How Much Home Loan Can You Get on Your Salary?
Most Indian banks will lend you 50-60 times your gross monthly salary, but the actual amount depends on your Fixed Obligation to Income Ratio (FOIR) — typically capped at 40-50% of net monthly income. For example, on a ₹1 lakh/month salary with no existing EMIs, you can expect eligibility of roughly ₹50-60 lakh at current rates around 8.5-9.5%. Your credit score, age, employment type, and existing liabilities all influence the final sanction.
Frequently asked questions
Quick answer
How much home loan can I get on a ₹50,000 salary?
On a ₹50,000/month gross salary with no existing EMIs, most banks will sanction between ₹25-35 lakh, depending on your FOIR and credit profile. The exact amount varies by lender — SBI, HDFC, and ICICI each use slightly different multipliers and FOIR limits.
How much home loan can I get on a ₹50,000 salary?
On a ₹50,000/month gross salary with no existing EMIs, most banks will sanction between ₹25-35 lakh, depending on your FOIR and credit profile. The exact amount varies by lender — SBI, HDFC, and ICICI each use slightly different multipliers and FOIR limits.
What is FOIR and how does it affect home loan eligibility?
FOIR (Fixed Obligation to Income Ratio) is the share of your net monthly income already committed to EMIs and fixed expenses. Banks cap this at 40-50%, so if you already pay ₹15,000/month in car or personal loan EMIs on a ₹60,000 net income, your available FOIR headroom is reduced significantly.
Does a joint home loan increase eligibility?
Yes — applying jointly with a spouse or co-applicant who has income allows banks to combine both incomes, often raising eligibility by 50-80%. The co-applicant must also have a healthy credit score, and both applicants share equal liability for repayment.
Can I get a home loan without a salary slip?
Self-employed individuals can get a home loan using ITR (last 2-3 years), bank statements, and business financials instead of salary slips. However, lenders typically apply stricter income assessment and may offer slightly higher interest rates compared to salaried borrowers.