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FAQ: How much home loan could be availed on basic salary? - Property Hotline
Posted
May 27, 2016
Views
922
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3
Comments
1
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May 27, 2016
922
3
1
0.43%
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2:35Now PlayingExpert: P.V Subramanyam, Home finance Expert
Q: I plan to buy a 2 BHK in Kharghar or Wakad in Pune. I earn Rs1.30 lakh per month. I want to know, basis my salary, whether I can go for Rs 50-60 lakh property or Rs 80 lakh?
Answer: You can receive a home loan that is five times the take away home income. However it should be kept in mind that you have to pay 20% of the home cost which is a RBI rule every bank follows. That means you will only get the loan for only 80% of the cost of the home. If your salary is 1.30 lakhs per month, you can get a loan of Rs 60- 65 lakhs hence you can make a house of Rs 80 lakhs but cannot get a loan for the same amount.
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