Applying for a home loan needs a lot of research and a lot goes behind the approval process. If you are planning to buy a house and want to know the details, perhaps you are at the right place. I am on the same journey and I guess just a bit ahead of you. I asked how much loan can I get on my salary and the bank manager said that on my current salary I will be able to get 60X of the monthly salary. I will divulge more details further. But let me also tell you what factors affect the loan amount I should expect from banks and financial institutions after approval.
Factors that affect how much home loan I get on my salarySince I told you that you can expect the home loan amount to be 60x of your salary but it may differ based on the following factors:
Your age:Age is a huge factor which affects home loan eligibility. Generally banks offer home loans to people in the age bracket of 21 to 55 years. The longer your working life, the higher the chances of getting a home loan
Your CIBIL Score:If your CIBIL Score is hassled then you will face difficulties in getting approval on home loan application. A CIBIL score close to 750 or above is considered okay to get a home loan. If you have less CIBIL score then you will most likely get lesser home loan amount.
Your repayment capacity:Banks have a look at your financial records and history. They also take into consideration how many people are dependent on you. Based on all these factors your loan amount shall be decided.
Home loan eligibility by salaryAs I said, the above mentioned and other factors play an important role in determining how much loan you will get. Banks can finance 70% - 90% of your property. Depending on your age and net monthly income this percentage will vary thus the home loan amount will fluctuate.
I hope you are now satisfied with the answer to your query: how much home loan can i get on my salary.
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How much home loan can I get on my salary?
Prithvi
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3 Year
2021-10-26T14:19:29+00:00 2021-10-26T15:19:38+00:00Comment
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