Home Loan on ₹40,000 Salary

If you are considering a home loan on a ₹40,000 salary, lenders may offer between ₹22 Lakhs and ₹30 Lakhs, assuming an interest rate of 7.15% p.a. and a tenure of 15 to 30 years. Reviewing offers from multiple lenders on Bajaj Markets can help you choose a plan that suits your repayment capacity and long-term financial goals.

The home loan amount you can get on a ₹40,000 monthly salary depends on your EMI repayment capacity and the lender’s eligibility criteria. Most lenders cap your EMI at 40% to 50% of your take-home income, after accounting for fixed monthly expenses and any existing EMIs. Other factors such as your credit score, applicable interest rate, and selected repayment tenure also influence the sanctioned amount.

Example:
If your fixed monthly expenses and ongoing EMIs add up to ₹8,000, your EMI affordability may range between ₹12,000 and ₹16,000. Based on this range, lenders calculate your maximum loan eligibility by factoring in the interest rate and tenure you opt for.

You may be asked to provide some of the following documents when applying for a home loan:

• ID Proof: Any one of the following
  • PAN card
  • Aadhaar card
  • Voter ID
  • Driving licence

• Address Proof: Any one of the following
  • Utility bills
  • Aadhaar card
  • Passport

• Income Proof Documents for Applicants with monthly income: 
  • Last 3 months’ salary slips
  • Form 16
  • ITR of the last 2 years

• Income Proof Documentation for Applicants that are self-employed:
  • IT returns of the last 2 years
  • Balance sheet audited by a certified CA
  • P/L statement of the last 3 years
  • Qualification/degree certificates for professionals
  • Business licence details
  • TDS certificate

The documents required usually vary from one lender to another. Be sure to get a complete list of the paperwork required prior to applying for the loan. This will help you be prepared beforehand, preventing delays in the processing of your loan application.

You can apply for a home loan online on Bajaj Markets by following these simple steps:

• Click on the ‘CHECK OFFER’ button on this page

• Provide your personal details like name, phone number, etc.

• Enter the required loan amount and preferred repayment tenure

• Submit the form for verification

• Following this, a representative will reach out to you for further proceedings.