What is the annual salary required to be eligible for home loan?

Hi, I am a middle class working man looking to get a home loan. My question is how much salary I wud require if I want to get a home loan on my name? If not then please suggest some options

4 Replies to “What is the annual salary required to be eligible for home loan?”

  1. Income is important, but credit is the main factor. You need to tell your local loan officer the price of the home you are looking at and they can see if they can pre approve you. These factors will affect your pre approval decision.

    1) Credit
    2) Income
    3) Current Liabilities
    5) Price of Home

  2. Whatever your salary is, you are eligible for applying home loan. The quantum of loan will be subject to to your total annual income. In general, 3 to 4 times your annual salary will be eligible loan.

  3. Value propositions

    Bank offers following benefits with home loan availed by you:
    Free Property and Personal Accident Insurance (available for stipulated tenure of loan).

    Interest subvention @ 1% on housing loans upto limit of Rs 15.00 lac where cost of house does not exceed Rs 25.00 lac is available. The scheme is applicable upto 31.03.2012

    Free Credit Card – “Paras” card (Complimentary for first year) to all new home loan borrowers with loan limit of Rs. 2/- Lakhs and above

    Advance up to 90% of the principal amount of home loan repaid for any requirement (‘AAA’).

    As per current IT provisions – Interest on loan upto Rs. 1.5 Lakhs per annum is exempt from income tax (Under section 23/24(I) of the Income Tax Act).
    Terms & Conditions

    Income Criteria:

    Monthly Income Modified Criteria
    Up to Rs. 20,000/- 36 times of monthly income
    More than Rs.20,000/- & up to Rs. 1 lac 48 times of monthly income
    More than Rs. 1 lac 54 times of monthly income


    Monthly income Purpose Margin
    Upto Rs.20000/- Purchase of plot 20%
    House/flat already constructed from own resources 25%
    All other cases 20%
    Above Rs.20,000/- Purchase of plot 20%
    House/flat already constructed from own resources 20%
    All other cases 20%

    As security against the loan amount, the bank will take an equitable mortgage of the housing property and/or other suitable securities.

    No Fees will be charged on part prepayment / full prepayment of the loan amount.

    The loan can be repaid in a maximum period of 25 years taken under floating rate option subject to the period up to age of retirement in case of salaried persons and 65 years in case of others.


    For further details, please contact the Bank of Baroda Branch nearest to you.

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