We work hard to make your dream come true, that is to purchase a house and have something of our own. And to make this dream come true we need to take a lot of responsibility and understand different aspects of purchasing a house. Not all of us have that opportunity to purchase a house without a home loan so there are different banks available so that we can apply for a home loan for different tenures depending on our yearly income. Let me share with you my experience about how much home loan can I get on 55000 salary.
Like I said there are different factors for availing a home loan. Obviously, we can't invest all our monthly income on home loans without thinking about other expenses. The EMI should be equal to or less than 50% of your monthly income. Besides, you should also have a good CIBIL score. Factors like tenure, age of applicant and down payments and how much money you want to take as a home loan are also crucial for securing home loans.
Learn more about the CIBIL score by clicking here.
Now I want to show you the analysis of getting a 40 lakh home loan I took on 55k salary.
I took out a home loan for 20 years at the rate of 10% per annum. So, the loan amount is Rs. 40,00,000 and the EMI I have to pay is Rs. 38,601 per month.
As I have mentioned earlier, the home loan differs from one person to another depending on the amount, time period and rate of interest. You can check how much home loans you can avail of by using the EMI calculator.
Check out the accurate amount of home loan you will get by using NoBroker EMI calculator
You can apply for a home by adding a co-applicant that will help you pay your home loans faster. Also, check which bank is providing lower interest rates and choose accordingly.
I hope you now know how much home loan can I get on 55000 salary.
Read more:
How much home loan can I get on 30000 salary?
How much home loan can I get on 25000 salary?
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How much home loan can I get on 55000 salary?
Sanam
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1 Answers
3 Year
2021-12-16T16:54:10+00:00 2021-12-16T16:55:46+00:00Comment
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