\/homebazaar-blog.s3.ap-south-1.amazonaws.com\/knowledge\/wp-content\/uploads\/2023\/02\/07130429\/How-Can-I-Increase-My-Chances-Of-Getting-a-Home-Loan-750x362.webp 750w\" sizes=\"(max-width: 810px) 100vw, 810px\" \/><\/p>\n<p><span style=\"font-weight: 400\">There are many ways which can be implemented to increase the chances of getting housing loans.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">You can opt for a housing loan with a co-applicant.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Select long-term Tenure.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Maintain a good CIBIL score and keep a perfect record of payments.\u00a0<\/span><\/li>\n<\/ul>\n<h2><b>How Much Must I Pay As A Down Payment For a Home Loan?<\/b><\/h2>\n<p><span style=\"font-weight: 400\">In general, you are required to pay approximately 15-20 % of the total property cost as a downpayment. It is totally up to you and your financial condition.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">No bank offers a 100% home loan to borrowers as per <a href=\"https:\/\/www.rbi.org.in\/Scripts\/Act_Laws.aspx\" rel=\"nofollow noopener\" target=\"_blank\">RBI guidelines<\/a>.\u00a0<\/span><\/p>\n<h2><b>FAQs<\/b><\/h2>\n<table>\n<tbody>\n<tr>\n<td><b>Can I avail 100% home mortgage in India?<\/b><\/p>\n<p><span style=\"font-weight: 400\">No, as per RBI guidelines, no one can avail 100% housing loan from lenders. The financial institution offers up to 90 % of home loans depending on the individual\u2019s eligibility criteria.\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>What salary is required for a housing loan?<\/b><\/p>\n<p><span style=\"font-weight: 400\">For salaried employees, min salary of 10,000 is necessary<\/span><\/p>\n<p><span style=\"font-weight: 400\">For Self-employed min, 2 lakhs per annum are required.<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>Does salary affect housing loans?<\/b><\/p>\n<p><span style=\"font-weight: 400\">When you apply for a housing loan your monthly income is an essential factor for a financial institution to major your repayment capability.\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>How much salary is required for a 1cr housing loan?<\/b><\/p>\n<p><span style=\"font-weight: 400\">To get a 1 crore housing loan your salary should be more than 1,00,o00 per month.\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How Much Loan Can I Get on 60000 Salary? Buying a home can impose a significant financial load on a person. Home loans help in carrying this burden.\u00a0 Any salaried individual can avail of the home if fits in eligibility criteria such as age limit which decides the tenure of the home loan, monthly income, [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":10414,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[106,2018,2071,195,2070,2015,2069],"class_list":["post-10401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-loan","tag-bank-home-loan","tag-emi","tag-emi-calculator","tag-home-loan","tag-home-loan-calculation","tag-home-loan-eligibility","tag-home-loan-on-60k-salary"],"_links":{"self":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts\/10401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/comments?post=10401"}],"version-history":[{"count":4,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts\/10401\/revisions"}],"predecessor-version":[{"id":17023,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/posts\/10401\/revisions\/17023"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/media\/10414"}],"wp:attachment":[{"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/media?parent=10401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/categories?post=10401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.homebazaar.com\/knowledge\/wp-json\/wp\/v2\/tags?post=10401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}