Home Loan on a salary of Rs.75,000: Overview
Owning a home of your choice can be streamlined by availing of a Home Loan. With easy eligibility criteria, low interest rates, manageable EMIs, and flexible repayment tenors, you can enjoy a hassle-free Home Loan journey with us. If you are looking to apply for a Home Loan on a salary of Rs.75,000, you can use our online tools such as a Home Loan EMI Calculator and a Home Loan Eligibility Calculator to calculate your EMIs or estimate the loan amount you will be eligible for, respectively.
Eligible Home Loan Amount on a Rs.75,000 Salary
If your monthly salary is Rs.75,000 and you are willing to avail of a Home Loan, refer to the table given below to know the Home Loan amount you are eligible for given that you do not have any existing debts or monthly obligations.
| Net Monthly Income | Home Loan Amount |
|---|---|
| Rs.75,000 | Rs.45,21,634 |
| Rs.74,000 | Rs.44,61,345 |
| Rs.73,000 | Rs.44,01,057 |
| Rs.72,000 | Rs.43,40,768 |
| Rs.71,000 | Rs.42,80,480 |
Note that the actual loan amount you get may change based on other factors.
In order to increase your Home Loan eligibility for a Rs.75,000 salary, you can utilise a variety of strategies as a borrower, including using a joint account holder or paying off any existing debt you might have. This significantly raises your credit score and helps convince the lender of your creditworthiness.
How to Determine Eligibility for a Home Loan?
To find out the Home Loan amount you are eligible for on a salary of Rs.75,000, use the calculator for Home Loan eligibility. Our Home Loan Eligibility Calculator makes it simple to estimate the Home Loan amount as per your eligibility. The following are the steps to check your Home Loan eligibility using the Bajaj Housing Finance eligibility calculator:
1. Select the city.
2. Enter your date of birth.
3. Input your monthly income or slide the bar till you reach the exact value.
4. Input your monthly obligations or slide the bar till you reach the approximate value.
The calculator displays the eligible loan amount instantly.
Once you have determined the loan amount that you may readily receive, you can use our free housing loan EMI calculator to check the EMI you will have to pay.
What are the Documents Required to Apply for a Home Loan?
Availing of Home Loans with us comes with benefits such as a minimal and hassle-free documentation process. To streamline the process further, keep the following list of documents*** handy:
| Mandatory Documents | PAN Card or Form 60 |
| KYC Documents |
|
| Proof of Income | 3 months’ salary slips (for salaried and salaried professional applicants), P&L statement (for self-employed applicants), ITR (for self-employed applicants), and statements of your primary account for the last 6 months (for all applicants) |
| Business Proof | Proof of business vintage of 5 years or more (for self-employed and non-professional applicants) |
| Education Qualifications | MBBS and above (self-employed professionals- doctors) and Valid COP (self-employed professionals- Chartered Accountants) |
| Property-related Documents | Title Deed Allotment Letter Property Tax Receipts |
***Additional documents may be required at the time of loan processing.
How to Increase Your Home Loan Eligibility?
Keep your credit score at or above 750:
Your chances of getting a loan approved and at better loan rates are increased by having a good credit score, especially one of at least 750. Responsible credit practices, such as paying off credit card balances and EMIs on time and keeping a low credit utilisation ratio can raise your credit score to 750 and above.
Consider a joint Home Loan:
Your lender may reject your Home Loan application if you have higher monthly obligations or a low credit score. If you are not getting the loan amount you need, consider including a financial co-applicant and apply for a joint Home Loan. However, the financial co-applicant must be a family member who earns a living, has a clean credit history, and has adequate repayment ability. If a woman is the co-applicant or primary loan applicant, you can be eligible for a housing loan with lower interest rates.
Find out whether your lender provides a step-up loan:
As part of this program, lenders initially issue loans at reduced EMIs, which progressively rise when you begin repaying the loan. It is usually intended for younger borrowers. As the borrower advances in their profession and earns more, the lender raises the EMI. A step-up loan has a greater interest expense than a loan with a set EMI. *Terms and conditions apply.
