{"id":10927,"date":"2023-08-28T15:40:27","date_gmt":"2023-08-28T15:40:27","guid":{"rendered":"\/blog\/?p=10927"},"modified":"2024-06-14T17:50:48","modified_gmt":"2024-06-14T12:20:48","slug":"how-much-home-loan-can-i-get-on-my-salary","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/how-much-home-loan-can-i-get-on-my-salary\/","title":{"rendered":"How much home loan can I get on my salary?"},"content":{"rendered":"\n

We\nall dream of owning a home. As we progress in our professional lives, the dream\nseems more of a possibility. With a home loan, things become even easier.\nHowever, real estate doesn\u2019t come cheap. Depending on the part of the country\nyou live in, real estate prices for a modest 800 square feet apartment can\nrange from Rs 30 lakh to Rs 5 crore.<\/p>\n\n\n\n

Budgeting\nand long-term planning are key to managing your housing dreams. If you have\nbeen wondering, \u2018how much home loan can I get\u2019, do know that the primary\nconsideration of your repayment capacity depends on your monthly salary.<\/p>\n\n\n\n

Financial\ninstitutions can offer a mortgage to salaried professionals up to a maximum of\n60 times their net monthly salary. This is based on the Fixed Obligation to\nIncome Ratio (FOIR).<\/p>\n\n\n\n

Keep\nin mind that the eligibility is calculated on the take-home salary and not\nCost-to-Company (CTC), as the CTC includes non-cash benefits such as HRA,\ntravel allowances, perquisites, contribution to Provident Fund, etc.<\/p>\n\n\n\n

Here\nis an example of a home loan eligibility<\/a> based on salary\npackage (CTC) of Rs 7,00,000 per annum:<\/p>\n\n\n\n

Assume\nthe contribution to PF and perquisites totals Rs 85,000 a year. This means the\nnet salary is Rs 6,15,000 per year or Rs 51,250 a month.<\/p>\n\n\n\n

In\nsuch a scenario, an applicant\u2019s home loan eligibility is estimated at\naround Rs 51,250 x 60 (max FOIR) = Rs 30,75,000<\/p>\n\n\n\n

Additional Read: <\/strong>Is It Possible to Increase\nYour Home Loan Eligibility?<\/a><\/p>\n\n\n\n

Check\nyour salary slip and make a similar calculation. However, this calculation only\nhelps estimate a ballpark figure of what the loan amount could be. Various\nother factors will impact your actual eligibility. Some of these are mentioned\nbelow:<\/p>\n\n\n\n

Existing debt<\/h2>\n\n\n\n

Having\nother ongoing loans such as an educational loan, car loan or large credit card\ndebt can proportionately reduce your eligibility as well.<\/p>\n\n\n\n

Credit score<\/h2>\n\n\n\n
\"Credit<\/figure>\n\n\n\n

Financial\ninstitutions usually consider a minimum credit score of 750\/900. Having a sub-par\ncredit score can reduce your home loan eligibility. You can boost your credit\nscore by settling your credit card dues and debts and paying your bills on\ntime.<\/p>\n\n\n\n

Additional Read:<\/strong> How Does Credit Score For Home Loan Work?<\/a><\/p>\n\n\n\n

Co-applicant<\/h2>\n\n\n\n

You\ncan enhance your eligibility by jointly applying with a working spouse, parent\nor sibling. <\/p>\n\n\n\n

\u200bLoan tenure<\/h2>\n\n\n\n

If\nyou opt for a longer tenure, you can reduce your monthly EMIs and increase your\neligibility.<\/p>\n\n\n\n

Other sources of income<\/h2>\n\n\n\n

If\nyou have some income from other sources such as rent or investment, submitting\nproof of such income can increase your eligibility for a higher loan amount.<\/p>\n\n\n\n

In addition to factoring your income, the best way to estimate your eligibility is by using a home loan EMI calculator<\/a> such as the one offered by Tata Capital. The calculator allows you to understand all variables that will impact your home loan commitment<\/a>. <\/p>\n\n\n\n

For a simple, swift and transparent experience, Tata Capital home loan<\/a> is your ideal partner to help fulfill your dream of owning a home. <\/p>\n\n\n\n

Apply For House Loan<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

We all dream of owning a home. As we progress in our professional lives, the dream seems more of a possibility. <\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":10929,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-10927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"\nHow Much Home Loan Can I Get on my Salary? - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"How much Home Loan can you get on your existing Salary? Read this home loan blog by Tata Capital to find out details about your home loan eligibility and more. 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