Can I get a home loan with ₹30k salary?

Yes, you can get a home loan on a monthly salary of ₹30,000, but it also depends on your financial profile. Furthermore, the loan amount and eligibility will be limited. Loan providers typically offer a home loan amount of about 4 to 5 times your annual salary based on the multiplier method.

The key to availing a decent home loan amount is to have a low debt-to-income ratio. Your total EMIs, including the home loan EMI, should not exceed 40-50% of your net monthly income. This ensures you have the repayment capacity. If your credit score is decent and existing loans are minimal, you can get approval for a significant amount of home loan on a ₹30,000 salary.

However, the interest rate may be higher compared to those with higher incomes. Options like co-applicant income and longer tenure can help enhance eligibility. Use the home loan EMI calculator to know the interest payable and the EMI for a loan amount.