How much home loan can I get on 20000 salary?

I needed a home loan, but I didn't know whether I would be able to get it at my current salary or not. I called my uncle, who works at a bank, and asked him can I get home loan with 20000 salary. He told me that I could get it and provided me with some other information. 

How Much Salary Required for 20 Lakh Home Loan?

My uncle said that, according to the rules, people with salaried jobs can get home loans for up to 60 percent of their in-hand monthly income. So, if a person earns Rs 20,000 per month, he is eligible for a home loan of Rs 10-12 lakh. But that can change based on the amount of credit score and various other factors of the bank. 

He also said that the EMI shouldn’t exceed 50% of my monthly salary or else it will increase the financial burden, So the EMI of a home loan for 20k salary should not go beyond Rs. 10,000.

He provided me with a breakup of how much EMI I needed based on the loan tenure. You can learn about that from the answer provided by Juhi. After that, he also gave me a few tips for improving home loan eligibility for 20000 salary. 

Tips for Improving Home Loan Eligibility

• He told me I could take a joint home loan with my parents or spouse to increase the loan amount.

• He also told me to compare banks to find low interest rates for home loan.

• My uncle also suggested opting for longer repayment periods to avoid financial burden. 

This is what my uncle told me when I asked him can I get home loan with 20000 salary. Hope this helps. 

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How much loan can I get on my salary?

We have been living in a rented house since my childhood, so in 2014 I decided to build our new home. Buying a house is tough for a middle class family, and we cannot spend 10-15 lakhs all of a sudden. I had a salary of about Rs 20,000 so I visited the bank to discuss how much home loan can I get on 20000 salary in SBI. one bank official explained everything to me in detail so let me share the same here

How much housing loan can I get on 20000 salary?

As a general rule, an individual can get up to 60 percent of their salary per month. But yes, their creditworthiness will be verified before sanctioning the loan. The higher their CIBIL score, the higher the loan amount they can get. So for 20k salary home loan can be about Rs 60*20000 = Rs. 1200000. Here is a basic chart of EMI that you must look at to get a clear idea-

Time period of loan	EMI to be paid (monthly)
10 years	Around Rs 13,000
15 years	Around Rs 10,000
20 years	Around Rs 8,000

The amount will depend on the interest rate, so this chart is just based on an assumption. So in SBI you can get a home loan of Rs 10-12 lakhs with a monthly income of Rs 20,000.

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Can we get 100 percent home loan? How much home loan can I get on 60000 salary? How much home loan can I get on 18000 salary?

If you are a salaried person who wants to buy a home, "housing loan eligibility" is obviously the first thing that comes to mind. In general, individuals in salaried positions are eligible for mortgage loans up to 60 times their monthly net income.

Calculate your EMI on a home loan via NoBroker EMI calculator Get home loans without hefty paperwork through NoBroker The amount of Home loan based on salary:

Net monthly income	Loan amount
Rs 20,000	Rs 10,36,246
Rs 30,000	Rs 17,09,806
Rs 40,000	Rs 23,83,366
Rs 50,000	Rs 30,56,926

Home loan tenures:

• 5 years

• 30 years

• 20 years

• 25 years

• 7 years

• 15 years

Year-wise breakup of home loan on 20000 salary with 7.50% interest rate:

EMI (in year)	Amount
for a duration of 5 Years	Rs 22,042
for a duration of 10 Years	Rs 13,057
for a duration of 15 Years	Rs 10,197
for a duration of 20 Years	Rs 8,862
for a duration of 30 Years	Rs 7,691

After going through the above-mentioned answers, I’d say that I completely agree with R. Soumya’s answer, where she mentioned all the criterias of home loan eligibility for 20000 salary. However, apart from Age of the borrower, Credit history and CIBIL score, Loan tenure, Income stability, Right property documentation, Property insurance, ITR files; one should also consider that your home loan eligibility depends on your employer and work history, any other existing obligations, and LTV. 

I would like to conclude here as I believe this suffices your query, about the housing loan eligibility. I hope this helps:)

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How Much Housing Loan Can One Get on 45000 Salary? How much loan can I get on my salary? How Much Loan Can I Get for House?

I knew that a loan gets approved after looking at several aspects but the foremost among them is the salary that one gets. I have been working for the last 10 years and am planning to buy a house of my own. However I know that with such a low salary, it is going to be hard for me. Yet I approached my father to get an idea and asked him how much loan can I get on 20000 salary. He simply said that one can get about 60 times their net income so for me it is going to be about 20000*60=1200000. Let me tell you what other aspects determine a loan.

Get your Home Loan from NoBroker with the minimum interest rate and fulfill your dream of having your own house Calculate how much money your are to pay monthly with NoBroker EMI Calculator   Which banks are the best to avail Home Loans from?

When I asked more people about a home loan for 20000 salary, they suggested that I visit the bank and get the exact details. The next question was: which bank will be the best to avail Home Loans from? So here is a list of banks that is well-known for sanctioning Home Loans:

• Bank of Baroda

• State Bank of India

• ICICI Bank

• Punjab National Bank

• HDFC Bank and more

However, for my 20000 salary home loan, I approached Union Bank of India where the interest rate was 6.40 to 7.0% but as it is mentioned in the above answer, there are several factors that determine the home loan so the interest rate may vary depending on those factors.

 

Now you must have known how much loan can I get on 20000 salary.

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How to check PNB Home Loan status?

Is NOI mandatory for Home Loans and not?

Buying a home for yourself and your loved ones is a dream for many. If you are planning to realize this dream there are many loan offers that have come up in recent years. Not only this, there are various affordable housing schemes which have been launched by states and central governments to promote housing for all. If you are wondering if you will be eligible for a home loan or not. Don’t worry, I got you covered. You will find the answer to how much home loan can I get on 20000 salary here. “My salary is 20000 how much home loan can I get?” If you didn’t know this let me tell you, usually banks offer home loans on the basis of many factors among which your income is the primary one. As per the standard rule, banks offer home loans up to 60 times of your salary. Say you earn Rs. 20000 then you will be eligible to get a home loan of Rs. 12,00,000.   “How much home loan can I get if my salary is 20000? Am I even eligible for it?” Obviously, as mentioned above there are multiple factors that play a crucial role in determining whether or not you will be eligible for the loan but if you have all the things in the right place, there is no denying from banks. Here are a few things which are considered while approving home loans by banks:

• Age of the borrower
• Credit history and CIBIL score
• Loan tenure
• Income stability
• Right property documentation
• Property insurance
• ITR files

A few mandatory documents you will have to produce to get home loan in banks are as follows:

• PAN Card
• Government approved Identification documents (Aadhaar Card, Voter ID, Driving Licence)
• Address proof (Aadhaar Card, Voter ID, Driving Licence, Electricity bill, Gas Bill, Landline telephone bill, property tax receipt, etc)
• Date of birth proof
• Signature proof (passport, PAN Card, banker’s verification)
• Income Proof

This is all you need to know home loan eligibility. I hope now you have the answer to how much home loan can I get on 20000 salary. You can also check your home loan eligibility beforehand via NoBroker. Check it here,

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