Can I Get Home Loan With ₹15000 Salary?

Can I get Home Loan with ₹ 15000 monthly salary? Let’s find out the answer to it. It is a very common and widely asked query because the large number of people who aspire to own a house belong to this income group.

What is Home Loan?

Home Loan is a secures loan where lender bank lends money to the customer to construct a home or buy readymade home. The loan amount can only be spent on the above purpose only. It is a secured loan because lending bank mortgages the property until the loan is repaid in full.

What is eligibility to get a Home Loan?

Lenders find home loan eligibility out on the basis of the net income of the customer, loan amount and the tenure of loan requested by the customer. Suppose a person is earning Rs 15000/- monthly. So, his EMI repayment capacity will be around Rs 7000/- per month. Now, as per his repayment capacity, if he asks for the loan tenure of 20 years, then he will be eligible for Home Loan of Rs 8 Lakhs.

How do banks decide Eligibility for loan?

Banks decide eligibility based on net monthly income. Net monthly income is an amount which is the remaining amount of gross salary in the hand of a customer after paying all existing EMIs, Provident Fund contribution, Insurance premia, Income tax deduction and any other recurring payment.

What is the minimum Credit Score to avail home loan?

Generally, secured loans need a minimum credit score which is lesser than that of unsecured loans because secured loan has less inherent credit risk and can liquidate mortgaged property in case customer defaults EMI payment for longer duration.

Most of the banks accept credit score of 650 and above for home loan. However, lower credit score attracts higher interest rates comparatively. Hence, it is always necessary to make honest efforts to maintain your credit score at its best. As also, in case you were compelled to perform some financial activities which decreased your credit score, then you must make all efforts to reach 750 and above score. It will not only invite lenders to lend you money in need, but also interest rates will be more attractive.


You may get a loan with Rs 15000 salary. However, you need to find out that there will be no default in the payment of EMI without a gap. Also, do not plan to borrow any other loan until your income increases accordingly. The above aspects apply to self-employed customers too, who earn approx. 1.8 Lakhs per annum and file income tax return every year.

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