What is the minimum salary for home loan?

What is the minimum salary for home loan?

The applicant's age should be minimum 24 years and maximum 60 years at the time of applying for a home loan if the applicant is a salaried employee. Salaried applicants should have a minimum monthly income of ₹25,000 per month in a metro city, and a minimum monthly income of ₹20,000 in other cities.

How long does it take to get approved for a home loan?

The entire mortgage process has several parts, including getting pre-approved, getting the home appraised, and getting the actual loan. In a normal market, this process takes about 30 days on average, says Fite. During high-volume months, it can take longer—an average of 45 to 60 days, depending on the lender.

How much can we borrow for home loan?

Your home loan repayments would be 0% of your monthly income after tax. After you take out your home loan repayments and living expenses from your income, you'd have $0 remaining per month.

How many payslips do I need for a home loan?

For your home loan application to be processed, you must provide at least two consecutive payslips. Below are the standard requirements that payslips must meet before they will be accepted by a lender: Must be dated less than four weeks from the date of application (old payslips are not accepted).

When should I apply for a home loan?

The best time to start the loan application process is always the first few business days of the month. This is when lenders are generally most focused on acquiring and setting up new loans. You will find loan officers and processors eager to return your phone calls and carefully review loan options and terms with you.