Home Loan on 40000 Salary: Overview

Over the last few years, housing has been much more affordable than before, as the lending rates are at an all-time low across the country. In addition, financial institutions have further eased the process of applying for housing loans to stimulate the demand among the affordable, mid and premium segment consumers.

However, before approving a home loan, lenders consider certain factors such as current obligations of the applicant, credit salary, employment status, and age.

Home loans based on salaries

Salaries are important in the home loan application process for several reasons:

  1. Loan repayment: When individuals apply for a home loan, the lender assesses their creditworthiness and repayment ability. Salaries are an essential metric in evaluating the borrower's repayment ability. Higher salaries indicate a better repayment ability and increase the likelihood of loan approval.
  2. Loan amount: Salaries also play a role in determining the loan amount that lenders will approve. The loan amount is based on the borrower's repayment ability, which is directly related to their income levels. Higher salaries increase the loan amount that borrowers can access and increase their chances of owning a home that meets their needs.
  3. Interest rates: Salaries can also impact the interest rates charged on home loans. Lenders charge higher interest rates for borrowers with lower salaries as they are perceived to be higher-risk borrowers. Higher salaries indicate a better repayment ability and lower default risk, leading to lower interest rates on the loan.
Net Monthly Income Home Loan Amount
Rs. 36,000 Rs. 30,02,873
Rs. 37,000 Rs. 30,86,286
Rs. 38,000 Rs. 31,69,699
Rs. 39,000 Rs. 32,53,112
Rs. 40,000 Rs. 33,36,525

The loan amounts mentioned in the table above are an estimation that might change as per the norms and conditions of the banks and financial institutions.

How much home loan can I get on 40,000 salary?

You can get a Home Loan of Rs. 33,36,525* if your salary is Rs. 40,000. However, the exact figure can vary with other factors. The following table will provide you with an outline of the loan amount you can avail of based on your present salary.

Net monthly Salary

Home loan amount

Rs. 40,000

Rs. 33,36,525

Rs. 39,000

Rs. 32,53,112

Rs. 38,000

Rs. 31,69,699

Rs. 37,000

Rs. 30,86,286

Rs. 36,000

Rs. 30,02,873

*The home loan amount above is calculated using the Bajaj Finserv eligibility calculator. The actual loan amount varies with city, age & other factors.

Now that borrowers know how much they can avail as a home loan on 40000 salary, they must try to improve their eligibility by keeping the FOIR low, increasing credit score, paying off existing debts, etc.

How to check home loan eligibility?

Individuals can check their eligibility for a home loan by visiting the official website of Bajaj Finserv. Though the basic requirements are similar, certain factors may vary from one lender to another.

To know how to check home loan eligibility by using an home loan eligibility calculator, go through the process below-

Step 1: Borrowers are required to input the date of birth and the city of residence in the respective fields of the online calculator.

Step 2: Enter the values against all the parameters on the calculator.

Step 3: Click on the “check your eligibility” button.

Step 4: Check the eligible amount and alter values to adjust the loan amount suitable for you.

With this online calculator, borrowers can conveniently determine how much loan amount they can borrow based on the income. Besides meeting eligibility parameters, individuals are required to produce certain documents to ensure timely loan processing.

What documents are required for a home loan?

The documents required for a home loan are based on the employment status of the individual. Nonetheless, some of the common documents include-


  • KYC documents
  • Address proof
  • Income proof
  • Latest salary slip/ Form 16
  • Financial statement of last 6 months


  • KYC documents
  • Profit and Loss account statement
  • Balance sheet
  • Financial statement of last 6 months
  • GST registration certificate

What is the current interest rate on a home loan from Bajaj Finserv?

Bajaj Finserv offers competitive home loan interest rates, starting from 8.50%* p.a. to eligible borrowers. Therefore, eligible borrowers can avail a home loan at an affordable EMI starting at just Rs. 733/lakh*.

What are the benefits of Bajaj Finserv Home Loan?

Following are the benefits that individuals can enjoy with a home loan on 40,000 salary from Bajaj Finserv-

  • High loan quantum

    High loan quantum

    With Bajaj Finserv, individuals can avail a substantial loan amount of up to Rs. 15 crore* depending on your eligibility.

  • Extended repayment tenor

    Extended repayment tenor

    A housing loan from Bajaj Finserv comes with an extended tenor of up to 40 years. This further makes EMIs affordable, and the repayment becomes convenient. Borrowers can take help from a home loan EMI calculator to determine the exact amount, payable interest and a suitable tenor and plan repayment accordingly.

  • Home loan balance transfer

    Home loan balance transfer

    Individuals can opt for a home loan balance transfer conveniently and also avail a top-up loan from Bajaj Finserv.

  • Enjoy PMAY benefits

    Enjoy PMAY benefits

    With the assistance of Bajaj Finserv, individuals can avail a home loan with a subsidised interest under Pradhan Mantri Awas Yojana.

Besides paying regular home loan EMIs, individuals can choose to make part-payment or foreclose the loan whenever they want without paying any additional charges.

How to apply for a home loan from Bajaj Finserv?

Following is the step-by-step guide on the application process of a home loan on 40,000 salary:

  1. 1 Visit the official website of Bajaj Finserv
  2. 2 Fill in the loan application form by submitting necessary details
  3. 3 Select loan amount
  4. 4 After initial approval, submit relevant documents
  5. 5 After successful verification of documents, individuals will receive a loan sanction letter
  6. 6 After signing the loan amount, individuals will receive the loan amount

However, before proceeding with the loan application, ensure knowing about the home loan tax benefit and how it can benefit borrowers.

How to improve your home loan eligibility?

Here are the tips to improve home loan eligibility:

  • Improve your credit score
  • Choose an extended repayment tenor
  • Pay off your existing debts
  • Add co-applicant
  • Mention additional income source of income

For more information regarding home loan on 40,000 salary, connect with an executive from Bajaj Finserv.

Frequently asked questions

How much home loan can I get on Rs. 50,000 salary?

The loan amount is usually 50-60% of the monthly income. You could get a loan offer over Rs. 33,36,525 on a salary of Rs. 50,000.

How much house loan can I get on a Rs. 45,000 salary?

The loan amount is usually 50-60% of the monthly income. You could get a loan offer over Rs. 33,36,525 on a salary of Rs. 45,000.