How Much Home Loan Can I Get on 70000 Salary?

If you earn ₹70,000 monthly, you can get a home loan ranging from ₹35 lakh to ₹42 lakh, depending on factors like age, credit score, and other financial commitments. Lenders usually offer loans up to 60 times your net monthly income. Your eligibility also depends on your employment type and existing debts. Using a home loan eligibility calculator can give an exact estimate. To increase eligibility, maintain a good credit score and reduce debts. Knowing how much home loan you can get on a 70000 salary helps you plan better and move closer to owning your dream home.

How Much of a Housing Loan Can You Get With Your 70000 Current Salary?

Individuals with a monthly income of INR 70,000 can qualify for a home loan, with offers potentially reaching up to INR 60 Lakhs, depending on their creditworthiness. To get precise estimates specific to your financial profile, try Urban Money’s home loan eligibility calculator. This tool provides accurate results based on the details you input.

To determine the maximum loan amount you are eligible for with a ₹ 70,000 salary home loan, follow the simple steps provided below:

• Visit 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 scroll down the page, you can also view the pertinent Banks/NBFCs available for home loans.

Eligibility Criteria for a Home Loan on 70000 Salary

The following are common eligibility criteria when seeking a home loan for a ₹ 70,000 salary: 

• The applicant must be aged between 21 and 60 years old.
• The applicant must be either a salaried or self-employed individual.
• The applicant must have a regular source of income that covers the loan EMIs.
• The applicant must have a good credit score, typically 700 or above, considered ideal.
• The applicant must be an Indian citizen.

Documents Required for Home Loan on 70000 Salary

The following are the required documents for a ₹ 70,000 salary home loan:

• 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 70000 Salary

You can follow these tips to increase your chances of getting a mortgage with a ₹70,000 salary:

• Maintain a high credit score
• Settle outstanding debts or loans
• Consider a larger down payment
• Present all income sources
• Opt for a longer tenure
• Include co-applicants