How Much Home Loan can I Get on 18000 Salary?

I needed a home loan but I wasn’t sure how much I would get for Rs. 18,000 salary. I called Uncle to get an idea about it as he used to work in a Bank. My Uncle told me that the home loan amount depends on my credit score along with my salary. He said that I could use a Home loan eligibility calculator to know about the 18000 salary home loan. 

How Much Home Loan for 18000 Salary?

I did a Google Search and landed on the NoBroker home loan eligibility calculator page. Here are the steps that I followed to check for the eligible home loan amount. 

• I opened the

  NoBroker Home Loan

  page. 

• Following that, I located the eligibility calculator and entered my monthly salary,  Rs. 18,000.

• Next, I entered the ROI and Loan Tenure as 8.4% and 30 years, respectively. 

• As for the Loan Amount and Other EMI options, I left them as Zero. 

And that’s how I learned about the Home loan amount that I would get for Rs. 18000 salary, which was Rs. 9,40 Lakhs. I hope this helps. 

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How to Apply Home Loan in SBI?

Hi there,

Everyone wants to buy a house as soon as they get a job. Same thing I wished for when I got my first job. I was living in a rented apartment and I felt that I could purchase a house, pay off the loan within 10 years. But I was learning only 18k at that time. I visited the bank and I learned that there are some eligibility criteria, you need to fulfil before getting a home loan from any bank. I talked to one of the managers in the bank and he cleared the doubt for the question 'how much loan can I get on 18000 salary?'

I went to HDFC and the minimum criteria for home loan at HDFC is:

• Age must be 24-60 years

• Minimum income must be Rs.18,000

• The individual must be salaried for at least 3 years or must be self-employed for a minimum of 5 years.

• The minimum credit score should be 650.

I was happy to know that we can obtain home loan for 18000 salary. But my manager pointed out that there are certain expenses we need to bear every month and in case of emergency I won't be able to bear any expenses if I take home such a less salary. So, to avoid any risk it's better to wait rather than making a rash decision. 

My manager pointed out that I can take a joint home loan with my parent or my sibling. That way I will have enough to bear my expenses and I won't need to take any stress for 18000 salary home loan. 

This is what I wanted to convey about how much loan can I get on 18000 salary. I hope you like this answer.

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Read more:

How much home loan can I get on 30000 salary?

How much home loan can I get on 25000 salary?

How much home loan can I get on 55000 salary?

Hey Buddy, We all have the dream to purchase a house at an early age so that we can have something of our own. Therefore as soon as we start earning we think about investing in property. I mean we all want a roof on top of our heads. Let me share with you my story about home loan policy so that you can understand how much home loan can I get on 18000 salary. I was 22 years old and I started working in an IT company. I immediately wanted to purchase a house and pay off my loan by the time I am 35. But I was getting 19k in hand at that time. I went to my bank manager to ask him regarding my home loan eligibility according to salary. He pointed out a few things about home loan based on salary.

• To secure home loans you must have a good CIBIL score
• The EMI should be equal to or less than 50% of your monthly income.
• It is easy to secure a home loan if a co-applicant is added.
• You need to decide on tenure before applying for a home loan.
• What is the amount of home loan you need to purchase a house?
• The age limit to apply for a home loan is 18 to 70 years.

These are some factors for home loan eligibility according to salary that I discussed with my bank manager. I went to SBI for a home loan but I could not secure any because the minimum salary for a home loan is 25,000.  He suggested that I should apply under the PMAY scheme for home loan limits as per salary. The interest rate for the PMAY scheme is 2.67%. I wanted for a few years and after a promotion, I was able to secure a home loan from the bank at the age of 28 years. I researched about home loans a lot and I feel that you can use an EMI calculator to check how much loan you can get if you are wondering my salary is 18000 how much home loan can I get. Click here to know how much loan you can get on Rs.18,000. I hope my answer on how much home loan can I get on 18000 salary. Now that you know how much loan you can get for your salary, you may also want to check your eligibility for a home loan. You can check it through NoBroker here,

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Click here to secure a home loan at the lowest interest rate. Read more: How much home loan can I get on 30000 salary? How much home loan can I get on 25000 salary? How much home loan can I get on 55000 salary?