Home loan calculator– Before giving loan, the bank also sees whether any of your loans are already running. If you are already taking a loan and how much EMI are you paying for it.
Home loan calculator: Are you planning to take a home loan? But, do you know what are the parameters for taking a home loan and how much income you can apply for the loan. Let us know how banks decide how much home loan to give to customers and how much EMI you have to pay every month.
How much is the income?
First of all, you have to tell the bank how much you earn? For this, you will have to give your salary slip, ITR and bank statement. After giving all these documents (home loan documents), banks calculate your income that how much you are earning every month. In this your other sourced income is also added.
How many savings are you doing?
After the income calculation, the bank will see your savings to see how much you have. Although everyone’s savings depend on his expenses, but according to a standard calculation, every person should save at least 30 percent of his salary.
How many loans have you taken already?
Before giving the loan, the bank also sees whether any of your loans are already running. If you are already taking a loan and paying its EMI, then the bank will deduct it from your total monthly savings. For example, there is a monthly savings of Rs 30,000, and you are paying EMI of Rs 10,000, then the total savings will now be considered as Rs 20,000.
Calculation will be decided in this way
If your monthly income is Rs 1 lakh, want to take a loan for 20 years and 7 percent interest rate, then you will get a home loan of up to Rs 64.49 lakh, and your EMI will be Rs 50,000. Now if you have any EMI going on, say 10 thousand rupees, then you will get a home loan of Rs 51.59 lakh only, and your EMI will be Rs 40,000.
Loan amount depends on these factors
Let us tell you that this is just an idea, so that at least you will definitely understand on what factors the loan amount depends. The rest of the bank has its own calculations. Some bank can give you more loan then some less.
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