Home Loan on ₹40,000 Salary

With a salary of ₹40,000, you may qualify for a home loan ranging between approximately ₹22 Lakhs to ₹29 Lakhs. This calculation is based on a change in tenure, ranging from 15 to 30 years. Meanwhile, the interest rate is fixed at 8.50% p.a. The following table will help you understand this in greater detail.

Let’s say the interest rate is fixed at 8.50% p.a. Here’s how your loan amount can be affected because of a change in tenure based on your salary:

Use this online tool to check the amount you may be eligible to borrow with a home loan. Enter information in the fields as requested to calculate. This calculator also gives you the option to enter your existing loan EMIs to get a more accurate estimate of the amount you can borrow. Also, consider checking the eligibility criteria for a home loan to ensure that you fulfil the set requirements, before applying for the loan.

You may be asked to provide some of the following documents when applying for a home loan:

• ID Proof: Any one of the following

  • PAN card

  • Aadhaar card

  • Voter ID

  • Driving licence

• Address Proof: Any one of the following

  • Utility bills

  • Aadhaar card

  • Passport

• Income Proof Documents for Salaried Applicants: 

  • Last 3 months’ salary slips

  • Form 16

  • ITR of the last 2 years

• Income Proof Documents for Self-employed Applicants:

  • IT returns of the last 2 years

  • Balance sheet audited by a certified CA

  • P/L statement of the last 3 years

  • Qualification/degree certificates for professionals

  • Business licence details

  • TDS certificate

The documents required usually vary from one lender to another. Be sure to get a complete list of the paperwork required prior to applying for the loan. This will help you be prepared beforehand, preventing delays in the processing of your loan application.