How to Get a Home Loan on a Low Salary? (₹20K–₹30K Monthly)
Getting a home loan on a low salary might seem challenging, but with the right planning and documents, it’s absolutely possible. Here’s a step-by-step explanation with important tips to help you secure your dream home. ✅ 1. Know Your Loan Eligibility Banks calculate eligibility based on income, age, liabilities, and CIBIL score. Generally, 40-50% of your monthly salary can go into EMI. On a ₹25,000/month salary, you can get a loan of approx ₹12–15 lakhs (with 15–20 years tenure). ✅ 2. Improve Your CIBIL Score A CIBIL score above 700 increases your chances. Pay credit card bills and existing EMIs on time. Avoid loan defaults or bounced cheques. ✅ 3. Opt for a Joint Loan Add a co-applicant like a spouse or parent with income. This boosts your eligibility and total sanctioned amount. ✅ 4. Look for PMAY Subsidy (Pradhan Mantri Awas Yojana) For low-income families, PMAY offers interest subsidies on home loans. Under the EWS or LIG category , salaried individuals get a subsidy up to...