Quick Answer: How Much Home Loan Can I Get On 35000 Salary?

How much home loan can I get on 30000 salary?

For e.g.

If a person is 30 years old and has a gross monthly salary of Rs.

30,000, he can avail a loan of Rs.

20.49 lakh at an interest rate of 6.90% for a tenure of 30 years provided he has no other existing financial obligations such as a personal loan or car loan etc..

How is loan amount calculated?

The mathematical formula for calculating EMIs is: EMI = [P x R x (1+R)^N]/[(1+R)^N-1], where P stands for the loan amount or principal, R is the interest rate per month [if the interest rate per annum is 11%, then the rate of interest will be 11/(12 x 100)], and N is the number of monthly instalments.

How much loan can I get on 40k salary?

If you take a personal loan for a maximum of 5 years, then your loan amount will be ₹ 20,000*12*5 = ₹ 12,00,000. However, the multiplier is 20, then the loan amount will be ₹ 40,000*20 = ₹ 8,00,000. Therefore, the amount you will get on ₹ 40,000 salary is ₹ 8,00,000.

What is the EMI for 15 lakhs home loan?

EMI Calculations for a Home Loan of Rs. 15 Lakh with Different TenorsLoan AmountEMI when Tenor is 10 YearsEMI when Tenor is 20 YearsRs. 15,00,00019,82314,475

Which type of loan is cheapest?

So, if the prices are high, you can get a higher loan amount against gold ornaments….Gold Loan Interest Rates of Top Lenders in India.Gold Loan LendersInterest Rates (In Per Annum)HDFC Bank9.50% – 17.55%State Bank of India (SBI)7.50%Manappuram Finance12.00% – 29.00%Union Bank of India7.00% – 9.60%6 more rows

How much loan can I get if my salary is 20000?

Consider – how much personal loan can I get on a 20,000 salary? Sans any other financial obligations, you can expect to be eligible for a loan of Rs. 5,40,000….Multiplier Method.SalaryExpected Personal Loan AmountRs. 20,000Rs. 5.40 lakhsRs. 30,000Rs. 8.10 lakhsRs. 40,000Rs. 10.80 lakhsRs. 50,000Rs. 13.50 lakhs1 more row•Apr 8, 2020

Can you buy a house with 40k salary?

Take a homebuyer who makes $40,000 a year. The maximum amount for monthly mortgage-related payments at 28% of gross income is $933. ($40,000 times 0.28 equals $11,200, and $11,200 divided by 12 months equals $933.33.)

How much home loan can I get on 40000 salary?

40,000, then your EMI should not exceed 50% of your income. However, if your monthly salary is greater than Rs. 40,000, then your EMI should not exceed 65% of your monthly salary. Most lenders offer home loan up to 80% of home value, and the rest 20% has to be borne by you.

What is the EMI for 20 lakhs home loan?

EMIs on a 20 lakh home loan for 30 yearsLoan AmountInterest rateEMIRs.20 lakh10%Rs.17,551

How much home loan can I get on 15000 salary?

Salary of 15000, Am I eligible for Loan? Check here onlineProductSalaryMax. loan amountPersonal Loan15000140000Home Loan15000850000Car Loan15000310000Credit Card15000

What will be the EMI for 50 lakhs?

We get, PMT (0.006667, 300, 5000000) = Rs 38,591 per month (in EMI). That is, the monthly EMI of Rs 50 lac loan taken for 25 years at 8% is Rs 38,591 per month or housing loan EMI per lakh of Rs 772 per lakh.

How much home loan can I get on 35000 salary Quora?

35, 000, the maximum loan amount will be Rs. 2, 80, 000 since 80% of the monthly salary is Rs. 28, 000. Multiplying this by 10 gives you the loan amount mentioned above.

How much loan I can get if my salary is 25000?

Here taking a salary as ₹ 25k, & without any fixed monthly obligation, you can pay a maximum of ₹ 12,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 13,73,026 using a home loan eligibility calculator (assuming 3 household members).

What is the EMI for 4 lakhs home loan?

Formula of Calculation of EMILoan amountInterest RateEMI per month2 Lakh12.50%Rs. 5,3164 Lakh14.00%Rs. 9,3075 Lakh12.00%Rs. 9,7757 Lakh13.00%Rs. 14,052

What will be the EMI for 25 lakhs home loan?

Current EMI for ₹ 25 Lakh loan is ₹ 16,132 and EMI for ₹ 30 Lakh loan is ₹ 19,358 for a 30 year loan at the minimum interest rate.