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Calculate Home Loan eligibility on your salary

If your salary is 50K so you can expect a home loan of approx. 30 Lakhs from any Indian banks.

Calculate Home Loan eligibility on your salary

All banks have a different loan eligibility check criteria on which they offer different kind of loans to their customers. When it comes to take home loan from a bank in India and also in some other foreign countries, most of the banks calculate is with the candidates per month incomes via salary or from their own business.

Indian banks offer 60 times loan amount as per month income, like if a person is earning 20 thousand per month then bank can offer 60 times of that 20,000/- as home loan i.e. 12 lakhs. Also some banks can vary in their terms and conditions but most of the Indian banks have this same strategy of checking loan amount eligibility criteria.

Home loan amount eligibility calculator:

To calculate your eligibility amount to get home loan you can simply use this calculator or formula: Simple formula that doesn’t applicable on all places


Your salary × 60 = Your home loan amount.

Advanced formula for calculating Home loan: But here are some points to note, as mentioned in above example that if you’re earning 20K per month then you’re eligible for 12 Lakhs loan amount in India but still bank will give you lesser money than your eligibility because bank also excludes some parts of your salary from your monthly earning.

When banks calculating your home loan eligibility then they remove other added amounts from your salary like they cut your convince money and other medical expense money from your salary and after that they will multiply it with 60 and that is your loan eligibility amount.

Credit score for Home loan:

As everyone know, Credit score are between 300-900. And the maximum is best in rating, also credit score will update monthly basis. Most bank consider 750 above credit score as a good number for home loans. As shown in below attached image, my credit score is 810 so I am having good rating and is eligible for home loan under any Indian Bank.

cibil score

Ques/Ans related to Home Loan

Qn: 1) What is the eligibility for Home Loan of SBI?

Ans: If you want Home loan from SBI, then you should be working in some company or you have your own business from which you are getting your earning. Next, you Credit score or CIBIL score should be greater than 750 in the updated month. Also, you can get 60 times loan amount from your monthly salary.

Qn:2) Which bank provides lowest interest on Home loan?

Ans: As of the time of publishing this article, United Bank of India offers lowest interest rate on Home loan and the interest rate is 8.65% onward and the processing fees will be variable and depends on candidates Credit Score. Also repayment charges are NIL here.

Qn:3) How much home loan can I get on 50000 salary?

Ans: If your salary is 50K so you can expect a home loan of approx. 30 Lakhs from any Indian banks, but there are some exceptions in home loan calculation, for that read above explained advanced formula.

Qn:4) How can I check my CIBIL score for Home Loan?

Ans: CIBIL score linked with you credit card payments and other loan payments and that will be updated monthly, you can check your CIBIL or credit score with the help of your PAN card from CIBIL website or alternatively check it on wishfin.com for free.

Qn:5) Is it good to take home loan?

Ans: Yes, definitely having your own home is the best feeling and if you don’t have that much money but have a secure job or business platform then going for home is acceptable idea. Also, your home is considered a one of the best investment because it gives your shelter as well as it value will be increasing periodically.

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Harish Yadav

Finance and market analyst and chief writer on howtofinance. Passionate to read books and articles on marketing and accounting. Also edits other articles and publish them here.

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