Home loan can be the ticket to owning a house of your dreams regardless of the amount of income you are earning currently. In the case of a salary-earning employee with a ₹25,000 monthly income, it is necessary to know how much home loan you are able to get to make proper financial planning. Home loans are meant to assist the people in filling the current gap between their savings and the value they need to afford their dream house. Bajaj Finserv is the only salaried employee who has a variety of customized home loan services, which are being provided by various financial institutions in India.
Considering you are making 25,000 per month and asking yourself, How much home loan can I get on ₹25,000 salary,, then read on to learn more about how the home loan is calculated, what are the benefits of a home loan and how you can get one easily through Bajaj Finserv.
What Is the Maximum Home Loan I can acquire with ₹25, 000 Salary?
The rate of home loan that you will be able to get when you are earning ₹25,000 in a month will highly depend on various factors such as repayment ability, monthly costs, credit rating, age, and financial profile. Lenders are eager to have a balance between what the borrower can afford and the repayment of the loan is made on time.
Most often, the 50% rule is used by most lenders when determining eligibility of salaried employees. It implies that you can afford to take an EMI up to 50 percent of your monthly earnings. Your EMI paying capacity will be approximately ₹12,500 with a salary of ₹25,000 per month.
Considering the loan duration of 20 years and the interest rate to be between 8-10% per annum, the amount of loan that can be taken can be between ₹15 lakh and ₹20 lakh. The amounts however differ according to your profile and creditworthiness. Other considerations like the amount of existing liabilities and your CIBIL score can influence the amount of eligible amount.
One can recommend that they use Home Loan Eligibility Calculator that can be found with ease on the Bajaj Finserv site to know exactly how much of a home loan they can obtain with reference to their salary and other personal considerations.
Home Loan on Salaried Employees: Advantages.
The process of taking a home loan is one of the major financial decisions that you will ever make in life and the salaried workers have a range of benefits when taking such loans with Bajaj Finserv.
High Loan Amount
Bajaj Finserv will provide you with up to ₹5 Crore of financing on home loans, which means that you will be able to buy the home that will match your hopes. With an income of ₹25,000 monthly, we still have custom-fitted schemes to make sure that you receive sufficient finances.
Competitive Interest Rates
A significant strength of Bajaj Finserv home loans is that it has competitive interest rates, which lower the total amount of the repayment of the salaried employees.
Flexible Tenure
A repayment tenure of 30 years can be selected and you can have smaller EMI payments on your home loan. This will make your financial life comfortable without losing on your lifestyle.
Tax Benefits
There are tax advantages in home loans covered by Section 80C and Section 24(b) of the Income tax Act. Salaried employees are also allowed deductions on principal repayments and interests paid.
Prepayment and Foreclosure Alternatives.
Bajaj Finserv provides part-prepayment and foreclosure, which are free, and therefore a borrower can repay his/her loan at a faster rate without incurring additional expenses.
Online Application Process.
Bajaj Finserv can offer digital application to salaried employees with a smooth process. Online tools are time and energy saving, especially when it comes to checking that you are eligible or entering your application.
Top-Up Loans
Provided you are an existing home loan borrower, you can take a top up loan where you can use the new loan to finance new expenditures like renovating or repairing your house.
Application: Bajaj Finserv Home Loan?
The ease of process in home loan for salaried employees has never made it harder to apply to get a loan to build a home among the salaried employees. Here’s a step-by-step guide:
Step 1: Check Your Eligibility
Go to the Bajaj Finserv web page and apply for a Home Loan Eligibility Calculator. Enter your monthly earnings, regular requirements, age among other data to determine the loan you can acquire.
Step 2: Complete the Web-based Application.
Go to the Bajaj Finserv Home Loan. Complete your application by typing in personal information such as name, contact information, employment history, income and loan requirements.
Step 3: Post If needed Documents.
Make sure that you have your paperwork in place. Bajaj Finserv requires:
- PAN card or Aadhaar card
- Address proof
- Last 2-3 months salary slip.
- Last 6 months bank account statements.
- Employment details or Form 16
Step 4: Approval and Authentication.
After you have provided your application and documents, Bajaj Finserv checks it all. The expediency of approval is high and there are those that have been approved within hours.
Step 5: Get Funds Disbursed
Bajaj Finserv funds the loan amount after verifying the documentation so that you can continue buying your property.
Conclusion
The question, How much home loan can I get on ₹25,000 salary is an extremely individualized question that will be answered with the help of a number of factors such as loan term, interest rates, and your financial profile. Bajaj finserv simplifies the home loan procedure and offers a plethora of value added services that would cater those with salaried jobs including flexible EMI, fair interest rates and tax benefits.
Bajaj Finserv simplifies the home loan experience through its digital-first organizational culture and customer-friendly services, which require no complexities to be present and make financial empowerment available to everyone. Through such features as less paperwork, quick approvals, and foreclosure advantages, it is easy to borrow a home as one can fill an online form.
