Home Loan for 70000 Salary

When considering a home loan on a ₹70,000 salary, it's essential to understand the eligibility criteria and required documentation. Applicants should also be aware of the pertinent interest rates, expected EMI amounts, and other associated fees. To help you achieve your home ownership aspirations as soon as possible, Urban Money provides a comprehensive overview of a home loan on ₹70,000 salary. Continue scrolling down for more information.

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

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

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.
• Tap on the “Eligibility Calculator” option.  
• 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.