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Home Loan on 78000 Salary – How Much Loan Can I Get?

Home Loan on 78000 Salary: If you are a salaried individual and wish to avail a home loan, the very first question that comes to mind is - Am I eligible for a home loan with a salary of ₹78000 per month?

Yes, you will be eligible for a home loan up to 38.45 Lakhs, bringing your dream home within reach with some simple steps. Aavas Financiers offers a smooth, seamless, and easy online home loan application process and advantages like flexible EMI options and competitive interest rates. We make sure every individual achieves their dream of homeownership with ease.

How much Home Loan can I get on a Salary?

Based on a monthly salary of ₹78000 and assuming no existing financial obligations (like ongoing EMIs or outstanding credit card dues), you may be eligible for a home loan amount of approximately ₹38.45 lakhs. The interest rate could range between *9.25% and 15% or higher, with a loan tenure of up to 180 months.

Here is a quick overview of potential home loan eligibility:

Parameter Loan Amount
Loan Amount ₹38.45 lakhs
Rate of Interest 9.25% p.a.
Loan Tenure 5 years
Monthly EMI ₹80283
*The Interest Rate is subject to change based on multiple factors i.e. credit score, property value and credit assessment etc.

How to Check Home Loan Eligibility?

Check your home loan eligibility with Aavas using the Home Loan Eligibility Calculator in less than a minute. Only by entering your monthly income, existing EMIs, interest rate, credit history, and age for a quick assessment. Once you come to know about your eligibility, this is time to take a step further towards applying for a home loan with Aavas. This will be a step forward to your dream home. Start exploring and unlock your journey to homeownership.

Here are some of the key tips to improve your home loan eligibility:

  • Maintain a Healthy Credit Score: Keep a regular check on your credit score by timely payments of bills and existing loan EMIs. For loan approval a healthy credit score is necessary.

  • Reduce Existing Debts: To make yourself a potential borrower you have to pay your outstanding debts to improve your debt-to-income ratio.

  • Increase Your Income: Explore ways to increase your income through a hike in salary, additional income sources, or some smart investments. Enhanced income makes a strong base for your home loan eligibility.

  • Add a Co-applicant: For better loan terms, adding a co-applicant can increase your loan eligibility criteria. Adding a co-applicant with a steady income strengthens your home loan application.

  • Clear Outstanding Dues: To avoid a negative impact on your application make sure all your outstanding dues including personal loan payments, credit card bills, and EMIs are timely paid.

  • Maintain Job Security: Stable employment is preferred by lenders. A stable job history can enhance the credibility of your application.

  • Monitor and Correct Credit Report: Monitoring and regularly reviewing your credit report helps you in a smooth loan process. Correcting inaccuracies avoids potential issues.

  • Consider a Longer Loan Tenure: Opting for a longer home loan tenure reduces per month EMIs, which helps you ensure paying EMIs comfortably.

  • Check your Co-applicant's Credit Health: If you’re applying for a loan with a co-applicant, with your credit score you also have to check the co-applicant’s credit health.

What are the Documents Required for a Home Loan for Salaried Individuals?

Documents Required for Home Loan (Salaried)
Identity Proof Address Proof Proof of Income Other Documents
PAN Card (mandatory) and any one of the below documents Any one of the below documents: All the documents are given below: All the documents are given below:
Valid Passport Valid Passport Salary Slips/Bank Statements/Form-16 Application form with photograph duly signed
Voter ID Card Voter ID Card Salary Certificate (cash salaried cases) Processing fee cheque
Aadhaar Card Aadhaar Card The last 6 months' bank statements
Valid Driving License PAN Card Copy of Allotment letter/Seller's Agreement
Valid Driving License Receipts of payment made to builder/developer

Note: For a complete List of Documents Required for Home Loan, please contact the nearest Aavas branch. The documents mentioned are indicative and may vary based on specific requirements and changes in lending policies.

What are the Benefits of the Aavas Financiers Home Loan?

Aavas Financiers Ltd. offers huge benefits to home loan applicants such as:

  • Quick Approval & Simple Process: Get quick and seamless approval for your home loan application with our effective home loan application process.

  • Attractive Rates: Enjoy the benefits of attractive and competitive interest rates that keep your homeownership dream within your reach.

  • Extended Tenure: We ensure a flexible loan tenure of up to 30 years.

  • Manageable EMIs: For your convenience, Aavas provides easy-to-manage Equated Monthly Instalments (EMIs).

  • Minimal Paperwork: Enjoy minimal paperwork loan application process with Aavas.

  • Efficient Online Service: Aavas ensures to offer efficient online services for an amazing experience.

  • Customizable Loans: We provide tailored home loan solutions according to the requirements and needs of an individual.

  • Affordable Home Loans: For cost-effective home loan solutions join Aavas Financiers.

  • Tax Advantages: Your home loan provides financial relief in the form of tax-deduction benefits.

  • Flexible Eligibility: With flexibility eligibility criteria, Aavas Financiers provides home loans for both self-employed and salaried.

  • Asset Growth: Aavas provides financial stability by contributing to building long-term assets.

These benefits make Aavas Financiers Home Loan a great option for achieving your homeownership goals.

How to Apply for a Home Loan from Aavas Financiers?


Find the Home Loan Section

Look for the "Home Loan Product Link" under the "Loan Products" tab in the main navigation.


Enter your Detail

Please provide your contact details, such as your mobile number, full name, email, city, and pin code.


Choose Your Loan Type

Select the loan option that meets your requirements for a home loan. These options include home purchase loans, home improvement loans, home construction loans, or securing a loan against property.


Home Loan Eligibility Criteria


Terms and Conditions

Ensure you check the terms and conditions provided by Aavas for better understanding. After that confirm your acceptance by reviewing the agreement.


Submit Loan Application

To submit your loan application click on the “Submit” or “Apply Now” button.


Follow Up

Once you submit your application, Aavas Financiers will reach out for further information or documents. To accelerate your home loan application, make sure all your documents are present.


Loan Evaluation

Aavas Financiers review your home loan application to check eligibility. If it gets approved, you’ll receive details such as loan amount, interest rate, and so on.


Complete Verification and Documentation

Ensure you complete all the processes of verification and documentation required by Aavas such as proof of identity, income, address, and property details.


Loan Disbursement

After completing the verification and documentation process, Aavas will disburse the amount to your account.


Loan Disbursement

After completing the verification and documentation process, Aavas will disburse the amount to your account.


Summary

In summary, securing a home loan with a salary of 78000 requires evaluation of eligibility criteria. Although loan amount and tenure may be restricted, it’s vital to explore options that suit your financial planning. By maintaining a strong credit history, you can make your loan process easy. Conducting careful research helps you understand loan terms and improves your chances of securing a home loan.