How Much Home Loan Can I Get if My Salary is 15000?

Posted by Shubham Housing Development Finance Company Ltd. on April 6th, 2022

Home Loan Calculator

Are you planning to renovate your home or are you looking to buy a new one? We have the best home loan options for you. You can easily calculate your home loan interest rate and EMI with ouru7 Home Loan Calculator. With a longer repayment period and low-interest rates, you can take advantage of cheap home loans. At Shubham, Our EMI is affordable so it\'s easy to carry in your pocket. You can calculate your estimated EMI based on the loan amount and desired home loans term using our home loan EMI calculator.

What is a Home Loan Calculator?

The Home Loan Calculator is a financial tool that can help you estimate the amount of EMI you have to pay each month for your home loan. This excellent tool will also help you understand the approximate interest rate you will pay for the entire term of the home loan. With a few simple steps, you can calculate the EMI of a home loan, including the interest rate according to the applicable interest rate.

What is the EMI House Loan?

EMI means the same monthly rate. EMI is the monthly payment that the borrower is willing to pay over the life of the home loan. EMI is the amount of principal and interest that must be paid for one month.

Factors That May Affect Your Emi Home Credit

• Principal – Basically, the principal is the loan against property amount you get from the lender. This is directly proportional to your EMI - a lower principal reduces your monthly payments and vice versa.
• Interest Rate - The interest rate refers to the interest rate at which your lender offers you a home loan. This is also directly proportional to the EMI value of your loan.
• Term – the term or duration refers to the time during which the borrower agrees to repay the loan. The term is inversely proportional to the EMI of your home loans - the longer the term, the lower the monthly payment and vice versa. With a longer loan term, you pay a higher interest rate as the number of instalments or EMI increases, and with a shorter loan term, the interest rate is lower.

Here taking a salary of 30,000 Rs., & without any fixed monthly obligation, you can pay a maximum of 15,000 Rs as EMI considering 50% FOIR (Fixed Obligations to Income Ratio). If the interest rate is 10% per annum, the loan amount eligibility can be arrived at 17,09,806 Rs using a home loan eligibility calculator (assuming 3 household members).