How Much Home Loan Can I Get on Rs. 40,000 Salary?

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.

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.

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

Bajaj Finserv offers competitive home loan interest rates, starting from 7.45%* p.a to eligible borrowers. Therefore, eligible borrowers can avail a home loan at an affordable EMI starting at just Rs. 684/lakh*.Want to check your eligibility? Enter your mobile number and OTP to know more.

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

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 Rs. 40,000 salary, connect with an executive from Bajaj Finserv.You can also check your pre-approved offers online by entering your mobile phone number and OTP for verification.

Factors that affect a borrower’s eligibility

When you apply for a home loan, lenders such as banks or NBFCs follow certain guidelines to determine how much they can safely offer. Some of the key aspects they review include:

1. Creditworthiness and repayment habits

Your credit score gives lenders an idea of how responsibly you have handled loans or credit in the past. A strong score suggests timely repayments and disciplined financial behaviour, which makes a lender more confident about approving a home loan. A lower score, on the other hand, can reduce your chances of getting the amount you want.

2. Income structure and repayment capacity

Lenders check your earnings to understand whether you can comfortably manage monthly EMIs. They often focus on your take-home salary, which may include elements like basic pay, allowances, and company-specific benefits. Knowing how your salary is structured helps lenders assess how much you can realistically repay each month.

3. Credit rating and past loan history

Your previous repayment record plays an important role. Even with a steady income, a poor credit rating may make lenders hesitant. Most lenders prefer a score of 750 or above to consider you a reliable borrower.

4. Existing financial commitments

If you already have active loans or credit card dues, lenders will evaluate how these affect your monthly budget. They want to ensure you are not burdened with more EMIs than you can manage.

5. Loan tenure chosen

The repayment period you select influences the amount you qualify for. A longer tenure usually lowers the EMI, which may allow you to borrow a higher amount within your comfort level.

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