How much home loan can I get on 45000 salary?
Salaried individuals are eligible to get housing loans up to 60 times their net monthly income as a rule of thumb. So, if your in-hand salary is Rs. 45000 per month, you can get a housing loan up to Rs. 27,00,000 approximately.
How much personal loan can I get on a ₹40000 salary? According to the Multiplier method, on a salary of ₹40000, you will be eligible for ₹13.50 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹8.80 lakhs.
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EMI Calculations for a Home Loan of Rs. 40 Lakhs with Varying Tenures.
| Loan Tenure | EMI for Rs. 40 lakh Home Loan | Net Interest |
|---|---|---|
| 20 Years | Rs. 30,296 | Rs. 32,70,925 |
| 15 Years | Rs. 35,286 | Rs. 23,51,344 |
| 10 Years | Rs. 45,827 | Rs. 14,99,293 |
| Loan Amount | Interest rate | EMI |
|---|---|---|
| Rs. 20 lakh | 7.70%* | Rs. 23,950 |
It's definitely possible to buy a house on a $50K salary. For many borrowers, low-down-payment loans and down payment assistance programs are putting homeownership within reach. But everyone's budget is different. Even people who make the same annual salary can have different price ranges when they shop for a new home.
Salaried individuals are eligible to get housing loans up to 60 times their net monthly income as a rule of thumb. So, if your in-hand salary is Rs. 45000 per month, you can get a housing loan up to Rs. 27,00,000 approximately.
You can usually get a home loan that is 60 times your salary. However, lenders do not generally consider your in-hand salary when determining the loan amount.
Current EMI for ₹ 25 Lakh loan is ₹ 17,480, and EMI for ₹ 30 Lakh loan is ₹ 20,976 for a 30 year loan at the minimum interest rate.
| Loan Amount | Loan Tenure | EMI Payable |
|---|---|---|
| ₹25 Lakhs | 30 Years | ₹16,132 |
| ₹25 Lakhs | 20 Years | ₹18,935 |
| ₹25 Lakhs | 15 Years | ₹22,053 |
| ₹25 Lakhs | 10 Years | ₹28,642 |
At 7.55% interest, currently being charged by State Bank of India, your home loan EMI for a month will be Rs 14,053 for a tenure of 30 years.
What is the EMI for 15 lakh home loan?
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EMI Calculations for a Home Loan of Rs.15 Lakh.
| Loan amount: Rs. 15,00,000 | |
|---|---|
| Tenor | EMI amount |
| 10 years | Rs. 19,823 |
| 15 years | Rs. 16,119 |
| 20 years | Rs. 14,475 |
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Multiplier Method.
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
| Rs. 60,000 | Rs. 16.20 lakhs |
You may be able to afford up to a $260,000 home. You can afford to spend about $1,120 on a monthly mortgage payment. Your monthly mortgage payment and your monthly debt payments combined shouldn't exceed $1,440.
| Gross Income | 28% of Monthly Gross Income | 36% of Monthly Gross Income |
|---|---|---|
| $20,000 | $467 | $600 |
| $30,000 | $700 | $900 |
| $40,000 | $933 | $1,200 |
| $50,000 | $1,167 | $1,500 |
While buyers may still need to pay down debt, save up cash and qualify for a mortgage, the bottom line is that buying a home on a middle-class salary is still possible — in some places. Below, check out 15 cities where you can become a homeowner while earning $40,000 a year or less.
| Gross Income | 28% of Monthly Gross Income | 36% of Monthly Gross Income |
|---|---|---|
| $40,000 | $933 | $1,200 |
| $50,000 | $1,167 | $1,500 |
| $60,000 | $1,400 | $1,800 |
| $80,000 | $1,867 | $2,400 |
While buyers may still need to pay down debt, save up cash and qualify for a mortgage, the bottom line is that buying a home on a middle-class salary is still possible — in some places. Below, check out 15 cities where you can become a homeowner while earning $40,000 a year or less.
| Salary / Income per Month | SBI Home Loan Eligibility | HDFC Home Loan Eligibility |
|---|---|---|
| 25000 | 1400000 | 1350000 |
| 30000 | 1700000 | 1600000 |
| 35000 | 2000000 | 1900000 |
| 40000 | 2300000 | 2200000 |
If 40k is your net take home salary after income tax and pf deductions etc. first thing you are supposed to do is save/invest 30% after which you will be left with 28000. Your housing loan EMI will be Rs. 12000 at a minimum per month.
