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How much home loan can I get on 38000 salary?

How much home loan can I get on 38000 salary?

You are eligible for a home loan of approximately Rs. 36 Lakh, if your in-hand salary is Rs. 60,000….How much home loan can I get on my salary?

Net Monthly income Home Loan Amount
Rs.30,000 Rs.22,37,206
Rs.40,000 Rs.29,82,941
Rs.50,000 Rs.37,28,676
Rs.70,000 Rs.52,20,146

Can I get a home loan if I only make 30000?

Qualifying for a mortgage when you make $20,000 a year or $30,000 a year is absolutely possible.

Is 20000 enough to buy a house?

Size Of Down Payment Lenders express down payments as a percentage of the total loan. For example, if you buy a home worth $100,000, a 20\% down payment is equal to $20,000. You may qualify for a mortgage with as little as 3\% down with a conventional loan. If you choose an FHA loan, you’ll need 3.5\%.

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How much income do I need to pay off my mortgage?

FAQ: Your required income doesn’t just depend on the size of the loan and the debts you have, but will vary depending on what your mortgage rate is and the length of your loan. Those affect your monthly mortgage payment, so the mortgage income calculator allows you to take those into account as well. Using the Mortgage Income Calculator

How much home loan can I get based on my salary?

The loan amount you can avail depends on criteria like your credit score, salary, age, location, current obligations, etc. Lenders usually offer a home loan that is 60 times your salary. However, lenders do not generally consider your in-hand salary when determining the loan amount.

How much income do I need to qualify for a 350K mortgage?

A $350k mortgage with a 4.5\% interest rate over 30 years and a $10k down-payment will require an annual income of $86,331 to qualify for the loan. You can calculate for even more variations in these parameters with our Mortgage Required Income Calculator.

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How much home loan can I get with 1500 medical allowance?

Assume your medical allowance is Rs. 1500 and LTA is Rs. 3000. Hence, your salary will become Rs. 49,000 if you deduct these two from it. Now, the home loan amount you will be eligible for is Rs. 29.4 Lakh. Use a home loan eligibility calculator to check the home loan amount you are eligible for.