How Much Home Loan Can I Get on 60000 Salary?

Building or buying a dream house is one of the best dreams every person thinks of. But, due to high interest rates on loans or repayment capacity, we are putting the dream on hold. Not anymore! Let go of the insecurities, because at My Mudra, we are here for you at every step, making sure you choose the best lender. Even with a monthly income of ₹60,000, we’ll share simple tips on how to maximise your loan eligibility and how much you can borrow. 

What is a Home Loan?

A home loan is a type of secure loan where you pledge your asset as collateral to get a secured amount from the lender. Instead of paying the full amount as a whole, you pay every month over a fixed period. The home loan interest rate, repayment period, and penalty charge differ from bank to bank.

How Much Home Loan Can I Get on 60000 Salary?

For instance, with a Rs. 60,000 monthly salary, you can get a loan of Rs. 35-50 lakh based on the interest rate, repayment capacity, CIBIL score, credit history, financial position, and more. Banks usually calculate the home loan with their calculator, which is available on the bank's official website.

Points to remember:

• The higher your loan amount or interest rate, the bigger the EMI will be.
• For a long-term repayment period, the EMI is low, but you need to pay more interest.
• For short-term repayment periods, the EMI is high, but you can pay less interest.

Home Loan Eligibility Criteria for ₹60,000 Salary

The eligibility criteria vary for the bank you choose, but check whether you qualify for the general criteria below for getting a home loan with less interest rate.

• Must be a citizen of India; both salaried and self-employed individuals are eligible.
• The person should be in the age group between 21-65 years old.
• The person should have at least Rs. 25,000 as a monthly income.
• To get an instant home loan, it’s best to have a CIBIL score of more than 725.

Documents Required for Home Loan on ₹60,000 Salary

• Identity proof: Aadhaar card, PAN card, Passport, or Voter ID.
• Address proof: Aadhaar card, Utility bills.
• Income proof: In case a salaried person, make sure to have past salary slips and income statements. In case you are self-employed, make sure to have IT returns and other bank statements.
• A passport-sized photo, property documents, and other required documents by banks.

How to find the Best Home Loan Provider?

Thinking of getting an online home loan, but don't know how to find the best home loan provider that fits your requirements. Don’t worry and be at ease, check whether you meet your listed below:

• Interest rates: Look for lower interest rates, whether the bank is offering a fixed or floating interest rate. Because it plays a major role in managing your budget.  
• Repayment period: As mentioned above, the longer tenure leads to a lower EMI with more total interest. The short tenure leads to high EMI with less interest. Choose which one meets your standards.
• Flexibility payment option: Look for a lender or bank that offers flexibility payment options without a penalty.
• Transparent service: Check whether the bank assists with your queries and whether they protect your information safely.
• Offers provided: Look for other offers or services the bank provides, and whether they meet your requirements.

Why Choose My Mudra for an Instant Home Loan?

At My Mudra, we provide instant home loans in a simple, fast, and secure way.

• We have partnered with 90+ banks and NBFCs, making sure you find the best home loan provider.
• Your data is safe with us, and we won’t charge you unnecessarily.
• With our expert team, we guide you at every step you take.
• Our process is simple, which helps for quick loan sanction with a low interest rate.

Conclusion: Plan Your Home Loan Smartly on ₹60,000 Salary

Before you get a home loan, look and compare the interest rates offered by different banks, and make sure to hold the required documents for instant home loan approval. Take the next step to your dream home with the right lender and smart repayment option. For getting instant home loan approval with a lower interest rate, speak to our finance team now. 

Also Read:
- Best Home Loan Insurance Policy in India
- Get the Best Home Loan Rates for Your Dream Home