Every bank and lending institution is required to undertake stringent checks and measures while assessing Home Loan applications. This is done to avoid bad debts for which various aspects are closely examined such as the applicant’s income, job profile, current liabilities and so on. If you have a good credit score along with the minimum income requirement set by your lender, your loan request has a higher chance of being approved.
How Much Home Loan Can I Get on Rs. 65,000 Salary?
Your monthly salary is a huge indicator of how much Home Loan you may be sanctioned. The quantum of money one is eligible to borrow will directly influence the budget of the property that one seeks to purchase. Lenders normally extend housing loans up to a maximum tenor of 30 years. Ideally, the recommended EMI pay-outs should never exceed 50% of your net salary. Thus, a Home Loan on a monthly salary of Rs.65,000 would mean a repayment potential of Rs. 32,500 per month.
Now, we calculate the probable eligibility amount as follows:
Expected EMI – Within Rs.32,500
Interest rate – 8.45%* p.a.
Repayment tenor – 40 years
Existing obligations – Nil
Therefore, the sum of money you would be eligible to borrow on a salary of Rs.65,000 = Rs.40 lakh.
The above parameters will vary according to your financial standing and the terms extended by your lender. Use a Home Loan Eligibility Calculator to accurately estimate the principal sum you may be eligible for.
Home Loan Eligibility Criteria
Lenders evaluate each applicant’s eligibility based on the following parameters to appraise his/her credit profile and repayment capacity. This helps them decide whether or not to grant approvals, and if so, on what terms and conditions.
Also Read: How much home loan can I get on my salary?
Documents Required for Home Loan
Documentation requirements for a house loan depend on your profession - whether salaried or self-employed – as listed here:
For Salaried Applicants:
- Address proof
- Proof of income
- KYC documents
- Latest salary slips of three to six months
- Form 16
- Bank statements for the past six months
For Self-Employed Applicants:
- Profit and loss statements
- KYC documents
- Financial statements for the previous six months
- Balance sheet
- Business registration certificate
Note: This is an indicative list. Lenders may call for additional documents during Home Loan processing.
How to Apply for a Home Loan on a salary of Rs.65,000
Access the official website of your preferred lender to apply for a housing loan on a salary of Rs.65,000 by following the steps given below:
- Navigate to the online Home Loan application form.
- Fill in the details as asked, providing accurate information.
- Enter the amount you wish to borrow.
- Ensure there are no errors. Check the details carefully before submitting.
- You will need to present the necessary documentation for further processing and scrutiny of the application form to receive loan approval.
Features and Benefits of a Home Loan at Bajaj Housing Finance
If you are looking for a home loan on a salary of Rs.65,000, you can enjoy several benefits if you opt for Bajaj Housing Finance.
High Loan Amount
For a salary of Rs.65,000, you can enjoy a Home Loan sanction of considerable amount.
Long Repayment Tenor
A long repayment tenor of 40 years helps you pay comfortably and reduces your burden.
Easy EMIs
At an interest rate starting as low as 8.45%*, you can grab a better deal and make considerable savings
Minimal Documentation
We keep the documentation minimal and quick so that your experience remains positive.
Top-up loan
When in need of interior upliftment, opt for a Top-up loan at low interest rates and cover your additional expenses.
Disbursal in 48 Hours*
Home loan applicants can expect to receive their sanction within 48 Hours*, following the approval of their application and documentation verification.
Eligibility Criteria For a Housing Loan on a salary of Rs.65,000
| Salaried and Professional Individuals | Self-Employed Individuals |
|---|---|
| Indians including NRI | Indian residents only |
| 3+ years of work experience | 5+ years of business vintage at current enterprise |
| Should be between 23 to 75** years of age | Should be between 25 to 70** years of age |
**Age at the time of loan maturity.
*Terms and conditions apply.
