Home Loans are very significant when a person desires to buy a house of their own. For any financial institution or loan provider, Home Loan Eligibility is very important. All Home finance companies refer to their EMI table when calculating the EMI payments. This table lists the monthly EMIs per lakh, for different tenures and rates of interest.
Requirements |
Amount |
|---|---|
| Monthly Income(Rs) | 30,000 |
| (Assumed) Income available for EMI payment (i.e. 55% of 30,000)(Rs) | 16,500 |
| Rate of Interest(%) | 8.00 |
| Tenure(yrs) | 20 |
| EMI per lakh(Rs) | 836 |
| Home Loan Eligibility (Rs) | 1,973,000 |
The Following are other factors that help in the evaluation of Home Loan Eligibility:
- Nature of Job of Individual
- Location of the Property
- Personal Details of the individual
Know more about Home Loan EMI Calculator.
Things you need to know about before you apply for a home loan
Calculate Your EMI:
Monthly Salary Slab(Rs) |
Percentage of monthly salary considered for making EMI payments(%) |
|---|---|
| 8000- 10,000 | 45 |
| 10,000-20,000 | 50 |
| 20,000-35,000 | 55 |
| Above 35,000 | 60 |
If an individual is drawing a net salary of Rs 25,000 pm, then Rs 13,750 (i.e. 55% of 25,000, Refer the table) will be considered as a part of EMI payments. Likewise, the amount will vary according to the individual’s income.
It is important for everyone interested to take a home loan to know about the basics of home loan calculations with the Home Loan Calculator.
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