Home Loan on a Salary of Rs.50,000: Overview
A Home Loan can be a convenient financial product that can help you purchase your dream home. If you are looking to secure a Home Loan on a salary of Rs.50,000, Bajaj Housing Finance offers several advantages, including competitive interest rates, flexible repayment terms, and quick disbursement. To enhance your chances of loan approval, it is important to understand eligibility criteria, such as age, income, and credit score, among others.
Eligibility Criteria for a Home Loan
When you apply for a Home Loan, there are certain conditions that you need to fulfil called the eligibility criteria. These requirements may differ among lending institutions, but it is imperative that you meet them to qualify for the loan. They commonly include as follows:
- Applicants can be salaried Indian citizens (including NRIs) or self-employed citizens (residents only) with credit scores above 750
- Salaried employees should be between 23 and 67 years** of age, while self-employed individuals must be between 23 and 70 years** of age
- Individuals should be employed in the public or private sector, or a multinational firm holding at least 3 years of work experience
- Self-employed applicants should own a business venture with a vintage of at least 3 years
**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
Factors that Influence Home Loan Eligibility
Lenders approve Home Loans after considering the following factors:
- Credit score
- Age
- Income and work experience
- Employer and job profile
- Existing liabilities
- Legal and technical valuation of property
Steps to Apply for a Home Loan on a Salary of Rs.50,000
Individuals who wish to apply for a housing loan on a salary of Rs.50,000 can follow these steps to apply online:
- Visit our house loan application form.
- Enter your personal details such as your name, mobile number, and select the type of employment.
- Select the loan type you wish to avail of and enter your net monthly income. (Note: Click the info icon to learn more about the monthly income you need to enter.)
- Enter the PIN code and the required loan amount.
- Click ‘Generate OTP’ and enter the received OTP in the respective field. After entering the OTP, click ‘Proceed'.
- Populate all the financial details as requested and complete the form. (Note: The fields that you need to fill may vary basis your employment type.)
- Click ‘Submit’ to submit the application form.
How Can I Improve My Eligibility for a Home Loan on Rs.50,000 Salary?
Following are some tips to enhance your eligibility:
Apply with a Financial Co-Applicant
Applying for a joint Home Loan increases your chances of obtaining a higher loan amount. It also allows you to share the repayment amount whereby both applicants can derive double benefits from separate tax deductions.
Maintain a Good CIBIL Score
Repay your EMIs and credit card dues on time to increase your CIBIL score, avoiding delays or defaults. Try to maintain credit scores over 750 to secure favourable credit terms.
Repay Ongoing Loans
Your debt-to-income ratio is one of the factors that determine your ability to manage monthly repayments towards the loan amount you wish to borrow. Prepaying existing loans will decrease your debt-to-income ratio, suggesting that you have enough disposable income to pay off the loan, thereby increasing your eligibility for a loan.
Include Additional Income Sources
Mentioning all sources of income, such as rental earnings or investment dividends, can enhance your loan eligibility as it not only showcases higher income inflow but subsequently improves your debt-to-income ratio.
Also Read: How to Increase Home Loan Eligibility
*Terms and conditions apply.
