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What Amount Can You Avail of as a Home Loan?_WC

The amount you can avail of as a Home Loan depends on your employment, income, credit, and financial profile and the property in question. Of these, the key factors you can assess to understand your eligibility are:

  1. Your credit score

  2. The lender’s Loan-To-Value (LTV) ratio

  3. Your income

  4. Your other financial obligations

The loan amount you are offered predominantly depends on the property value, since lender’s can only fund a percentage of the property value as a Home Loan. individuals can avail of up to 75%–90% of the property value as finance. Your credit score, albeit an important factor, predominantly affects your interest rate and other lending terms.

How much can I borrow as a Home Loan depending on the LTV ratio?

Individuals can avail of up to 75%–90% of the property’s value through a Home Loan. For properties up to Rs. 30 lakh, the LTV ratio can be up to 90%. For properties valued between Rs.30 lakh to Rs.75 lakh, the LTV can be up to 80%. Lastly, for properties valued over Rs.75 lakh, the LTV can be up to 75% of the property value.

How much can I borrow as a Home Loan Can I Get on My Salary?

It is not possible to evaluate Home Loan eligibilitysolely on your salary, since a number of other factors would also have to be considered. For example, you may earn Rs.1 Lakh per month, but if you have other obligations towards which you pay Rs.70,000, you may not be eligible for a sizeable loan.

How much can I borrow as a Home Loan if my salary is Rs.60,000?

Assuming you do not have any monthly obligations, you can avail of a Home Loan worth Rs.44.8 Lakh as a Home Loan with a monthly take home salary of Rs.60,000. To check Home Loan eligibility as per your salary, use our Home Loan Eligibility Calculator.

Note that this is a rough estimate; your Home Loan eligibility cannot be calculated solely on the basis of income.

How much can I borrow as a Home Loan if I earn Rs.10,000 more?

Assuming you do not have any monthly obligations, you can avail of:

  • A Home Loan worth Rs.44.8 Lakh as a Home Loan with a monthly take home salary of Rs.60,000
  • A Home Loan worth Rs.52.3 Lakh as a Home Loan with a monthly take home salary of Rs.70,000

A higher monthly income allows for more room for EMI, effectively enhancing your eligibility. This is provided your obligations have not risen in tandem.

Note that this is a rough estimate; your Home Loan eligibility cannot be calculated solely on the basis of income.

If I take a joint Home Loan, how much can I borrow?

Availing of a Home Loan with a co-applicant can help you enhance your eligibility. This is because with two or more applicants, the risk is reduced for the lender. More importantly, your profile also benefits from your co-applicant’s credit score, additional income, etc.

How much can I borrow as a Home Loan based on my other financial obligations?

The loan amount you are offered depends on your profile and the property in question. One of the factors that is considered in your profile is FOIR, i.e., Fixed Obligation to Income Ratio. This defines how much money you are left with to contribute towards the repayment of your Home Loan. Every lender has their own FOIR benchmark. Typically, you can be offered as Home Loan with a FOIR up to 75–80%.

How can I increase my Home Loan eligibility?

When applying for a Home Loan, ensure you include all your sources of income

  • Repay existing loans to showcase a higher repayment capacity
  • Check your CIBIL score and take steps to optimize it before applying
  • Apply with a co-applicant, especially one that has a CIBIL score of 750 or higher and a steady income source

How much must I pay as down payment for a Home Loan?

Lenders can finance up to 75%–90% of the property value as a Home Loan. Therefore, the remaining 10–25% must be borne by you.

How much will be the EMI on my Home Loan?

Your EMI amount will depend on the loan value, interest rate, and the tenor. The table below enlists a few examples.

Loan Amount (Rs.) Tenor Interest Rate EMI
40 Lakh 20 7% p.a. 31,012
50 Lakh 20 7% p.a. 38,765
60 Lakh 20 7% p.a. 46,518
70 Lakh 20 7% p.a. 54,271
40 Lakh 30 7% p.a. 26,612
50 Lakh 30 7% p.a. 33,265
60 Lakh 30 7% p.a. 39,918
70 Lakh 30 7% p.a. 46,571

*Terms and conditions apply

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