Home Loan EMI Payment
Enter your first and last name
Please enter Full Name
Enter your 10-digit mobile number
Mobile No can not be blank
Enter your pin code
Pin Code can not be blank
null
null

I authorize Bajaj Finserv representative to call /SMS towards this application and other products/services. This consent overrides my registration for DNC/NDNC.T&C

Please accept the terms and conditions
An OTP has been sent on your mobile number

Enter one-time password

0 Seconds
Entered wrong mobile number ?
null
Enter net monthly salary
Net Monthly Salary can not be blank
Please enter loan amount required
null
null
Please Select Property Location
null
select date of birth
Please enter your date of birth
Enter PAN card details
Pan Card can not be blank
Select employer name from the list
Enter personal email address
Personal Email can not be blank
Enter official email address
Official Email ID can not be blank
Enter current monthly obligations
null
null
null
null
null
Select business vintage value
Enter your monthly salary
Net Monthly Salary can not be blank
null
Please enter loan amount required
null
Please Select Balance Transfer Bank
null
null
Select Property Location
Enter annual turnover (18-19)
Enter your Annual Turnover 17-18

Thank you

How much home loan can I get on my salary?

The loan amount you can avail depends on criteria like your credit score, salary, age, location, current obligations, etc. Lenders usually offer a home loan that is 60 times your salary.

However, lenders do not generally consider your in-hand salary when determining the loan amount. Your in-hand salary can include the following –

  • Basic salary
  • Medical allowance
  • Leave travel allowance (LTA)
  • House rent allowance (HRA)
  • Other allowances, etc.
You are eligible for a home loan of approximately Rs. 36 Lakh, if your in-hand salary is Rs. 60,000.

Now, a lender will not consider allowances like medical and leave travel when assessing your income. These allowances are provided for the respective expenses; hence, financial institutions exclude them.

Assume your medical allowance is Rs. 1500 and LTA is Rs. 3000. Hence, your salary will become Rs. 49,000 if you deduct these two from it. Now, the home loan amount you will be eligible for is Rs. 29.4 Lakh.

Following is a table illustrating the home loan eligible based on salary –

Net Monthly income Home Loan Amount
Rs.25,000 Rs.18,64,338
Rs.30,000 Rs.22,37,206
Rs.40,000 Rs.29,82,941
Rs.50,000 Rs.37,28,676
Rs.70,000 Rs.52,20,146
Use a home loan eligibility calculator to check the home loan amount you are eligible for. The calculator considers factors like your income, loan tenor, other monthly income, and current financial obligations to calculate the eligible loan amount.

High income will fetch you a higher home loan. However, existing loan EMIs and obligations can lower the actual loan-to-value. Hence, foreclosing any existing loan or paying off credit card debts is an ideal way to increase your home loan eligibility.

Also, you must improve your CIBIL score. A credit score of 750 or above makes you more eligible for the loan.