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Home Loan on ₹40,000 Salary

Discover how much home loan you can secure on a ₹40,000 monthly salary and explore the factors that influence your eligibility and approval.

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Max. Tenure

30 Years
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Lending Partners

10+

Max. Amount

₹15 Crores
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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 7.35% p.a. and a tenure of 15 to 30 years. Reviewing offers from multiple lenders on %$$Brandname$$% can help you choose a plan that suits your repayment capacity and long-term financial goals.

Home Loan Eligibility Calculator

Your Home Loan EMI
₹ 8,025
Total Interest Amount

₹ 926,093

Principal Amount

₹ 10,00,000

Total Payable Amount

₹ 19,26,093

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Interest Rate
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You can also make instant comparisons between loan offers from multiple Home Loan providers on Bajaj Markets.

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Furthermore, you can gain deeper insights into your loan instalments with the free amortisation schedule, which is provided with each calculation. 

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How Much Home Loan Can You Get If You Earn ₹40,000 per Month

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.

Loan Amount You Can Get for Different Repayment Tenures

Your repayment tenure significantly impacts your loan affordability. A longer tenure reduces your monthly EMI, allowing you to qualify for a higher loan amount. On the other hand, a shorter tenure increases the EMI, which may limit the total loan sanctioned based on your income bracket.

Let’s understand this better with an example. Suppose your monthly income is ₹40,000, and you apply for a home loan at an interest rate of 7.35% p.a. The table below provides an estimate of the loan amount you may qualify for at different tenures:
Tenure Approx. Loan Amount Approx. EMI

15 years

₹21 Lakhs

₹19,256

20 years

₹24 Lakhs

₹19,070

30 years

₹30 Lakhs

₹20,647

Disclaimer: These figures are indicative and may vary based on lender policies, prevailing interest rates, and your credit profile.

Estimated Home Loan Eligibility from Different Lenders

On Bajaj Markets, partner lenders offer varied starting interest rates and repayment tenures. Even with the same monthly income, these differences impact how much loan you can get. A lower interest rate and longer tenure typically enhance your eligibility, while higher rates or shorter terms may reduce the sanctioned amount.

Here are the approximate loan amounts you could get for a home loan on a ₹40,000 salary, assuming the EMI is capped at 45% of your income:
Lender Name Starting Interest Rate Max Tenure Approx. Loan Amount

Bajaj Housing Finance Ltd.

7.45%

32 years

₹34.4 Lakhs

PNB Housing Finance

8.50%

30 years

₹29.3 Lakhs

Home First Finance Company

9.00%

20 years

₹21.6 Lakhs

ICICI Bank

9.00%

30 years

₹28.0 Lakhs

LIC Housing Finance

8.65%

30 years

₹28.9 Lakhs

Shubham Housing Finance

10.90%

25 years

₹24.8 Lakhs

Truhome Finance

11.50%

25 years

₹23.4 Lakhs

India Shelter

13.00%

20 years

₹18.5 Lakhs

L&T Finance

8.60%

25 years

₹26.3 Lakhs

Vridhi Home Finance

12.00%

12 years

₹15.5 Lakhs

Sammaan Capital

8.75%

30 years

₹28.4 Lakhs

South Indian Bank

9.50%

30 years

₹26.2 Lakhs

Easy Home Finance

10.50%

20 years

₹20.3 Lakhs

Disclaimer: Figures are indicative and based on a ₹40,000 monthly salary with EMI capped at 45% of income. Actual eligibility may vary depending on the lender’s assessment criteria, credit profile, and interest rate applied.

Documents Required

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.

Steps to Apply for a Home Loan on Bajaj Markets

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.

Home Loan Based on Salary

Frequently Asked Questions

Should I opt for a home loan or personal loan if my salary is ₹40,000?

While the salary plays a crucial role in determining your loan eligibility, it should not affect your choice between loan types. A home loan may be a great option if you wish to buy a new home, make renovations, etc. Meanwhile, a personal loan has no end-use restrictions and can be used to tackle any financial emergency or difficulty. Assess the purpose for which you need the loan to make a wise decision.

You may qualify for a home loan of up to ₹29 Lakhs if you have a salary of ₹40,000.  However, do note this is subject to your loan eligibility and the lender’s policies.

A loan tenure of 20 to 30 years is ideal for a ₹40,000 salary. It ensures manageable EMIs while allowing access to higher loan amounts. Shorter tenures reduce interest costs but increase EMIs, which may strain monthly budgets unless income rises or a co-applicant is added.

A co-applicant is not mandatory, but adding one can significantly improve your loan eligibility. If your individual income limits the amount or EMI capacity, a financially stable co-applicant with a good credit score can increase the sanctioned amount and strengthen the overall application.

You must be an Indian resident, aged between 23 and 67 years (salaried), with a stable income and a good credit score. Most lenders require at least 2–3 years of work experience. Loan eligibility also depends on EMI capacity, interest rate, and existing financial obligations.

Documents required include identity proof (PAN, Aadhaar), address proof (utility bill, passport), salary slips (last 3–6 months), Form 16 or ITR (past 2 years), and bank statements. Additional documents may be requested depending on the lender’s specific criteria and verification process.

Yes, if your household income falls within the specified range of PMAY’s LIG (₹3–6 lakh annually) or MIG-I category. You may be eligible for interest subsidies under the CLSS scheme. Eligibility depends on income, property size, and whether you own any pucca house.

Yes, you can easily apply for a home loan online with a ₹40,000 salary. Platforms like Bajaj Markets allow you to compare offers, calculate eligibility, upload documents, and complete verification, all digitally. Ensure your income documents and credit profile are in order before applying.

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