How Much Home Loan Can I Get on ₹60,000 Salary?
Buying a home is one of the most significant financial goals for most individuals, and a home loan often plays a crucial role in turning that dream into reality. If your monthly salary is ₹60,000, you might be wondering: how much home loan can I get on this income? In this post, we’ll break down the factors that impact your loan eligibility, estimate the loan amount you can get, and provide actionable tips to maximize your home loan eligibility.
Quick Answer: Estimated Home Loan on ₹60,000 Salary
On a salary of ₹60,000 per month, you can typically get a home loan ranging from ₹25 lakhs to ₹35 lakhs, depending on various factors like your credit score, existing obligations (like EMIs), age, employment type, and tenure of the loan.
How is Home Loan Eligibility Calculated?
- Monthly Income: Lenders follow the 40–50% FOIR rule, meaning they allow up to 50% of your monthly income for EMIs.
- Existing Financial Obligations: Existing EMIs reduce your eligibility.
- Credit Score: 750+ is excellent and helps get better deals.
- Age: Younger borrowers can get longer tenures, increasing eligibility.
- Loan Tenure: Longer tenure = lower EMI = higher loan.
- Interest Rate: Lower rates increase eligibility.
FOIR-Based Calculation
EMI you can afford: ₹60,000 x 50% = ₹30,000
| Loan Tenure | Approx. EMI per ₹1 Lakh | Loan Amount for ₹30,000 EMI |
|---|---|---|
| 20 years | ₹900 | ₹33.33 lakhs |
| 25 years | ₹860 | ₹34.88 lakhs |
| 30 years | ₹840 | ₹35.71 lakhs |
Note: This is a general estimate. Actual loan amount may vary depending on lender and profile.
Real-Life Scenarios
- Case 1: Single Earner, No Other Loans – ₹35 lakhs approx.
- Case 2: ₹60,000 Salary with ₹10,000 EMI – ~₹23–24 lakhs
- Case 3: Co-applicant with Spouse – ₹60–65 lakhs
Factors That May Reduce Your Eligibility
- Low credit score (below 650)
- High existing EMIs
- Irregular or unstable income
- Older age (above 50 years)
- Short loan tenure (10–15 years)
???? Documents Required
For Salaried Individuals:
- Salary slips (3–6 months)
- Form 16 or IT returns
- Bank statements (6 months)
- ID and Address proof
- Employment proof
For Self-Employed:
- IT Returns (2–3 years)
- P&L and Balance Sheet
- Business proof (GST, registration)
Top Banks & NBFCs
| Lender | Interest Rate (Apr 2025) | Processing Fee | Max Tenure |
|---|---|---|---|
| HDFC Ltd | 8.80% – 9.50% | 0.50% | 30 years |
| SBI | 8.75% – 9.55% | ₹10,000 | 30 years |
| ICICI Bank | 9.00% – 9.70% | 0.50% | 30 years |
| LIC Housing | 8.85% – 9.60% | ₹10,000 | 30 years |
| Axis Bank | 8.90% – 9.65% | Up to 1% | 30 years |
Tips to Increase Home Loan Eligibility
- ✅ Apply with a Co-applicant
- ✅ Maintain a High Credit Score
- ✅ Opt for a Longer Tenure
- ✅ Reduce Existing Liabilities
- ✅ Show Additional Income
EMI Calculator Example
Loan: ₹30 lakhs | Tenure: 25 years | Interest: 9%
- EMI = ₹25,168
- Total Interest = ₹45.5 lakhs
- Total Payment = ₹75.5 lakhs
????️ How Much House Can You Afford?
Assuming a ₹30 lakh loan and ₹5–10 lakh down payment, your total budget: ₹35–40 lakhs
Ideal Locations: Jaipur, Lucknow, Nagpur, Kochi, Indore, Surat, Patna
❓ FAQs
- ???? Can I get ₹40 lakhs home loan on ₹60,000 salary?
Answer: Unlikely without co-applicant or no liabilities. - ???? What is the minimum salary to get a home loan?
Answer: Around ₹25,000/month - ???? Can I get a home loan without ITR?
Answer: Yes, with salary slips and Form 16 - ???? How much EMI is safe?
Answer: 40–45% of salary (₹24,000–₹27,000) - ???? Can I prepay my loan?
Answer: Yes, with no penalty on floating-rate loans
Final Thoughts
A ₹60,000 salary makes you eligible for a ₹30–35 lakh loan. Use calculators, compare lenders, and don’t overextend your budget. Happy house hunting!
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