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How much loan can be extracted from your Salary?

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Well, the Pandemic has been a blow to the financial and economical aspects of all the sectors. Home loans have seen a rise of 10% in customers. The benefits of a home loan are tempting enough to make a dream home this 2021. Home loans in 2021 are supposedly going to be beneficial with interest rates for home loan going down by a little bit. The PM Awas Yojana subsidy scheme was launched for a boost to the housing industry. Under it, the dates for availing a home loan has been extended from March 2020 to March 2021.

With that said, let’s have a look on how much loan can be extracted from your salary. The salary is a very important criterion taken into consideration. The salary determines your capability to pay back the principal amount of the loan with interest in various ways. This way a perfect estimation can be made on what amount of loan can be granted to the concerned person. Home loan eligibility criteria also depend on the CIBIL score, work experience, and age. Home finances are a business element now and that demands profit along with survival. So it’s made sure that who ever receives the loan is very much capable for paying it back and has a steady income. Without further ado, let’s move on to know how much loan can be extracted from a particular amount of salary.

  • The first and foremost point is that a home loan is approved for 60 times the salary of the individual.
  • This salary isn’t considered if it’s a hand-in. Because that may also include medical allowance, leave travel allowance, and others.
  • There are many online portals available to check what amount of loans can be approved for a given salary.

Depending on different companies, below provided is a proper chart of how the different age group and their salaries can get loans:

  • 25 years

For anyone in this age category, of the salary is 25000 a month, the home loan granted will not be more than 18.64 lakh. If the monthly salary is 50000, home loan amount will be 37.28 lakh. If the salary is 75000, home loan granted will be 55.93 lakh.

  • 40 years

For anyone in this age category, of the salary is 25000 a month, the home loan granted will not be more than 18.64 lakh. If the monthly salary is 50000, home loan amount will be 37.28 lakh. If the salary is 75000, home loan granted will be 55.93 lakh.

  • 50 years

For anyone in this age category, of the salary is 25000 a month, the home loan granted will not be more than 18.64 lakh. If the monthly salary is 50000, home loan amount will be 37.28 lakh. If the salary is 75000, home loan granted will be 55.93 lakh.

A loan of 52 lakhs can be provided with a salary of 70000 per month for all age groups.  Though the amount may remain the same, the tenure changes with the age and salary factor. Owing to all this, it’s very easy to just understand the entire concept.

The more the age, the less the tenure. The less the salary, the less the loan amount.

Another very important factor is that there should be complete detailed documents available for any past loan that has been taken.

It’s really important to have a particular bank or company to get the best deals in the best interest rates for home loans. And ApnaPaisa from Andromeda is the best that I came across. This is due to the following reasons:

  • Great network of Banks:

The team has a great network with banks and that makes it give out ample plans and opportunities to look for the right kind of deal. They have good connections that enable them to be the best for loan consultancy.

  • Transparency:

Not only do they have open reviews on the website but also the kind of skilled team they possess speaks for the work. There is completely unbiased advice provided by talented people working together to make a deal efficient for us.

  • Wider coverage:

With operating in 68 countries, above a million happy customers, and an experience of more than 2 decades, the team has managed to become the best of all. The application for a loan is also free.

So anytime you think of home loans, think of Andromeda’s ApnaPaisa to have the best deal possible.

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