Having your own home is a symbol of success and is a vital financial commitment. But the most important factor of this entire process is evaluating “How Much Home Loan Can I Get on a 60,000 Salary.” Today, we will understand the various aspects that influence your home loan amount and how you should plan your finances accordingly.
How to Decide Eligibility Criteria for a Home Loan on a 60,000 Salary
Below are the crucial factors that consider to evaluate your eligibility criteria to receive a home loan or urgent loan on a 60,000 salary:
- Salary: Your monthly income plays an important role in determining your loan eligibility. Because lenders ensure your EMI must not be more than 40% to 50% of your net monthly income.
- Age: Your age is always a considerable factor that directly influences the tenure you should be given. If you are below 50, you will be eligible for longer tenure, while people above 50 might be getting decreased tenure.
- CIBIL Score: The higher credit score will lead you to the better loan amount with lower EMIs.
- Active Loans: It is crucial for you to pay back your ongoing loans to enhance the loan eligibility.
- Tenure of Loan: If you choose longer loan tenure, you will be eligible for a higher loan amount to get sanctioned.
- Value of Property: Generally, lenders consider financing up to 65% to 80% of the property’s value, giving a hint as to how much loan you can get with the particular value of your property.
Let’s calculate the home loan amount on 60,000 salaries
As per the above eligibility criteria, here are the important pointers to help you evaluate the loan amount on a 60,000 salary:
- As we read, EMI’s should be 40% to 50% of your entire month’s income, which is $60,000 in this scenario.
Then, the maximum EMI one has to pay is: 45% of 60,000 = 27000.
NOTE: This is just an estimated amount. To evaluate the exact EMI, you should consult with your lender to know what percentage of your salary they consider to determine the EMI amount.
- Let’s consider the interest rate of around 8% per annum.
NOTE: It depends on your lender’s policy and conditions. This is the highest rate of interest, as your lender will ask for up to 8% or less than this.
- And loan tenure must be 20 years or 240 months.
Loan Amount Based on Different Tenures With 60,000 Salary
Here is the information table to help you, especially when you are searching for “how much home loan can i get on a 60,000 salary.”.
| Monthly Salary | EMI (₹) (Tentative) | Interest Rate (p.a.) (Tentative) | Loan Tenure (Years) (Tentative) | Loan Amount (₹) (Tentative) |
|---|---|---|---|---|
| 60,000 | 27000 | 8% | 25 | 40,50,000 |
| 60,000 | 27000 | 8% | 20 | 37,50,000 |
| 60,000 | 27000 | 8% | 15 | 32,75,000 |
| 60,000 | 27000 | 8% | 10 | 27,00,000 |
Again, this is just an assumption based upon the expected rate of interest and EMI amount.
Also Read: How Much Home Loan can I get on 40,000 salary?
How to Increase Home Loan Eligibility?
Though this was an estimated amount you may receive on a 60,000 salary, if the calculated amount is still incapable of fulfilling your requirements, you should review the following tips to help you increase your eligibility for a home loan:
- You should be regular with your EMIs and bills to maintain a considerable credit score. For instance, 750 is considered a great credit score and enhances your chances of securing a larger home loan amount.
- You can choose a longer tenure period that improves your home loan eligibility.
- Make sure that no other loans are activated in your credit cards, and consider clearing your existing debts to lessen your financial burden.
- Ask someone who has a stable monthly income to be your co-applicant. It will significantly improve your eligibility for a home or urgent loan.
Final Note
You can secure a dream home with the profitable home loans available at easy EMIs. Having a clear idea of “how much home loan can you get on a 60,000 salary” is vital while making a big investment in purchasing a home. The urgent loans help individuals in many ways to fulfil their dreams. Informed financial planning is very important to stay loyal to future commitments. The above-discussed factors are important to ensure a hassle-free home-buying process, avoiding delays. So, get closer to owning your dream home with the improved eligibility.
