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How much home loan can I get on a Rs 25,000 salary?

Home Loan on Rs. 25,000 Salary

In recent years, availing housing finance has become the most sought-after funding solution for home buyers of every income slab. However, despite the convenience that makes housing accessible for all, some aspiring Home Loan applicants might have valid concerns about securing housing credit on modest salaries of Rs. 25,000 per month. So, if you are wondering how much Home Loan you can avail of on a Rs.25,000 salary, read on to know more.

How Much Home Loan Can One get on a Rs 25,000 Salary?

Most lenders usually have a minimum income requirement. Every bank and lending institution may have its own guidelines and policies on calculating the eligible loan amount for each applicant. It is mainly computed on the monthly income such that the EMIs never cross 40% to 50% of your earnings.

As a thumb rule, one can get a house loan up to 60 times their monthly income. But the actual amount of housing loan depends on various other aspects as well, such as the city of residence, age of the applicant, existing obligations and more. Lenders decide upon the appropriate sum of money they can lend to each customer based on the assessment and verification checks carried out during Home Loan processing.

Home Loan Amount on a Monthly Salary of Rs. 25,000

Given below is a table that provides a quick look at the approximate Home Loan amount you can obtain against your salary:

Net Monthly Salary Eligibility Amount
Rs.25,000 Rs.12,91,895
Rs.35,000 Rs.18,08,653
Rs.45,000 Rs.23,25,412
Rs.55,000 Rs.33,15,865
Rs.65,000 Rs.39,18,749

Nonetheless, take the assistance of a housing loan eligibility calculator to evaluate the exact sum of cash you are eligible to borrow. Doing so will allow you to plan your house loan in an efficient and hassle-free manner.

Eligibility Criteria for Availing a Home Loan on Rs. 25,000 Salary

If you are looking for a Home Loan on a salary of Rs. 25,000, you should meet a few essential requirements such as:

Parameters Eligibility Criteria
Type of employment Both salaried and self-employed applicants can apply 
Age For salaried: 23 to 75 years** old
For self-employed: 25 to 70 years** old
Nationality and residential status For salaried: Indian (including NRI)
For self-employed: Indian (resident)
Job experience For salaried: Minimum 3 years of work experience
For self-employed: Business vintage of over 5 years in the current enterprise

**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.

Calculation of Home Loan Eligibility

Your eligibility for a Home Loan is based on multiple factors through which lenders can determine a borrower’s repayment potential and the credit risk involved. These include:

Income and Employment Profile

Lenders normally offer favourable deals to employees of recognised companies and those owning established business ventures. A high income implies better repayment capacity with lower chances of default, thereby enabling you to negotiate competitive interest rates.

Age of Applicant

Securing loans early in your career can fetch you high-value loans with longer tenors. The cost of credit stays within reasonable limits as compared to the borrowing costs of those nearing the end of their service years.

Credit Profile

Your credit profile is a combination of numerous considerations like repayment history, credit habits, credit utilisation, debt-to-income ratio, credit mix and more. Your credit record summarises these parameters in the form of a CIBIL or credit score. A higher score denotes a low-risk profile granting you the benefit of preferential interest rates and terms.

How to Apply for a Home Loan on Rs.25,000 Salary?

Here is a step-by-step guide on how you can apply for a Home Loan on a salary of Rs. 25,000:

  • Visit the lender's website and look out for the Home Loan application form
  • Fill out the form correctly and submit
  • Upon receiving the first round of approval, furnish the required documentation and pay the requisite fee
  • Your lender will undertake legal and technical verification of the property, following which, they will issue a loan sanction letter
  • You can expect swift disbursal of the sanctioned loan amount in your account soon after you sign the loan agreement papers

How Can I Improve My Eligibility for a Home Loan?

Before applying for a loan, verify your eligibility first and if necessary, take corrective measures to enhance it for quicker approvals with these effective tips:

Apply with a Co-Applicant

Applying for a joint loan with a co-applicant, who has a high income and credit score, will increase eligibility as well as ensure individual tax benefits for both borrowers.

Choose a Flexible Tenor

A flexible tenor splits the total repayments over an extended duration, bringing down the EMIs. It will increase loan eligibility and work well for individuals with limited income sources. Furthermore, using a home loan EMI calculator will enable you to select suitable repayments and tenors as per your salary.

Mention all Sources of Earnings

Specify other income sources when trying to boost eligibility, such as rental earnings, returns from investments, variable pay like yearly bonuses, etc. that supplement your salary.

Obtaining a fair estimate of the Home Loan amount you can borrow against your salary of Rs. 25,000 will help you pick a property within the eligibility range, saving valuable time and effort when house hunting. This way, you get to choose a property that fits your priorities and your pocket, and also secure housing finance deals without straining your budget.

*Terms and conditions apply.

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