As an Indian, we have always seen our elders look for investing in property. Like them, even the working youth plan to purchase a house of their own before they turn 30. Apart from having your own home, another reason of purchasing a house is due to marriage.
With such requirements, Banks and NBFCs in India provide long term home loans so that eligible customers can get maximum home loan amount and can own a house of their own. There are many rules and regulations which a customer must follow before they apply for a home loan. On the basis of such rules, you will get a loan amount.
How much home loan I can get on 20000 salary?
For an average working class person who earns 20,000 monthly incomes without any other active loans and paying 1 lakh as down payment, this is the approximate home loan amount he can get;
| Gross Monthly income | Interest Rate | Tenure | Maximum loan amount |
| 20,000 | 11.00% | 15 years | 7,00,000 |
| 20,000 | 11.00% | 20 years | 7,75,000 |
| 20,000 | 11.00% | 25 years | 8,25,000 |
| 20,000 | 11.00% | 30 years | 8,50,000 |
| 20,000 | 11.00% | 40 years | 10,00,000 |
For an average working class person who earns 25,000 monthly incomes without any other active loans and paying 1 lakh as down payment, this is the home loan amount he can get;
| Gross Monthly income | Interest Rate | Tenure | Maximum loan amount |
| 25,000 | 10.00% | 15 years | 9,00,000 |
| 25,000 | 10.00% | 20 years | 10,50,000 |
| 25,000 | 10.00% | 25 years | 11,25,000 |
| 25,000 | 10.00% | 30 years | 12,00,000 |
| 25,000 | 10.00% | 40 years | 14,00,000 |
For an average working class person who earns 30,000 monthly incomes without any other active loans and paying 1 lakh as down payment, this is the approximate home loan amount he can get;
| Gross Monthly income | Interest Rate | Tenure | Maximum loan amount |
| 30,000 | 9.00% | 15 years | 11,25,000 |
| 30,000 | 9.00% | 20 years | 13,75,000 |
| 30,000 | 9.00% | 25 years | 16,00,000 |
| 30,000 | 9.00% | 30 years | 18,25,000 |
| 30,000 | 9.00% | 40 years | 20,00,000 |
For an average working class person who earns 40,000 monthly incomes without any other active loans and paying 1 lakh as down payment, this is the home loan amount he can get;
| Gross Monthly income | Interest Rate | Tenure | Maximum loan amount |
| 40,000 | 8.00% | 15 years | 19,00,000 |
| 40,000 | 8.00% | 20 years | 21,50,000 |
| 40,000 | 8.00% | 25 years | 23,50,000 |
| 40,000 | 8.00% | 30 years | 25,00,000 |
| 40,000 | 8.00% | 40 years | 29,00,000 |
How Can I enhance my home loan eligibility?
As you might have seen above, as the salary of the person kept on increasing, the maximum home loan amount also kept on increasing. If you want a higher home loan amount like 30 lakhs or 40 lakhs amount with lower EMI then you can do either of the things;
Please add your partner/spouse as the co-applicant in the home loan application. Since both your incomes will be merged into one, the loan amount can increase to a higher level.
You can also opt for a long term structured repayment plan which allows you to get a higher loan amount accordingly.
