{"id":3013,"date":"2019-03-27T17:51:03","date_gmt":"2019-03-27T12:21:03","guid":{"rendered":"http:\/\/blog.ruloans.com\/?p=3013"},"modified":"2019-03-27T17:51:03","modified_gmt":"2019-03-27T12:21:03","slug":"how-much-home-loan-i-can-get-on-20000-salary","status":"publish","type":"post","link":"https:\/\/www.ruloans.com\/blog\/how-much-home-loan-i-can-get-on-20000-salary\/","title":{"rendered":"How much home loan I can get on 20000 salary?"},"content":{"rendered":"

As an Indian, we have always seen our elders look for investing in property. Like them, even the working youth plan to purchase a house of their own before they turn 30. Apart from having your own home, another reason of purchasing a house is due to marriage.<\/p>\n

With such requirements, Banks and NBFCs in India provide long term home loans so that eligible customers can get maximum home loan amount and can own a house of their own. There are many rules and regulations which a customer must follow before they apply for a home loan<\/a>. On the basis of such rules, you will get a loan amount.<\/p>\n

How much home loan I can get on 20000 salary?<\/strong><\/p>\n

For an average working class person who earns 20,000<\/strong> monthly incomes without any other active loans and paying 1 lakh<\/strong> as down payment, this is the approximate home loan amount he can get;<\/p>\n\n\n\n\n\n\n\n\n
Gross Monthly income<\/td>\nInterest Rate<\/td>\nTenure<\/td>\nMaximum loan amount<\/td>\n<\/tr>\n
20,000<\/td>\n11.00%<\/td>\n15 years<\/td>\n7,00,000<\/td>\n<\/tr>\n
20,000<\/td>\n11.00%<\/td>\n20 years<\/td>\n7,75,000<\/td>\n<\/tr>\n
20,000<\/td>\n11.00%<\/td>\n25 years<\/td>\n8,25,000<\/td>\n<\/tr>\n
20,000<\/td>\n11.00%<\/td>\n30 years<\/td>\n8,50,000<\/td>\n<\/tr>\n
20,000<\/td>\n11.00%<\/td>\n40 years<\/td>\n10,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For an average working class person who earns 25,000<\/strong> monthly incomes without any other active loans and paying 1 lakh<\/strong> as down payment, this is the home loan amount he can get;<\/p>\n\n\n\n\n\n\n\n\n
Gross Monthly income<\/td>\nInterest Rate<\/td>\nTenure<\/td>\nMaximum loan amount<\/td>\n<\/tr>\n
25,000<\/td>\n10.00%<\/td>\n15 years<\/td>\n9,00,000<\/td>\n<\/tr>\n
25,000<\/td>\n10.00%<\/td>\n20 years<\/td>\n10,50,000<\/td>\n<\/tr>\n
25,000<\/td>\n10.00%<\/td>\n25 years<\/td>\n11,25,000<\/td>\n<\/tr>\n
25,000<\/td>\n10.00%<\/td>\n30 years<\/td>\n12,00,000<\/td>\n<\/tr>\n
25,000<\/td>\n10.00%<\/td>\n40 years<\/td>\n14,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For an average working class person who earns 30,000<\/strong> monthly incomes without any other active loans and paying 1 lakh<\/strong> as down payment, this is the approximate home loan amount he can get;<\/p>\n\n\n\n\n\n\n\n\n
Gross Monthly income<\/td>\nInterest Rate<\/td>\nTenure<\/td>\nMaximum loan amount<\/td>\n<\/tr>\n
30,000<\/td>\n9.00%<\/td>\n15 years<\/td>\n11,25,000<\/td>\n<\/tr>\n
30,000<\/td>\n9.00%<\/td>\n20 years<\/td>\n13,75,000<\/td>\n<\/tr>\n
30,000<\/td>\n9.00%<\/td>\n25 years<\/td>\n16,00,000<\/td>\n<\/tr>\n
30,000<\/td>\n9.00%<\/td>\n30 years<\/td>\n18,25,000<\/td>\n<\/tr>\n
30,000<\/td>\n9.00%<\/td>\n40 years<\/td>\n20,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

For an average working class person who earns 40,000<\/strong> monthly incomes without any other active loans and paying 1 lakh<\/strong> as down payment, this is the home loan amount he can get;<\/p>\n\n\n\n\n\n\n\n\n
Gross Monthly income<\/td>\nInterest Rate<\/td>\nTenure<\/td>\nMaximum loan amount<\/td>\n<\/tr>\n
40,000<\/td>\n8.00%<\/td>\n15 years<\/td>\n19,00,000<\/td>\n<\/tr>\n
40,000<\/td>\n8.00%<\/td>\n20 years<\/td>\n21,50,000<\/td>\n<\/tr>\n
40,000<\/td>\n8.00%<\/td>\n25 years<\/td>\n23,50,000<\/td>\n<\/tr>\n
40,000<\/td>\n8.00%<\/td>\n30 years<\/td>\n25,00,000<\/td>\n<\/tr>\n
40,000<\/td>\n8.00%<\/td>\n40 years<\/td>\n29,00,000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

How Can I enhance my home loan eligibility?<\/strong><\/p>\n

As you might have seen above, as the salary of the person kept on increasing, the maximum home loan amount also kept on increasing. If you want a higher home loan amount like 30 lakhs or 40 lakhs amount with lower EMI then you can do either of the things;<\/p>\n

Please add your partner\/spouse as the co-applicant in the home loan application. Since both your incomes will be merged into one, the loan amount can increase to a higher level.<\/p>\n

You can also opt for a long term structured repayment plan which allows you to get a higher loan amount accordingly.<\/p>\n","protected":false},"excerpt":{"rendered":"

As an Indian, we have always seen our elders look 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