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Home Loan on a Salary of Rs.80,000: Overview

Applying for a Home Loan with Bajaj Housing Finance comes with attractive features and benefits such as easy-to-meet eligibility criteria, longer repayment tenor of up to 40 years, competitive interest rates and simple documentation. If your monthly salary is Rs.80,000 and you are willing to avail of a Home Loan, look no further than Bajaj Housing Finance Home Loan.

Read further to learn more about our eligibility criteria, documents required, and tips to increase eligibility for getting a Home Loan approved.

Home Loan on a Salary of Rs.80,000: Eligibility Criteria

It is advisable to check your eligibility to get a Home Loan prior to applying for it. This will help you know the loan amount you are eligible for and thus maximise benefits on a Home Loan. The following are the eligibility criteria for salaried and self-employed applicants:

Eligibility Parameters Salaried Self-Employed
Nationality Indian (including NRIs) Indian (resident only)
Employment Minimum 3 years of work experience in a public or private sector company, or an MNC Minimum 5 years of vintage in the current enterprise
Age 23 to 75 years** 25 to 70 years**
Place of Residence Must reside in one of the cities we operate in Must reside in one of the cities we operate in

** The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.

How much home loan can one get on a Rs 80,000 salary?

Home Loan borrowers are eligible for credit up to 60 times their monthly salary. Hence, one could avail of loans in the range of Rs. 48 to Rs. 60 lakh on a monthly net income of Rs. 80,000. Additionally, since the recommended share of EMIs cannot exceed 50% of your net wages, the maximum instalment sum needs to be under Rs. 40,000 per month.

If we take an example, a 32-year-old applicant from Ahmedabad with a pay check of Rs. 80,000, who is the only earning member of the family and holds no other financial liabilities, can calculate his/her eligibility amount as follows:

  • Rate of interest – 8.7% p.a.
  • Tenor – 30 years
  • Existing credit obligations – None

Then, the approximate loan amount = Rs.50 lakh

Note: If there are more earning members in the family, the monthly income can be combined to arrive at a higher eligibility sum.

For exact estimates, one should make use of helpful financial tools like a home loan eligibility calculator to assess the loan amount they are eligible for as per the terms and conditions offered by their lender. This user-friendly tool provides accurate results with quick inputs of basic personal, professional and property details.

Home Loan on Income of Rs.80,000: Documents Required

Documents*** required for applying for a Home Loan at Bajaj Housing Finance are minimal. Keep the following list of documents ready for streamlining the process of loan application:

For Salaried Applicants

  • KYC documents such as Aadhaar card, Voter ID card, etc.
  • Recent photographs
  • Mandatory documents such as PAN card or Form 60
  • Proof of income such as recent salary slips, P&L statements, etc.

For Self-Employed Applicants

  • KYC documents such as Aadhaar card, Voter ID card, etc.
  • Recent photographs
  • Mandatory documents such as PAN card or Form 60
  • Proof of income such as ITR, P&L statements, etc.
  • Document of business ownership

***Additional documents may be required at the time of loan processing.

How Can I Improve My Eligibility for a Home Loan?

When seeking high-value loans and hassle-free approvals, follow the pointers below to enhance your Home Loan eligibility:

  • Add a co-applicant
  • Include other sources of earnings
  • Choose an extended loan tenor
  • Repay existing debts
  • Build and retain a good credit score

Home Loan on a Salary of Rs.80,000: How to Apply?

Prospective borrowers can easily apply for a housing loan. If you are a prospective borrower with an income of Rs.80,000, follow these steps to apply for a Home Loan:

1. Navigate to the housing loan application form on the official website or click on ‘Apply Now’.

2. Enter personal details such as name and mobile number.

3. Select your type of employment.

4. Select the loan type you want to apply for.

5. Enter your monthly salary.

6. Enter the PIN code and required loan amount.

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.

*Terms and conditions apply

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