Home Loan on a Salary of Rs.40,000: Overview
Availing of housing loans has become easier with manageable EMIs and lower interest rates. If you are a salaried applicant with a monthly income of Rs.40,000 and willing to purchase a property, then availing of a Home Loan is a feasible option. Bajaj Housing Finance offers customised Home Loans at lower interest rates and EMIs with repayment tenures of up to 32 years. Use the Bajaj Home Loan Eligibility Calculator to get details on the loan amount you are eligible for based on your date of birth, monthly salary, city, and monthly obligations.
Read further to know the eligibility criteria, documents required, and steps to apply for a Home Loan with a salary of Rs.40,000.
How Much Home Loan One can get on a Rs.40,000 Salary?
The table given below displays the amount of Home Loan* you can avail from your lender for various salaries given that there are no existing debts or monthly obligations.
| Net Monthly Salary | Home Loan Amount |
|---|---|
| Rs.40,000 | Rs.20,67,033 |
| Rs.39,000 | Rs.20,15,357 |
| Rs.38,000 | Rs.19,63,681 |
| Rs.37,000 | Rs.19,12,005 |
| Rs.36,000 | Rs.18,60,329 |
*Based on other variables, the exact amount may change.
In order to improve your Home Loan eligibility for a Rs.40,000 salary, you can utilise a variety of tactics as a borrower, including paying off any existing debt you might have, paying EMIs regularly, etc. This will increase your creditworthiness, allowing lenders to entrust you with a Home Loan.
Documents Required for a Home Loan
Bajaj Housing Finance Home Loan requires minimum documentation. Keep the below-mentioned documents handy to speed up the process of the loan application. The following is the list of documents*** you need to submit while applying for a Home Loan:
For Salaried Applicants
- KYC documents such as Aadhaar Card and Voter ID Card
- Recent photographs
- Mandatory documents such as PAN Card or Form 60
- Proof of income such as recent salary slips, P&L statements, etc.
- For the last six months, see the financial statement.
For Self-Employed Applicants
- KYC documents such as Aadhaar Card and Voter ID Card
- Recent photographs
- Mandatory documents such as PAN Card or Form 60
- Proof of income such as ITR and P&L statements
- Document of business ownership
***Additional documents may be required at the time of loan processing.
Steps to Apply for a Home Loan
Applying for a Home Loan with Bajaj Housing Finance is easy and simple. Follow the steps given below to apply online:
Step 1: Navigate to the housing loan application form on the official website or click on ‘Apply Now’.
Step 2: Enter personal details such as name and mobile number.
Step 3: Select your type of employment.
Step 4: Select the loan type you want to apply for.
Step 5: Enter your monthly salary.
Step 6: Enter the PIN code and required loan amount.
Step 7: Enter the requested OTP and complete the rest of the application.
Once we receive your housing loan application, our representative will get in touch with you within 24 hours* to walk you through the next steps.
Factors That Affect a Borrower’s Eligibility
Lenders such as banks or NBFCs use certain important factors to determine borrower’s eligibility while lending them funds for a Home Loan. These factors are:
1. Creditworthiness of the borrower to repay: The borrower's creditworthiness and repayment tendency are considered to determine their Home Loan eligibility. A borrower’s credit score showcases recent and previous financial obligations. Better credit scores demonstrate responsible debt management in the past, which appeals to potential lenders.
2. Ability of the borrower to repay: The terms "in-hand pay," "net salary," and "gross salary" are frequently used to describe the borrower’s earnings. Knowing the distinction between these terms is essential since banks frequently look at a borrower's take-home pay when determining whether they qualify for a Home Loan. The most typical elements of a compensation structure are a basic salary, a medical allowance, a leave travel allowance, and a housing allowance. However, each organisation has its unique salary structure.
3. Credit rating: When assessing your eligibility, a critical factor that will be considered is your prior history of loan repayment. Even with a steady salary and other favourable circumstances, a low credit score may prevent you from qualifying for a housing loan. For financial institutions to show interest, the credit score must be at least 750.
4. Existing debt: Banks consider the borrower's history with other forms of credit, such as ongoing credit, credit cards, and instalment loans such as vehicle loans, while determining whether or not to offer a Home Loan. Thus, the lender is assured that the borrower won't get overloaded and will be able to make timely EMI payments.
5. The tenure: The length of the loan facility you choose to have, commonly known as a tenure, affects your eligibility as well. If you select a longer loan term, your monthly payments will be cheaper, which will then increase your ability to borrow more funds.
*Terms and conditions apply.
