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Home Loan on a Salary of Rs.50,000: Details

Individuals who wish to avail of housing finance should have a clear understanding of the eligibility criteria because it can directly impact the quantum of the loan sanctioned to them. Regardless of your financial situation, several important factors such as age and credit score, also play an important role when establishing your capability in managing a Home Loan. While eligibility is directly proportional to your monthly income, it is not the only consideration.

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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 or NRIs or self-employed citizens (resident only) with credit scores above 750
  • Salaried employees should be between 23 and 75 years** of age, while self-employed individuals must be between 25 to 70 years** old
  • Individuals should be employed in the public or private sector, or a multinational firm holding at least three years of work experience
  • Self-employed applicants should own a business venture with a vintage of over five years
  • Applicants must have minimum earnings of Rs.25,000 per month

**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.

*Terms and conditions apply

Factors That Influence Home Loan Eligibility_WC

Factors That Influence Home Loan Eligibility

Lenders approve Home Loans after considering the below-mentioned factors:

  • Credit score
  • Age of applicant
  • Income and work experience
  • Employer and job profile
  • Repayment tenor
  • Existing liabilities
  • Legal and technical valuation of property

How to Apply for a Home Loan on a Salary of Rs.50,000_WC

How to Apply for a Home Loan on a Salary of Rs.50,000

Individuals can apply for a housing loan with an income of Rs.50,000 in a few easy steps as given here:

  • Visit the lender’s official website and fill out the house loan application form
  • Enter the required loan amount and all other details as asked
  • Submit the application
  • After initial approval, you need to provide necessary documentation for the verification process
  • Once your application is approved, the lender will issue a loan sanction letter
  • Soon after you sign the loan agreement, the money will be transferred to your account

How Can I Improve My Eligibility for a Home Loan on Rs.50,000 Salary?_WC

How Can I Improve My Eligibility for a Home Loan on Rs.50,000 Salary?

In certain instances, applicants may find it difficult to secure loan approvals on a Rs.50,000 salary due to various reasons like irregular income, growing age and so on. Some smart tips are elucidated below that can enhance eligibility with timely repayments and good credit habits:

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.

Choose a Lengthy Tenor

Opting for a longer tenor reduces the payable EMIs ensuring more manageable EMIs. However, the interest component adds up raising the overall cost of credit.

Maintain a Good CIBIL Score

Repay your EMIs and credit card dues on time to increase your CIBIL score. Avoid delays or defaults. Try to maintain credit scores over 750 to secure favourable credit terms.

Repay Ongoing Loans

Since financial institutions appraise loan eligibility based on the debt-to-income ratio, prepaying existing loans will improve your credit score and qualify you for a loan.

Include Additional Income Sources

Mentioning all sources of income, such as rental earnings or part-time wages will give you the appropriate debt-to-income ratio enhancing loan eligibility.

Also Read: How to Increase Home Loan Eligibility

*Terms and conditions apply.

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