Home loan


My salary is Rs. 53,000 and wife’s salary is Rs. 17,000. So what would be the maximum amount of home loan that I can avail. What are the other factors checked while lending apart from income?


Maximum home loan that you can avail can vary from bank to bank. Considering both your salaries together, banks might consider giving you a loan of around 40 lac to 70 lac (if you meet all their eligibility criteria) Both the you can now claim tax rebate on the principal (Under Section 80C) and the interest (Under Section 24) which you repay every month. A joint home loan is taken by spouses, or parent and child. You cannot take a home loan jointly with your friend or colleague or an unmarried partner.


Home Loan eligibility is not dependent on your income alone. There are many other factors that lenders look at. These include:

Age is probably the most important and influential factor that determines whether a bank or a lender will consider your application for a Home Loan. Usually, the younger you are the easier it is to get a Home Loan longer tenure for a substantial tenure. Individuals over the age of 40 might find it more difficult to get a longer-tenured Home Loan than someone younger.

Loan Tenure
The longer the Home Loan tenure you choose, the more your eligibility improves. A longer loan tenure means smaller EMIs, making it easier to manage your repayments. This is an attractive proposition for most banks. However, keep in mind that a longer tenure also means that you will be paying a higher amount in interest.

Credit Score
Your Credit Score plays a major role in acquiring a Home Loan. It is one of, if not THE most important factor when applying for a loan. A good Credit Score and repayment history can help you land a Home Loan without any trouble. However, a low Credit Score could lead to banks sanctioning a lower loan amount or declining your loan application altogether. Click here to check your Credit Score for free.

Additional Loans
Another important factor that could influence your Home Loan eligibility is if you happen to have any additional or outstanding debt to your name. Before a bank issues a loan, they refer to a central database maintained by credit information bureaus, which will give them detailed information regarding all loans and dues of an applicant.

Want to check your eligibility for a Home Loan? Click here.

BB Expert