How Much Home Loan Can I Get on 60000 Salary?

Securing a home loan may not be a daunting task for individuals with a ₹60,000 salary. Numerous lenders are eager to offer the necessary funds for building your dream home. However, there are certain aspects you should be aware of before initiating your loan application. These include the applicable interest rates, required documentation, relevant eligibility criteria, expected EMIs, and other associated fees. Hence, to make your financial journey less difficult, Urban Money provides a detailed overview of home loans for ₹60,000 salary.

Eligibility Criteria for a Home Loan on 60000 Salary

The following are common eligibility criteria when seeking a home loan for ₹ 60,000 salary: 

• You must be between 21 and 60 years old.
• You must be either a salaried or self-employed individual.
• You must have a regular source of income that covers the monthly repayment. 
• You must have a good credit score, typically 700 or above, considered ideal.
• You must be an Indian citizen, including NRIs.

Documents Required for Home Loan on 60000 Salary

To apply for a ₹ 60,000 salary home loan, you will generally need to submit the following documents:

• Proof of Identity: PAN Card (Mandatory), Aadhaar Card, Passport, or Driving License.
• Proof of Address: Electricity Bill, Gas Bill, Property Tax Receipt, or Voter ID.
• Proof of Income: Salary slips, Form 16, and income tax returns are required for salaried individuals. Meanwhile, self-employed applicants should provide documents such as the Balance Sheet, Profit and Loss Account, Income Tax Returns, TDS Certificate, etc.
• Proof of Property: Title deeds, allotment letter, valuation report, receipt of payment, etc.

Tips to Increase Your Chances of Getting a Home Loan on 60000 Salary

Let’s take a look at a list of tips you can follow to increase your chances of getting a mortgage with a ₹60,000 salary:

• Maintain a high credit score
• Clear your existing debt/loan
• Opt for a higher down payment
• Present all income sources
• Apply for a longer tenure
• Add co-applicants

How Much of a Housing Loan Can You Get With Your 60000 Current Salary?

An individual earning a salary of INR 60,000 can typically secure a home loan between INR 40 Lakhs and INR 45 Lakhs, depending on their creditworthiness and credit history. To determine the exact loan amount they are eligible for, borrowers can use Urban Money’s home loan eligibility calculator. This tool provides a precise estimate based on the salary entered and generates a list of banks along with the loan amounts they offer, making it easier to compare options and choose the best deal.

To check the maximum loan amount you can avail of with a ₹ 60,000 salary home loan, follow the simple steps given below:

• Go to the official website of Urban Money.
• Select Loans -> Home Loan. Then click on “Home Loan Eligibility Calculator” under Home Loan Calculators section.
• You will be directed to a new page titled “Home Loan Eligibility Calculator,” where you can check your maximum eligible home loan amount.
• Input your name, mobile number, preferred city, occupation type, monthly salary, existing EMIs, required loan amount, desired tenure, and date of birth.
• Once you fill in the required information, click the “Check Now” button.
• The result will be displayed instantly, including your eligible home loan amount, interest rate, loan tenure, and EMIs.
• As you continue scrolling, you will also find the pertinent banks/NBFCs available for home loans.