Owning a home remains a cherished goal for millions of Indians, but rising real estate prices are making that dream increasingly expensive. Against this backdrop, many buyers are asking whether a yearly salary of Rs 15 lakh can support eligibility for a Rs 1 crore housing loan in 2026.
But can a Rs 15 lakh salary actually secure you a Rs 1 crore home loan?
The straightforward answer is no. Based on prevailing lending norms, an individual earning at this level would generally fall short of the income required to secure a Rs 1 crore home loan.
A salary of Rs 15 lakh per annum translates to approximately Rs 1.25 lakh per month before taxes. After deductions such as income tax, provident fund contributions and other statutory deductions, the take-home salary may range between Rs 90,000 and Rs 1.05 lakh per month, depending on the individual's tax regime and compensation structure.
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However, banks generally assess loan eligibility using gross monthly income rather than take-home pay.
Most lenders use the Fixed Obligation to Income Ratio (FOIR) to determine how much of a borrower's monthly income can be allocated towards loan repayments.
Typically, banks allow 40% to 60% of monthly income to be used for EMI payments. Higher-income borrowers often qualify for a higher FOIR.
A borrower with a monthly income of Rs 1.25 lakh may be eligible for different EMI limits depending on the FOIR benchmark applied by the lender. In most cases, the repayment ceiling would be between Rs 50,000 (under a 40% FOIR assessment) and Rs 75,000 (under a 60% FOIR assessment).
To see why a Rs 1 crore loan is out of reach on a Rs 15 lakh salary, let us look at the real-world cost of borrowing that amount.
The standard interest rates for primary salaried individuals with a healthy CIBIL score (750+) hover between 7.75% and 8.5%.
Assuming a home loan interest rate of 8.5% per annum and a tenure of 30 years, the EMI for a Rs 1 crore loan works out to approximately Rs 76,900 per month.
Here's how it changes across tenures:
| Loan Amount | Interest Rate | Tenure | Approximate EMI |
| Rs 1 crore | 8.50% | 20 years | Rs 86,800 |
| Rs 1 crore | 8.50% | 25 years | Rs 80,700 |
| Rs 1 crore | 8.50% | 30 years | Rs 76,900 |
The longer the tenure, the lower the monthly EMI. However, borrowers end up paying significantly more interest over the life of the loan.
A Rs 15 lakh salary provides an excellent financial foundation, but it cannot safely stretch to cover a standalone Rs 1 crore home loan. Attempting to overleverage yourself to that degree puts you at severe risk of financial strain.
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