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How to Get a Home Loan on a Low Salary? (₹20K–₹30K Monthly)

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How to Get a Home Loan on a Low Salary? (₹20K–₹30K Monthly)

Getting a home loan on a low salary might seem challenging, but with the right planning and documents, it’s absolutely possible. Here’s a step-by-step explanation with important tips to help you secure your dream home.

Home loan on a low salary

✅ 1. Know Your Loan Eligibility

  • Banks calculate eligibility based on income, age, liabilities, and CIBIL score.
  • Generally, 40-50% of your monthly salary can go into EMI.
  • On a ₹25,000/month salary, you can get a loan of approx ₹12–15 lakhs (with 15–20 years tenure).

✅ 2. Improve Your CIBIL Score

  • A CIBIL score above 700 increases your chances.
  • Pay credit card bills and existing EMIs on time.
  • Avoid loan defaults or bounced cheques.
Home loan eligibility

✅ 3. Opt for a Joint Loan

  • Add a co-applicant like spouse or parent with income.
  • This boosts your eligibility and total sanctioned amount.
Home loan on a low salary

✅ 4. Look for PMAY Subsidy (Pradhan Mantri Awas Yojana)

  • For low-income families, PMAY offers interest subsidies on home loans.
  • Under EWS or LIG category, salaried individuals get subsidy up to ₹2.67 lakh.

Read Also

प्रधानमंत्री आवास योजना (PMAY) के लाभ Benefits of PMAY Yojna 2025

Documentation and Stability:
Maintain proper documentation such as salary slips, bank statements, tax returns, and proof of employment. This not only establishes income but also showcases stability.

Loan Terms and EMIs:
Opt for a longer tenure to reduce monthly EMI amounts. Keep an eye on the interest rates, as lower rates help manage the repayment even on a low income.

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