How much home loan can I get on a 60,000 salary?
Home loans are typically high-value credits that impose a significant financial burden on the borrowers. However, the loan amount you can avail of varies depending on multiple factors like location of a property, current obligations of the applicant, age of the borrowers, and likes. Nevertheless, you can use a home loan eligibility calculator to determine the housing loan you are eligible for against your current income.
The following table will provide you with an overview of the loan amount you can get regarding your current salary.
Net monthly income
Home loan amount**
*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 you are aware of the home loan on Rs. 60,000 monthly salary, you can work to improve your eligibility further. Moreover, you can add your additional income from various sources to secure a higher loan amount.
How to check home loan eligibility?
You can check your home loan eligibility using an online calculator. Here are the steps to use it:
Step 1: Go to our home loan eligibility calculator page.
Step 2: Enter the subsequent information:
- Date of birth**
- City of residence
- Net monthly salary
- Current EMIs or other obligations
Step 3: Enter the information and click on ‘check your eligibility.’
Step 4: After that, this online device will show the loan amount you are qualified for promptly. You can then modify the values in different tabs and get a loan offer as per your needs.
Alongside reviewing the loan eligibility, one should also go through the list of documents necessary for this purpose.
**Maximum age considered at the time of loan maturity.
What are the documents required for a housing loan?
The list of documents one needs to submit to avail of housing credit are mentioned below:
- KYC documents
- Income proof (salary slips, form 16, financial documents of a business)
- Business proof stating at least 5 years of continuity
- Bank account statement of last 6 months
What is the current interest rate on a housing loan?
The current home loan interest rate levied by Bajaj Finserv starts from just 8.50%* p.a. p.a. Eligible borrowers can now get a home loan with EMIs starting from as low as Rs. 769/lakh*.
What are the benefits of the Bajaj Finserv Housing Loan?
The advantages of a housing loan from Bajaj Finserv include the following:
Substantial loan quantum
Bajaj Finserv offers house loan of Rs. 5 crore* or higher, basis eligibility for your dream home purchase; however, the final loan amount will depend on your eligibility. Hence, you can now check the home loan you can get on a 60,000 salary and apply accordingly.
Flexibility in repayment
The repayment tenor of a home loan can extend up to 30 years, making EMIs affordable. Hence, paying off the loan becomes hassle-free. Moreover, individuals can take the assistance of a home loan EMI calculator to find a suitable tenor.
Hassle-free balance transfer
The home loan balance transfer is now easier than ever. Lower your housing loan EMIs and avail of a top-up loan of Rs. 1 crore* or higher from Bajaj Finserv.
Online account management
You can now access the details of your loan account 24X7 through the online customer portal. You can now pay the home loan EMIs, and access various documents associated with credit.
Access to property dossier
A property dossier offers a consolidated overview of various financial and legal aspects of owning a property.
Bajaj Finserv is registered to extend the benefits of PMAY. You can now get a housing loan at an affordable interest rate under this flagship housing scheme from the Indian Government.
No additional charges on prepayment and foreclosure
Bajaj Finserv does not levy any additional fees on part payment or foreclosure of a home loan. It lowers the total cost of borrowing.
Besides, you should also learn the tax benefits of home loans to make further savings on your loan repayment.
How to apply for a Bajaj Finserv Home Loan?
Here is a brief guide on the application process of housing credit:
- 1 Click on ‘APPLY ONLINE’ to open the home loan application form
- 2 Duly fill out the form with the required information
- 3 Following the initial approval, complete documents submission and pay the required fees
- 4 After that, a company executive will contact you for further processing
- 5 Once the document and property verification is complete, you will get a home loan sanction letter
- 6 After signing the loan agreement, you will get the loan amount
How can I improve my eligibility for a home loan?
Following are some tips on how you can better your housing loan eligibility:
- Add a co-applicant
- Opt for a longer repayment tenor
- Mention all the income sources
- Maintain a high credit score and spotless repayment history
To learn more about home loan you can get on a 60,000 salary, get in touch with a Bajaj Finserv representative.
Frequently asked questions
Yes. Lenders consider several factors while approving home loan applications, including age, monthly income, and credit score. If you earn Rs. 60,000 per month (net salary) without any other EMI obligations, you can easily get a home loan. You can also use the eligibility calculator to calculate the loan amount.
You can apply for a Bajaj Finserv Home Loan online for Rs. 50 lakh. Depending on your age, credit score, current loan obligations, and documentation process you will get approval for the loan you have applied for. You can use the Bajaj Finserv Eligibility Calculator to know how much you can avail of before applying for a home loan.