If your net salary is 55,000 then you can take a home loan of 33 lakhs from the bank. You will be considered eligible for this much Rs. If the salary is 35 thousand then 25.5 lakh, 50 thousand if the salary is 38 lakh and 60 thousand then you can get a home loan of 46.5 lakh.
If you are a job seeker, get a fixed salary every month, then taking a home loan is not a difficult task. The bank will pass the loan after doing some multiplication and paperwork. You will calculate after the loan is passed. You may think that the salary is good, but the bank has given very less loan. There are many people like you in whose mind this thing goes on. In the end, they assume that what is the point of spending their heads in the words of the bank. The loan I got is a lot. If you also think so, then you should try to know once that because the loan was less according to the salary. What could be the reason for this?
Theoretically, we have come to know that the factors on which the loan amount depends are the age of the creditor, monthly income, previous loans, credit score, job status and credit history. But most important of all is your salary which you get from the company or institution. This salary decides how many lakhs you can get for the home loan.
Loan is not available on CTC
Now the question also arises that there are many components in the salary which companies write in the salary slip. Do all those components make up the salary and accordingly banks give loans? It’s not like that. It has a special rule. Actually your salary is made up of 6 expenses. These 6 expenses are – Basic Salary, Medical Allowance, Leave Travel Allowance or LTA, House Rent Allowance or HRA, Vehicle Allowance and other allowance.
Amount is decided by net salary
You will probably be aware of all these factors because every month salary comes and its slip is also available. You will also know that by combining all these 6 expenses, a technical term is formed which is named CTC CTC. This is called cost to company. It is the company’s expense that bears it for you. This does not mean that the more CTC there is, the more money is transferred to your account every month. The money that comes in your account every month is called net salary net salary. Net salary means the amount that is made after deducting PF, TDS and some deductions of the company, that is your net salary.
Calculate loan from your salary
When you go to the bank to take a home loan, you will be asked net salary. Maybe you will be asked for ITR for a few years. This lets you know how much money is coming in your hand every month. Banks have a rule that up to 60 times your net salary can be availed in the form of a home loan. If your net salary is 55,000 then you can take a home loan of 33 lakhs from the bank. You will be considered eligible for this much Rs. If the salary is 35 thousand then 25.5 lakh, 50 thousand if the salary is 38 lakh and 60 thousand then you can get a home loan of 46.5 lakh.
If you calculate roughly, you can get a home loan for 20 years with 7% interest per annum between 30-35 lakhs if the net salary is up to 50-55 thousand. Some difference also falls on the number of members in the family. The loan amount and the rate of interest also depend on how many people are earning in the house. Apart from this, the loan amount depends on the age of the creditor, his employment status, his credit score and the loan value on the security.
