If you earn around Rs. 90,000 monthly and are looking to own a home, purchasing your dream property is well within reach with a home loan. Securing funds through a loan can make the process smoother, allowing you to invest in a space that meets your needs and aspirations. The key question that you may have here is: how much home loan can I get on a Rs. 90,000 salary monthly?
Understanding your eligibility, the various factors at play, and the associated costs can help you transform your dream of homeownership into reality. This guide will outline your potential borrowing capacity and introduce useful tools like the home loan EMI calculator and the home loan eligibility calculator to streamline the process.
Key factors that affect your home loan eligibility
- Stable income: A consistent income can increase your home loan eligibility for a higher loan.
- Current debts: Existing financial obligations are assessed, influencing the loan amount.
- Credit score: A good credit score (around 725 or above) boosts eligibility and can lead to better home loan interest rates.
- Age: Younger applicants can benefit from longer loan tenures, raising their potential loan amount.
- Loan tenure: Longer tenures mean lower monthly payments, making higher loan amounts more manageable.
Calculating loan eligibility with a Rs. 90,000 income
Lenders typically apply a fixed obligation to income ratio (FOIR) to cap EMIs at around 50% of monthly income. Here’s how this might look:
- Max EMI capacity (50% of income): Rs. 45,000
- Interest rate: 8-9% per annum
- Loan tenure: Up to 20–30 years
Based on this, you could be eligible for a home loan in the range of Rs. 45 lakh to Rs. 55 lakh, depending on the tenure and exact interest rate.
Using the home loan eligibility calculator
Bajaj Finance offers a home loan eligibility calculator that helps you estimate your borrowing potential. By simply entering key details such as your monthly income, age, and any existing financial obligations, you can quickly obtain an estimated loan amount. This instant feedback allows you to better plan your budget and understand how much you can comfortably borrow without risking financial strain. Utilizing this tool is an excellent way to make informed decisions about your home loan, ensuring that you choose a borrowing option that aligns with your financial goals and lifestyle.
Example EMI calculations
To illustrate, here are a few EMI calculations for a Rs. 90,000 monthly income with an 8.5% interest rate and 20-year tenure.
| Loan Amount (Rs.) | Interest Rate (%) | Tenure (years) | Monthly EMI (Rs.) |
| 45,00,000 | 8.5 | 20 | 39,051 |
| 50,00,000 | 8.5 | 20 | 43,391 |
| 55,00,000 | 8.5 | 20 | 47,730 |
With this income, an EMI of about Rs. 45,000 is manageable, meaning you may qualify for a loan between Rs. 45–55 lakh.
Tips to boost loan eligibility
If the loan amount falls short, try these strategies:
- Opt for a longer tenure: Lower EMIs can increase loan eligibility.
- Apply with a co-applicant: Adding a family member with a stable income can enhance eligibility.
- Build a higher credit score: Improving your credit score can improve your borrowing terms.
- Reduce other debt: Lowering existing liabilities improves your FOIR, potentially increasing your loan limit.
Eligibility criteria for a Bajaj Housing Finance Home Loan
To qualify for a Bajaj Housing Finance Home Loan, you’ll need to meet basic home loan eligibility requirements:
1. Nationality: Must be an Indian resident.
2. Age: Salaried individuals should fall within 23 years and 67 years; for self-employed, between 23 years and 70 years.
3. CIBIL Score: Generally, a score of 725 or higher is required.
4. Employment: Salaried, professional, or self-employed individuals are eligible.
Want to know if you are eligible? You might already be – check your offers by entering your mobile phone number and verifying it with an OTP.
Documents required to apply
The necessary documents for a Bajaj Housing Finance Home Loan include:
- KYC documents: ID and address proof.
- Income proof: Salary slips or financial statements for self-employed individuals.
- Bank statements: Last six months’ statements.
- Business proof: For self-employed.
Please note that this is a general list and may vary depending on your specific loan application.
How to apply for Bajaj Housing Finance Home Loan
Ready to apply? Here is a quick, step-by-step guide to get started:
1. Click ‘APPLY’ on the official page.
2. Enter your name, contact number, and job type.
3. Select the loan type you want.
4. Verify your phone number via OTP.
5. Fill out additional details, like income and loan amount.
6. Enter your birth date, PAN, and other relevant information.
7. Click ‘SUBMIT’ to complete the application.
Ready to own your dream home? Start your application with Bajaj Housing Finance and make your homeownership journey easier. Check your eligibility easily by entering your mobile phone number and verifying it with an OTP.
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