How much home loan I can get on my salary in India?

You are eligible for a home loan up to 60 times of your net salary or monthly income. For instance, if your net salary is Rs. 55,000, you will be eligible for a loan of approximately Rs 33 lakhs.

How is home loan calculated based on salary?

For e.g. If a person is 30 years old and has a gross monthly salary of Rs. 30,000, he can avail a loan of Rs. 20.49 lakh at an interest rate of 6.90% for a tenure of 30 years provided he has no other existing financial obligations such as a personal loan or car loan etc.

How much home loan can I get on $65000 salary?

SBI Home Loan Eligibility Based on Salary

Monthly Income Loan Amount
Rs. 50,000 Rs.33,99,059
Rs. 55,000 Rs.41,54,405
Rs. 60,000 Rs.45,32,079
Rs. 65,000 Rs.49,09,752

How much loan can I get on 45000 salary?

How much home loan can I get on my salary?

Net monthly income Home loan amount
Rs. 35,000 Rs. 29,19,460
Rs. 40,000 Rs. 33,36,525
Rs. 45,000 Rs. 37,53,591
Rs.50,000 Rs. 41,70,657

How much loan can I get on 65000 salary?

How much home loan can I get on 60000 salary Quora?

Normally banks offer upto 60-70% of your monthly salary. If your salary is Rs. 60000/- then you can get around Rs. 36-42 lakhs as loan from bank.

What are the best home loans in India?

HDFC offers fixed,floating and TruFixed types of home loan.

  • HDFC offers Step Up Repayment Facility (SURF).
  • HDFC also provide facility of Flexible Loan Instalment Plan (FLIP).
  • You will also get Accelerated Repayment Scheme where you can increase the EMI as per your convenience to repay loan faster.

    • What is the home loan rate in India?

    Impact on home loans. With effect from April 1,2021,India’s largest bank State Bank of India has effectuated a 25 basis point upwards tweak in home loan interest rates,…

  • RBI leaves repo rate unchanged at 4%.
  • RBI leaves repo rate unchanged at 4%.
  • Impact on home loan interest rates.

    • How do you calculate home loan?

    – The principal is the current loan amount. For example, say you are paying off a 30-year mortgage. – Your interest rate (6%) is the annual rate on the loan. To calculate amortization, you will convert the annual interest rate into a monthly rate. – The term of the loan is 360 months (30 years). – Your monthly payment is $599.55.

    How long will it take to pay off my loan?

    Unaffordable mortgages and foreclosures can lead to bankruptcy. Most lenders offer, at minimum, a 15-year mortgage, though the most popular option is a 30-year loan. Those who’d like to cut that timeframe down, and pay the mortgage off in only 10 years, should consider making the following expert moves.