The amount of home loan you can get on your salary depends on several factors, including your income, existing financial obligations, credit score, and the lender's criteria. Here's a breakdown of the key eligibility factors lenders consider when determining your home loan eligibility:

1. Income:
   • Lenders typically assess your income to determine your repayment capacity. They may consider your gross monthly income, net take-home pay, and stability of income (e.g., regular salary, bonuses, commissions).
   • Most lenders have a maximum limit on the loan amount based on your income, usually ranging from 40% to 60% of your gross monthly income.
2. Credit Score:
   • Your credit score is a crucial factor in determining your eligibility for a home loan. Lenders use your credit score to assess your creditworthiness and likelihood of repaying the loan on time.
   • A higher credit score (usually above 700) indicates a lower credit risk and may qualify you for a larger loan amount and better interest rates.
3. Debt-to-Income Ratio (DTI):
   • Lenders calculate your debt-to-income ratio by dividing your total monthly debt payments (including the proposed mortgage payment) by your gross monthly income.
   • Most lenders have a maximum DTI ratio requirement, typically ranging from 36% to 43%. A lower DTI ratio indicates lower financial risk and may increase your chances of loan approval.
4. Employment History:
   • Lenders often consider your employment history and stability of income. They may require you to have a steady job or source of income for a minimum period, such as two years.
   • Self-employed individuals may need to provide additional documentation, such as tax returns and financial statements, to verify income stability.
5. Down Payment:
   • The amount of down payment you can afford to make also affects the home loan amount you qualify for. A larger down payment reduces the loan-to-value (LTV) ratio and may result in a lower loan amount and better terms.
   • Most lenders require a minimum down payment, typically ranging from 3% to 20% of the property's purchase price.
6. Property Value and Type:
   • Lenders assess the value and type of property you intend to purchase when determining your loan eligibility. Factors such as location, property type (e.g., primary residence, investment property), and appraisal value may influence the loan amount.
7. Age and Loan Tenure:
   • Your age and loan tenure (i.e., the duration of the loan) may impact your loan eligibility. Some lenders have age restrictions for loan applicants, and longer loan tenures may result in lower monthly payments but higher overall interest costs.

It's essential to assess your financial situation, research different lenders and loan products, and use online home loan eligibility calculators to estimate the loan amount you may qualify for based on your income and other eligibility factors. Additionally, consider consulting with a mortgage broker or financial advisor to explore your options and determine the most suitable home loan for your needs.