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Minimum salary requirements for being eligible for home loan
  • I am a middle class salaried employee, working in a good reputed company. I was wondering how much minimum salary I must be getting in order to be eligible for getting home loan for construction of my house. Kindly suggest some suitable options if I am not able to get a home loan.
  • There is no such thing as minimum salary requirement from the lenders. If you are able to satisfy the lender that you can repay their loan with your present income is in a timely manner and the principal capital is safe, then most probably you will be able to get a home loan.
  • Lenders are only concerned with the protection of their capital money and receipts of the interest amount. Salaried employee offering means a person with a stable and predictable income source. Most of the lenders prefer such a profile for the borrower. That is why it is often easier for a salaried person to get a home loan sanctioned. As rightly pointed out by the comment above, lenders do not impose any restriction for minimum salary requirement. In case they are satisfied that you are in a position to pay the dues, they will give you the loan.

    You can check out the blog post on this site about how banks calculate the eligibility amount for the borrowers. It might be a good read to understand the concept.

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