How Much Home Loan Can I Get on 50000 Salary?

How Much of a Housing Loan Can You Get With Your 50000 Current Salary?

If you earn a monthly salary of INR 50,000, you may be eligible for a home loan ranging between INR 37 Lakhs and INR 40 Lakhs. The exact loan amount depends on your overall eligibility, which can vary based on several factors. To get a clear understanding of your eligibility, you can use Urban Money’s home loan eligibility calculator. This tool helps you explore suitable bank products and provides a more precise estimate of your borrowing capacity. For a seamless experience, the step-by-step process to check your home loan eligibility is detailed below.

To check the maximum loan amount you can avail of in a home loan with a salary of ₹ 50,000, follow the simple steps given below:

• Visit the official website of Urban Money.
• Select Loans -> Home Loan. Then click on “Home Loan Eligibility Calculator” under Home Loan Calculators section.
• You will be directed to a new page titled “Home Loan Eligibility Calculator,” where you can check your maximum eligible home loan amount.
• Input your name, mobile number, preferred city, occupation type, monthly salary, existing EMIs, required loan amount, desired tenure, and date of birth.
• Once you fill in the required information, click the “Check Now” button.
• The result will be displayed instantly, including your eligible home loan amount, interest rate, loan tenure, and EMIs.
• As you scroll down, you can also view the pertinent banks/NBFCs available for home loans.

Eligibility Criteria for a Home Loan on 50000 Salary

The eligibility criteria regarding a home loan for ₹ 50,000 salary may vary slightly depending on the lender and your profile. However, the following are the common eligibility criteria you can expect when applying for a ₹ 50,000 salary home loan: 

• The applicant must be between 21 and 60 years old.
• The applicant must be either a salaried or self-employed individual.
• The applicant must have a regular and stable income source covering the loan EMIs.
• The applicant must have a better credit score, typically 700 or above, considered ideal.
• The applicant must be an Indian citizen, including NRIs.

Documents Required for Home Loan on 50000 Salary

To apply for a home loan on a ₹ 50,000 salary, you will typically need to submit the following documents:

• Proof of Identity: PAN Card (Mandatory), Aadhaar Card, Passport, or Driving License.
• Proof of Address: Electricity Bill, Gas Bill, Property Tax Receipt, or Voter ID.
• Proof of Income: Salary slips, Form 16, and income tax returns are necessary for salaried individuals. On the other hand, self-employed applicants are required to submit business-related proofs, such as the Balance Sheet, Profit and Loss Account, Income Tax Returns, TDS certificates, and other relevant documents.
• Proof of Property: Title deeds, allotment letter, valuation report, receipt of payment, etc.

Tips to Increase Your Chances of Getting a Home Loan on 50000 Salary

Here are certain tips you can follow to enhance your chances of getting a home loan for ₹ 50,000 salary:

• Maintain a high credit score
• Settle existing debts or loans
• Disclose all income sources
• Opt for a higher down payment
• Choose a longer tenure
• Affix co-applicants