How To Manage 50000 Salary In Telugu – Investment Planning |Middle Class Money |Ep:4| Kowshik Maridi
Introduction
If you are planning to buy a home and are wondering how much home loan you can get on a 50000 salary, this article is for you. It is important to understand that the amount of home loan you qualify for depends on multiple factors such as your credit score, existing debt, loan-to-value ratio, etc. In this article, we will discuss the different factors that influence your home loan eligibility and how much you can expect to get on a 50000 salary.
Eligibility Criteria for Home Loan
The lender will assess your home loan eligibility based on several factors. Here are some of the important criteria which you must meet in order to qualify for a home loan:
1. Credit Score: Your credit score is one of the most important criteria for home loan eligibility. Generally, a credit score of 700 and above is considered good for home loan eligibility.
2. Income: Your income plays a major role in determining the loan amount. The higher your income, the higher loan amount you can get.
3. Debt-to-Income Ratio: The debt-to-income ratio is the ratio of your total monthly debt payments (including the EMIs of other loans) to your gross monthly income. Generally, lenders prefer to keep the debt-to-income ratio below 43%.
4. Loan-to-Value (LTV) Ratio: The LTV ratio is the ratio of the loan amount you are seeking to the value of the property. Generally, lenders prefer to keep the LTV ratio below 80%.
5. Other Factors: Other factors such as your job stability, repayment capacity, etc. will also be taken into consideration.
How much Home Loan can I get on 50000 Salary?
Now that you know the eligibility criteria, let’s see how much home loan you can get on a 50000 salary. The exact amount depends on various factors and will vary from lender to lender, but you can expect to get a loan amount of up to 30-35 lakhs on a 50000 salary.
The amount you can get will also depend on other factors such as your credit score, LTV ratio, debt-to-income ratio, etc. So, if your credit score is good and other factors are favorable, you can expect to get a higher loan amount.
Tips to Increase Your Home Loan Eligibility
If you want to increase your home loan eligibility, here are some tips to help you:
1. Improve Your Credit Score: As discussed earlier, having a good credit score is essential for home loan eligibility. So, make sure to pay all your bills on time and reduce your existing debt to improve your credit score.
2. Increase Your Income: Increasing your income will help you to get a higher loan amount. So, look for ways to increase your income, such as taking up additional work or investing in profitable business opportunities.
3. Reduce Your Debt: Reducing your existing debt will help to reduce your debt-to-income ratio, thus increasing your home loan eligibility. So, make sure to pay off your existing loans and credit card bills before applying for a home loan.
Key Points
• Eligibility for home loan depends on various factors such as credit score, income, debt-to-income ratio, loan-to-value ratio, etc.
• On a 50000 salary, you can expect to get a loan amount of up to 30-35 lakhs.
• To increase your home loan eligibility, you should improve your credit score, increase your income, and reduce your existing debt.
People Also Ask
Q. What is the maximum home loan amount I can get on 50000 salary?
A. On a 50000 salary, you can expect to get a loan amount of up to 30-35 lakhs.
Q. What are the factors that influence my home loan eligibility?
A. The factors that influence your home loan eligibility are credit score, income, debt-to-income ratio, loan-to-value ratio, job stability, repayment capacity, etc.
Q. How can I increase my home loan eligibility?
A. To increase your home loan eligibility, you should improve your credit score, increase your income, and reduce your existing debt.
How much home loan can I get on 50000 salary? – 4 Tips
Download the ffreedom app from the Play Store or App Store to learn more about this video –
https://ffreedom.com/youtube
IndianMoney’s ffreedom App is India’s No1 Livelihood Education platform featuring 800+ video courses on Personal Finance, Business & Farming taught by super successful people from respective fields. Join over 80 lakh learners from India who are on their mission to increase their income by 10 times.
LEARN IN THE LANGUAGE OF YOUR COMFORT: Both content & interface in the ffreedom App is available in 6 languages. Watch Personal Finance, Business & Farming Courses in English, Kannada, Hindi, Tamil, Telugu & Malayalam.
LEARN AFFORDABLY: At ffreedom App, we don’t sell courses. Once you become a member of the ffreedom App, you can watch any course on the ffreedom App. You can become a member of the ffreedom App, just paying Rs 14 per day.
REAL HEROES & REAL STORIES: On the ffreedom App, you will get to learn from the super successful people in their respective fields.
REPLICABLE FRAMEWORKS: All courses on the ffreedom App are replicable frameworks.
LEARN ANYWHERE: Download courses to learn offline.
BE A PART OF FFREEDOM COMMUNITY: Join our community of Learners, Experts & Demonstration Centers to connect & share best practices. Ask & Answer questions through Videos, Attend Live Webinars by Experts and Visit Demonstration Centers to get hands-on training in the subject of your interest.
SOME OF THE AVAILABLE COURSES ON THE FFREEDOM APP ARE:
– Financial Freedom Course
– Stock Market Course – Be an intelligent investor
– Mutual Funds Course – Make your money work for you!
– Course on Credit Card – Learn the hack to use free credit!
– Home Loan Course – How to finance your dream home?
– Eat Healthy, Be Wealthy!
– Course on Personal Loan – Watch this before you apply!
– IPO Course – Sow your money, Grow your money!
– Credit Score Course – Always stay credit-ready
– Tax Planning Course – Save taxes legally
– Course on Money Management Post COVID
– All You Must Know About GST
– Course on Money and Kids
– Money & Parenting!
– Health is Wealth with Wanitha Ashok!
– How To Choose The Best Health Insurance Policy?
– Kisan Credit Card Course – Get up to Rs 3 Lakh Loan from the Govt
– Term Insurance Course – Secure your loved ones’ future
– Public Provident Fund Course
– Course on Sukanya Samridhi Yojana – Invest 8k per month & get 40 lakh!
– Spoken English Course
– How To Invest In Real Estate?
– Financial Benefits of Healthy Lifestyle!
– POMIS – Invest in this to get monthly income
– Course on National Pension System – Retire Rich!
– Personal Finance for Farmers
– Sukanya Samriddhi Yojana – Build your girl child’s future
– Course on Personal Branding
– Course on Recurring Deposit
– Course on Pranayama
– Pregnancy Course: Healthy baby is a Wealthy baby
– Earn While You Learn Course
– Yoga Course: Health is Wealth
– How to Secure your Digital Interactions?
– Food For Diabetes – Eat Right, Save on Hospital Bills!
– How to avail a Gold Loan?
– Pradhan Mantri Vaya Vandana Yojana – Secure your retirement life now!
– Yoga Course: Health is Wealth!
– Car Loan Course – Watch this before you buy a car!
– Course on RBI Retail Direct
– PMFBY – Crop insurance is now easy!
– Post Office Monthly Income Scheme – Earn 5000 interest every month
– Save on Parlour Costs – Learn Self Make-up
– How to Draft the Perfect Resume?
– Senior Citizen Saving Scheme – Invest for regular income
– Health Insurance Course – How to select the best plan?
– Public Provident Fund Course – Invest 10k every month & get 32 lakh
– Course on RD – Start your savings journey!
– Term Insurance Course – Know How To Choose Best Term Plan!
– Car Loan Course – Get loan with less interest rates
– Stand Up India Scheme – Get 1 Crore Loan for your Business
– Gold Loan Course – Get loan with low credit score
– Post Office Monthly Income Scheme – Get Rs.4950 Interest/Month
– Education Loan Course – Learn to fund your learning
– Pradhan Mantri Vaya Vandana Yojana – Get 9000/month pension
– Course on Fixed Deposit – Key things you must know
– Public Provident Fund- Invest Rs.500 Per Month & Get Over 1 Lakh After Maturity
– Sukanya Samriddhi Yojana – Secure Your Daughter’s Future by Investing Just Rs 250/year
– Learning From The Legends – Life Story Of Dr. Vijayalakshmi Balekundri
– Fixed Deposit – Savings Plan With Monthly Gains
– National Pension System – Best scheme for your retirement
– Car Loan- Get up to 90% Funding For Your Dream Car
– RBI Retail Direct- Now directly buy Government Securities