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When I was planning to purchase a house last year, I was trying to learn about how much loan I might be able to get. To learn about that I called my uncle and asked him how much home loan can I get on 90000 salary. Here is what my uncle told me.
How Much Home Loan for 90000 Salary?
My uncle told me that the amount I should be able to receive should be between Rs. 62 - 63 Lakhs if the rate of interest is at 8.5% p.a for 20 years.
He told me that to know the exact number of Rs. 90000 salary Home Loan, I can use the NoBroker’s Eligibility calculator to know about that. Here are the steps that he told me to follow.
My uncle told me to visit the
NoBroker Home Loan Service page.
Then, he asked me to scroll down and locate the eligibility calculator and click on it.
After that, he asked me to enter 90,000 in the Monthly Income section.
He also told me to enter the Loan tenure as 20 years and rate of interest as 8.5%.
He told me to keep the rest of the tabs, such as Other EMI and Loan Amount, empty. After that, I should be able to know how much home loan can I get on 90000 salary. I hope this helps.
Read MoreHow Much Time It Takes to Disburse Home Loan?
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I work in a bank and deal with home loan applicants all day. I will try to resolve your query: how much home loan can I get on 90000 salary? Banks, public and private, both typically take into account several factors such as your income, credit score etc.
Looking for home loans? Check out NoBroker to apply for home loans starting at 7.3%
How much loan can I get on 90000 salary?
Loan-to-Value (LTV) is the percentage of the property price that the lender (bank or financial institution) funds when a borrower avails a home loan. Usually, the LTV offered by banks ranges on 75-90 percent of the house’s valuation. According to the Reserve Bank of India, if a borrower avails a home loan up to Rs 30 lakh, the LTV can be 90 percent or lesser.
How much housing loan can I get on 90000 salary?
To find how much a housing loan can you get on a 90000 salary. You can use the multiplier method.Banks and NBFCs use this method to determine the loan amount eligibility. Banks offer home loan amounts 6 times of applicant’s gross annual income.
Take a look at the table to know Maximum loan amount for that applicants can get via Multiplier Method:
Monthly Salary |
Maximum Loan Amount |
Rs. 20,000 |
Rs. 14,40,000 |
Rs. 30,000 |
Rs. 21,60,000 |
Rs. 40,000 |
Rs. 28,80,000 |
Rs. 50,000 |
Rs. 36,00,000 |
Rs. 60,000 |
Rs. 43,20,000 |
Rs. 70,000 |
Rs. 50,40,000 |
Rs. 80,000 |
Rs. 57,60,000 |
Rs. 90,000 |
Rs. 64,80,000 |
Rs. 1 lakh |
Rs. 72,00,000 |
If you need more help with ‘how much home loan can i get on 90000 salary’, check out the links given below.
Use the NoBroker EMI calculator to determine EMI for a home loan Read more: How much home loan can I get on 100000 salary? What is lender name in home loan? Is property insurance mandatory for home loan?
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Authors Of The Question
How much Home Loan can I Get on 90000 Salary?
Anonymous
3627 Views
3 Answers
1 Year
2023-05-17T15:50:27+00:00 2024-07-09T08:46:26+00:00Comment
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