Housing Loan Eligibility Details
|Age of the Applicant||18 to 70 years|
|Minimum CIBIL Score||650|
|Maximum Loan on Property Value||Up to 90%|
|Maximum EMI as percent of income||65%|
|Eligibility with Co-applicant||Up to 3 earning family members may be added to get higher loan eligibility|
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What is the maximum home loan I can get?
Your Home Loan Eligibility will be calculated after deductions of the EMIs that you are paying. Generally, the banks provide maximum upto 85% of loan against the value of property. Therefore, if you want a home loan for buying a property of Rs. 50 lakhs, the maximum amount you can get is 85% of that ie 42.50 lakhs.
How much home loan can I get on 50000 salary?
Normally, all banks provide home loans up to 60 times your monthly net income. You have a monthly in-hand (take home) salary as Rs 50,000 and you are looking for a home loan of about Rs 30 lakh.
Can I get 90% home loan?
Banks like HDFC Home Loans and SBI Home Loans allow 90% of LTV for a loan amount of up to Rs 30 lakhs. The 90% LTV eligibility tends to go down to maximum funding of 70% if the amount of loan goes beyond Rs. 30 Lakhs. HDFC Limited and SBI are few of the banks in the nation that can accommodate this.
How much loan can I get on my salary?
However, most banks and NBFCs limit a personal loan at Rs. 25 lakh to an individual. Lenders evaluate the monthly income of loan applicants and the potential growth in it before approving a loan. In most of the cases, individuals are eligible for a personal loan amount of up to 30 times of their monthly income.
Can I take 100% home loan?
Technically, it is not possible for you to get a 100% Home Loan since the RBI mandate clearly states that financial institutions can lend up to 90% of the value of the property which is the loan-to-value ratio or LTV. As a result, you will never find a 100% Home Loan and should arrange for the down payment accordingly.
How do I calculate my loan approval?
How to use the prequalification calculator
- Enter your annual income before taxes.
- Enter the term of the mortgage you’re considering.
- Enter the interest rate for your mortgage type or use today’s mortgage rate.
- Select your credit score range.
- Tell us about your employment status.
- Tell us if you have a down payment.