What percentage of salary should go to home loan EMI?

EMIs make a major dent on your monthly budget, therefore, it is advisable that it should not exceed 40 per cent of your salary. The EMI limit should be restricted for the following reasons: Nearly 30 per cent of the salary is spent on food, house rent and other essentials. Nearly 25-30 per cent needs to be invested.

What percentage of salary is given as home loan?

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. The lending bank will exclude medical and leave travel allowances, for they are meant for specific purposes.

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.

How much housing loan can I get on 1 lakh salary?

For example, if you earn Rs 1 lakh and have expenses of Rs 30,000 a month, then you can easily go for a loan with Rs 40,000 EMI. But for someone with the same Rs 1 lakh salary, but having Rs 75,000 in expenses, will find the Rs 40,000 EMI unaffordable.

How much home loan can I get if my salary is 50000?

How Much Home Loan Can I Get?

How much loan I can get if my salary is 60000?

However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs….Multiplier Method.

How much home loan can I get on 75000 salary Quora?

If you and your partner (Hope that is your spouse) are earning in total 75,000 (in hand) , then bank will allow maximum EMI of 40\% of that i.e. 30,000. Current best rate is 9.85\%-9.9\%. At this rate for 20 L loan you can 20 year loan for an EMI of Rs. 19,170.

How much home loan can I get on 70k salary?

SBI Home Loan Eligibility Based on Salary

Can I get home loan with 17000 salary?

You can usually get a home loan that is 60 times your salary. However, lenders do not generally consider your in-hand salary when determining the loan amount. Your in-hand salary may include the list below. Other allowances, etc.

How much should be the EMI amount for a home loan?

As a rule of thumb, your total EMI amount should not exceed 50\% of your total monthly income. Now, you do the math – let’s say you are making around 40k a month, your home loan EMI should not be more than 20k a month. So, if you do a little bit of reverse calculation, that gives you a loan amount of around 20 lacs for 20 years at 10\% ROI.

How much of your income should go towards your home loan?

While the combined EMIs of all your loans should not be more than 45-50\% of the total income, home liabilities should not exceed 35-40\% of the income. * As he is young with fewer financial responsibilities, he should try to prepay his home loan.

What is the minimum amount required for EMI in India?

Your total EMIs should stay within the range of 40-50\%. Less when your net salary is less than say Rs.50000 per month and more when your net salary starts inching towards Rs.100000. Banks also take 50\% of your net salary for calculating your eligibility.

What is the typical EMI of a rental property?

The typical EMI is anywhere between 40-55\% of post-tax income. With expenses amounting to 40-45\% for most people, there is little to invest. For many, at least initially, the only invest they make is the mandatory EPF contribution! Renting is better than choosing a small house just to keep the EMI down.