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.
✅ 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.
✅ 3. Opt for a Joint Loan
- Add a co-applicant like spouse or parent with income.
- This boosts your eligibility and total sanctioned amount.
✅ 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.
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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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