You can get a home loan ranging from Rs.30 Lakh to Rs.40 Lakh on a salary of Rs.50,000 salary. Generally, you can get up to 60 to 80 times your monthly salary as a home loan. However, your monthly salary is not the only determinant of the amount you can get as a home loan.

Availing a home loan is the only way to own a house for most people. They make life easier by giving you the amount while keeping your property as collateral. All you have to do is pay the EMIs on time and not default on payments.

Factors Impacting Your Loan Amount

Searching for ‘how much home loan can I get on a Rs.50,000 salary’? Lenders look at many factors before deciding how much amount you can get. 

Here are some factors that play a role in deciding the amount you can get as a home loan -

• Creditworthiness

Your credit score and history play a major role in deciding the amount you can get as a home loan.

• Financial Obligations

Other loans and payments you have to make count as financial obligations. The fewer of these you have, the higher your loan amount can be.

• Age

Your age determines the number of working years you have remaining before you retire. This plays a major role in deciding how much home loan you can get on a salary.

• Number of Applicants

You can get a higher loan amount if the number of earning applicants is more. This helps divide the burden of repaying the loan as well.

• Relationship with Lender

A prior relationship with the lender might act in your benefit when applying for a home loan. If you have taken loans from the same lender before, and repaid it on time, your scope increases.

• Type of Employment

Lenders tend to prefer salaried applicants over self-employed ones. However, let this not discourage you. With other criteria in place, anyone can be eligible for a home loan.

• Downpayment

The amount of downpayment you can arrange or pay impacts the amount you can get as a loan. 

Conclusion

You can get a home loan in the range of Rs.30 and Rs.40 Lakh on a salary of Rs.50,000. However, lenders calculate the amount you can get based on multiple factors discussed in this article.

You can check your home loan eligibility on your lender’s website. Home loans can also be taken through the Moneyview website or app.