Salary for Home Loan

Salary required for Home Loan

✓ Home Loan from ₹2 Lakhs To ₹15 Cr ✓ Multiple Lending Partners ✓ Interest Rates Starting @ 8.50%

Home Loan Eligibility Based on a Salary

Getting a home loan is easy these days, with only a few criteria of eligibility to conform to. Additionally, if you are a salaried individual, you can conveniently avail a home loan. However, you should know that whatever salary you may earn, your eligibility for getting a home loan may be based on a portion of your salary. You will also wish to know what is the necessary minimum salary for a home loan to be approved. Hence, you should be well aware of the frequently used slabs of salary to calculate eligibility for a home loan, which factors affect your eligibility, and ultimately, what you need to do to apply for a home loan.

Understand Your Salary

The dream of buying your own home can, for the most part, only be realised if you avail a home loan. A home loan calculator based on your salary can help you compute the amount of the loan you are eligible to get. However, you need to grasp some aspects of your salary as it relates to getting a home loan. Your salary is commonly referred to as ‘net salary’, or ‘in hand’ salary, or ‘gross salary’. Financial institutions, such as banks or other lending companies, often take into consideration your net salary while approving a home loan. This constitutes your basic salary (in hand), as well as other components like allowances added.


Although the salary structure differs from company to company, allowances that are usually added to your basic salary component pertain to Leave Travel Allowance, Medical Allowance, House Rent Allowance, and other allowances. This is what is called your gross salary. Nonetheless, all this may not be what you actually ‘take home’ as your salary, as there are some compulsory deductions from your net salary. These constitute the EPF or Employee Provident Fund, Tax Deducted at Source, Professional Tax, etc. What you ultimately take home as your salary is your ‘in hand’ salary. This is also known as the ‘net salary’, which financial institutions base your eligibility for a home loan on.

How Much of a Home Loan can I Get on My Salary

Generally speaking, any salaried individual can get a loan up to a maximum of 60 times the net income that is earned by the individual concerned. For instance, if you are earning a salary of Rs. 40,000 on a monthly basis, your home loan amount according to your home loan salary eligibility criteria could amount to Rs. 24 Lakhs. A calculator can help you derive an amount of the loan you can get, but in the meantime, you can look at the table below for a quick reference source of the income slabs for which you can get loans, and the amounts thereof:

Net Income Per Month

Amount of Loan

Rs. 20,000

Rs. 10,36,246

Rs. 25,000

Rs. 13,73,026

Rs. 30,000

Rs. 17,09,806

Rs. 35,000

Rs. 20,46,586

Rs. 40,000

Rs. 23,83,366

Rs. 50,000

Rs. 30,56,926

Other Factors Impacting Home Loan Eligibility

Besides the income you earn on a monthly basis, there are various other factors that may affect home loan eligibility for a salaried person. It is good to know about the following main factors:

  • Your Age - Home loans are offered to individuals who fall within the age range of 21 to 55 years. This is because you have a long employment life ahead of you and your opportunities for home loan repayment are high. Your tenure may also be longer in duration than that of an older loan applicant.

  • Your Work Experience and Your Employer - If you work for a reputed company, you may be at an advantage to get a home loan, as such companies provide a degree of security. Lenders gain confidence that home loan EMIs will be paid in full and on time. In such cases, you may also be permitted to take a higher loan amount. In the same way, your employment experience also says a lot about your steady career and is viewed as positive for your loan application.

  • Your Credit Score - A good credit score is an essential factor in any house loan eligibility criteria. A good salary may not be enough, if you have a poor credit score which reflects your credit history overall. You should have a credit score of at least 750 and above for a home loan approval. Furthermore, you may also get lower house loan interest rates on your loan, if your credit score is high, and you meet the required minimum salary for a home loan.

  • New Property Approval - While applying for a home loan to buy any property, the given property’s legal standing, in terms of its ownership and title has to be proved to your lender. Also, the market value of the said property must be known to lenders.

Apply for a Home Loan

Before you go about shopping for a new home, it is important to determine how much of a loan you are eligible to receive on the basis of your salary. This will aid you in making a decision regarding your budget. You can then apply for a home loan and you can even find great home loan options at Bajaj MARKETS. The application for a home loan can be done purely online if you have your documents in order and approvals are quick.

FAQs on How Much of a Home Loan can I Get on My Salary

  • ✔️How much home loan can I get on a 20,000 salary?

    You can get a home loan of approximately Rs. 10,36,246 on a salary of Rs.

  • ✔️ How much home loan can I get on a 25,000 salary?

    You can avail a home loan of about Rs. 13,73,026 on a salary of Rs. 25,000.

  • ✔️How much home loan can I get on a 30,000 salary?

    A home loan of Rs. 17,09,806 is available to you on a Rs. 30,000 salary. 

  • ✔️ How much home loan can I get on a 35,000 salary?

    You can get a home loan of Rs. 20,46,586 on a Rs. 35,000 salary. 

  • ✔️How much home loan can I get on a 40,000 salary?

    You can get an approximate amount of Rs. 23,83,366 as a loan on a Rs. 40,000 salary.

  • ✔️How much home loan can I get on a 50,000 salary?

    You can get a home loan of around Rs. 30,56,926 on a Rs. 50,000 salary.