Which income is consider for home loan?

If your net monthly income is between ₹ 25,000 – ₹ 40,000, you may be eligible for a loan if your fixed obligations (rent, EMI) do not exceed 50\% of income. For a net monthly income greater than ₹ 40,000, you may be eligible for loans if your fixed obligations do not exceed 65\% of your income.

Is home loan calculated on gross salary or net salary?

How to calculate your home loan eligibility? You are eligible for a home loan up to 60 times of your net salary or monthly income. For instance, if your net salary is Rs. 55,000, you will be eligible for a loan of approximately Rs 33 lakhs.

Can I get home loan of 60 lakhs?

Eligibility Criteria for Home Loan of ₹ 60 Lakh Generally, you can apply for home loan up to ₹ 60 Lakh if you fall within the age range of 18 years to 70 years. Employment Type : ₹ 60 Lakh home loan can be availed by salaried, self employed and business professional.

What will be the EMI for 60 lakhs?

For example, the EMI for a 60 lakhs home loan for 20 years is Rs. 57,901 and you get a similar value when you set the principal as Rs. 45 lakh and the tenor as 10 years. Likewise, the EMIs for a home loan of 60 lakhs would be lower than those for a loan of 70 lakhs.

How much home loan can I get on 60000 salary Quora?

Normally banks offer upto 60-70\% of your monthly salary. If your salary is Rs. 60000/- then you can get around Rs. 36-42 lakhs as loan from bank.

What is the EMI for 50 lakhs home loan?

50 Lakh Home Loan EMI Details

Loan Amount	Rate of Interest	EMI per month
Rs. 50 lakhs	6.80\% p.a.	Rs. 57,540
Rs. 50 lakhs	6.80\% p.a.	Rs. 44,384
Rs. 50 lakhs	6.80\% p.a.	Rs.38,167
Rs. 50 lakhs	6.80\% p.a.	Rs.34,704

Can I buy a house with 60000 income?

The usual rule of thumb is that you can afford a mortgage two to 2.5 times your annual income. That’s a $120,000 to $150,000 mortgage at $60,000. Lenders want your principal, interest, taxes and insurance – referred to as PITI – to be 28 percent or less of your gross monthly income.

How much home loan can I get on 60 000 salary Quora?

How much loan can I get if my salary is 17000?

With a salary of ₹ 17,000, the maximum amount he is eligible for is ₹ 3.87 Lakh. The interest he has to pay for this amount for 48 months is 11.99\%.

How to calculate EMI on a 60 lakh home loan?

Now-a-days, almost all lenders provide the facility of home loan calculator. Here you need to put your principal amount that is Rs. 60 lakhs, tenure of the loan 20 years and the rate of interest is desired to be 9.5\%, then your EMI will be Rs. 56K. This amount you need to pay every month to repay a loan of Rs. 60 lakhs.

What is the minimum income to get home loan of 60lacs?

For home loans, banks stipulate 40\% take home pay after paying monthly instalments. For home loan of ₹60 lacs the equated monthly instalments (emi) on an average will be ₹60k. So the minimum monthly gross income should be ₹1lac before deduction of loan emi. So a person having gross annual income of ₹12lacs can get a home loan of ₹60lacs.

What is the maximum amount of home loan for 50 lakhs?

Generally, the banks provide maximum upto 85\% of loan against the value of property. Therefore, if you want a home loan for buying a property of Rs. 50 lakhs, the maximum amount you can get is 85\% of that ie 42.50 lakhs.

How to buy a house in 75 lakhs?

You must be aware of the fact that you have to make the down payment of 20\% of the home value from your own savings. So, with this amount of money you will be able to purchase a house of Rs. 75 lakhs. You can calculate your EMI amount long before you actually apply for a loan.