Home Loan on a Monthly Salary of ₹35,000

Whether on a tight budget or looking for additional funds to purchase a house, a home loan can help make that possible. With a monthly salary of ₹35,000, home ownership is possible with proper planning. 

Checking home loan eligibility helps you know how much you can borrow based on your salary, and choose a suitable plan.

If you earn ₹35,000 monthly, your home loan eligibility is based on your repayment ability and the lender’s criteria. Generally, housing finance institutions permit EMIs up to 40%–50% of your income, after subtracting household costs and any ongoing loan payments. Your credit score, loan tenure, and applicable interest rate also play a role in the loan amount approved.

Example:

Suppose your monthly expenses and current EMIs total around ₹7,000. In that case, you may qualify for EMIs between ₹10,000 and ₹12,000. The bank then calculates your maximum loan eligibility according to the interest rate and repayment period you opt for.

Home Loan Eligibility Estimate for a ₹35,000 Monthly Income

If you're considering a home renovation, extension, or improvement project, understanding your loan eligibility is crucial. Here’s an estimate of the home loan amount you could be eligible for with a ₹35,000 monthly income at an interest rate of 7.30% p.a., broken down by different loan tenures.

For Quick Renovations or Smaller Extensions (2 to 5 Years):

If you’re planning to renovate a specific area of your home or make smaller improvements (like upgrading your kitchen, bathroom, or creating an extra room), a shorter loan tenure can be a great option. It allows you to complete the project quickly while keeping your EMI manageable.

For Expanding Your Home or Major Improvements (6 to 10 Years):

If you're looking at a larger-scale home extension or improvement project (like adding a floor or extending your living room), a medium-term loan may suit your needs. These longer tenures result in lower monthly EMIs, providing you with more breathing room while still allowing for significant enhancements to your home.

Disclaimer: The loan amounts mentioned in the table above are estimated figures and might change as per the norms and conditions of the banks and financial institutions.

The eligible home loan for a monthly salary of ₹35,000 depends on the repayment tenure. At an interest rate of 7.30% per annum, here is how the loan amount varies across different tenures: 

Disclaimer: The loan amounts mentioned in the table above are estimated figures and might change as per the norms and conditions of the banks and financial institutions.

On Bajaj Markets, partner banks and housing finance companies offer home loans at varying interest rates and repayment tenures. These differences can impact your loan eligibility, even if your income remains constant.

If you choose a lower rate of interest and a longer repayment period, your eligibility may rise, whereas higher rates or shorter tenures can bring it down. For a salary of ₹35,000, assuming the EMI is capped at ₹10,000, here is the approximate loan amount you may qualify for:

Disclaimer: The above-mentioned details are subject to change at the lender’s discretion.

On Bajaj Markets, you can easily apply for a home loan by following these simple steps. The application process is quick and hassle-free. 

1. Click on the ‘Check Offer’ button on this page

2. Select the loan requirement

3. Choose your profession, either salaried or self-employed

4. Type in your mobile number

5. Specify the Property Identified Status from the drop-down options

6. Agree to the terms and conditions after reading, then click on ‘Apply Now’

After verification, a representative will contact you to guide you through the next steps.