How much salary required for home loan?

Based on a predetermined set of eligibility conditions, home loan providers approve loan applications. During the approval procedure, one of the most important factors is the applicant's minimum salary for housing loan. The goal of any lender is to make sure that you have enough money each month to cover your other debts and expenses in addition to the loan EMIs.

What is the Income Eligibility for Home Loan?

Depending on the lender, the minimum salary to get home loan might vary. Usually lenders prefer a monthly income of Rs 25,000 to Rs 40,000. However, recently while researching about obtaining a home loan, I came to know that the home loan eligibility criteria of HDFC Bank includes the minimum salary requirement of Rs. 10,000 p.m. Whereas the minimum business income should be Rs. 2 lakh p.a.

Lenders evaluate a salaried applicant's employment history, current loans, employer, and other information in addition to their monthly income before approving their loan application. Tax returns, income history, business/practice continuity, and other factors are taken into account when applying for a home loan for self-employed people.

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"How much salary for home loan eligibility?" This is the first thought that comes to mind if you are a salaried person and want to buy a home. In Indian culture, purchasing one's own home is regarded as the primary step towards being settled. The majority of people who receive a salary, however, can only realise this ambition later in life, when they have saved enough money because real estate costs are out of their price range. This is where getting a home loan might help someone realise their dream of becoming a homeowner at a young age.

The minimum take-home pay for a home loan varies depending on the lender, although most of them favour salaried workers and professionals or non-professionals who are self-employed with a monthly income of between Rs 25,000 and Rs 40,000. In addition, the home loan EMI shouldn't consume more than 50% of the monthly salary. However, for HDFC Bank the minimum home loan salary required is Rs. 10000, per month.

Generally speaking, salaried people are qualified for house loans up to 60 times their net monthly income. Therefore, if your net monthly income is Rs. 40,000, you can qualify for a home loan up to about Rs. 24 lakhs. Similarly, if you make Rs. 35,000 each month, you might potentially receive up to Rs. 21 lakhs.

You should have an estimate of, how much salary for home loan eligibility before starting your search for the ideal home. It will support your selection regarding the home you want to buy from a financial standpoint. You can look at NoBroker's EMI calculator and apply for a house loan there at enticing interest rates.

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Thinking of purchasing a house in your late twenties is a wise decision because you can pay the interest before retiring. But not all of us have the opportunity to secure a home loan. There are some criteria you need to fulfil before securing a home loan. For minimum salary for home loan, you need to have a score of 650 to secure a home loan. You can't opt for home loan if you CIBIL score is below 650. 

How much salary required for home loan?

The minimum salary required for home loan varies from bank to bank. It depends on the interest rate the amount of time you require to pay the interest and your age. I will state all the points below which will help you to have a better insight.

• The age of the applicant should be between 18 to 70 years.

• The minimum CIBIL score for securing a home loan is 650.

• The applicant should have 3 years of work experience.

• The minimum salary required for home loan Rs. 25,000 per month to secure a home loan. 

• There is a better opportunity to secure a home loan if you have added a co-applicant for home loan.

• The applicant must obtain approval from the builder to secure the home loan.

You can check your CIBIL score by visiting the

website.

These are the home loan eligibility minimum salary criteria.

I hope you know now what is the minimum salary for home loan.

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