Hi!

I work in a Private Engineering Company in NCR. I would like to know how much Home loan I can obtain . Details are as below

Age : 30
Monthly Salary : 48000
Term of Loan ( 15 Yrs / 20 Yrs / 25 Yrs / 30 Yrs)
I dont have any existing loans.

I have checked online eligibility calculators, but i have also read that they can be misleading since for attracting customers, they may show more amount eligibility. What I need is the actual amount i will can avail. I prefer only PSU banks (SBI , Bank of Baroda, etc .) I have a CIBIL score of 798

Request to provide calculation for a loan
1) considering My income only
2) Considering my spouse's salary also

(Age: 25 , Monthly Salary : 22000)


Thanks :)
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  • You are very young and having good CIBIL score definitely you got the loan from any PSU bank I think you got around 30 lakh or 70% of cost of flat for 20 years if you wants to club your spouse income it can be exceed around 45 lakh, try to get it only from PSU bank.

    I also got loan from PSU without and hurdle my cibil score was 768.
    :)
    Originally Posted by novice2013
    Hi!

    I work in a Private Engineering Company in NCR. I would like to know how much Home loan I can obtain . Details are as below

    Age : 30
    Monthly Salary : 48000
    Term of Loan ( 15 Yrs / 20 Yrs / 25 Yrs / 30 Yrs)
    I dont have any existing loans.

    I have checked online eligibility calculators, but i have also read that they can be misleading since for attracting customers, they may show more amount eligibility. What I need is the actual amount i will can avail. I prefer only PSU banks (SBI , Bank of Baroda, etc .) I have a CIBIL score of 798

    Request to provide calculation for a loan
    1) considering My income only
    2) Considering my spouse's salary also

    (Age: 25 , Monthly Salary : 22000)


    Thanks :)
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  • Home Loan Broker

    Hi

    Cammeron Scott financial service provide home loan broker, home loan Melbourne etc.
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  • Any help on how to get a pre approved Home Loan??? What is the procedure for Applying for loan? do I need to get the papers from builder??
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  • I am a retiree and wish to settle in Lucknow any advise surendr
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  • If the project is already approved by PSU banks then not much papers are required from builder side for pre-approval. Once you make payment (your part to the builder) and got the BBA then you need a TPT from the builder.

    Originally Posted by newbie2013
    Any help on how to get a pre approved Home Loan??? What is the procedure for Applying for loan? do I need to get the papers from builder??
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  • What is the procedure of getting a home loan. Lets say my take home salary is 80k per month and i plan to buy a flat worth Rs 40 lacs in Noida/GN/Ghaziabad. I dont have any existing loans but i stay in a rented house and pay 25k monthly.

    (1) How much loan can i expect on a ready to move in flat worth Rs 40 lacs
    (2) What documentation would be required myself being a software engineer (pvt job)
    (3) How many days will it take for the complete process to happen ?

    Thanks
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  • As per bank guidelines one can avail loan where EMI is upto 50% of gross or 60% of net salary.
    In your case Gross salary is 70K. Its not clear whether you are staying on rent. How much money you have, if u opt for RTM (black is needed)? If you opt for under construction, make sure you don't go overboard as you will have to bear double burden of EMI and rent (average time in NCR is 5-6 years from date of launch to possession, please do market survey, this holds true for GZB,GGN, Noida, GN and FBD).
    Also factor in sudden loss of income (suppose u plan family and wife will have to sit at home for some time) or some other exigency.
    Hence my advise, do not go beyond 35-40% of your combined salary. You can include parents income but at the end of it you have to pay the EMI. Please decide prudently.
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  • Thanks Brandoo. However i am looking for those projects which are nearing possession. preferring direct deal with builder although it may be on a higher side compared to resale.
    (because for resale I have to pay money to the seller and wait for around months time till they transfer the building in my name . Also I have to pay to the owner the loan amount (as advised by an agent I dont know how this can be done) - correct if I am wrong)

    I have some money (say around 10~15 ) cash . I stay on rent at present but since I am going for nearing possession building , I can opt for Pre EMI option for this one year where I can save myself from the burden of the EMI+RENT situation.

    SO if I calculate as u said, 60% of my net (70K) would work out around 42 Lacs. Am I correct????? (70,000*12*0.6/12)*100
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  • Originally Posted by novice2013
    Thanks Brandoo. However i am looking for those projects which are nearing possession. preferring direct deal with builder although it may be on a higher side compared to resale.
    (because for resale I have to pay money to the seller and wait for around months time till they transfer the building in my name . Also I have to pay to the owner the loan amount (as advised by an agent I dont know how this can be done) - correct if I am wrong)

    I have some money (say around 10~15 ) cash . I stay on rent at present but since I am going for nearing possession building , I can opt for Pre EMI option for this one year where I can save myself from the burden of the EMI+RENT situation.

    SO if I calculate as u said, 60% of my net (70K) would work out around 42 Lacs. Am I correct????? (70,000*12*0.6/12)*100


    is spouse salary also taken in consideration....? and is my or my spouse current organization experience minimum limit there for loan eligibility?
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  • How do you know the CIBIL score of some other person?
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  • Originally Posted by novice2013
    Thanks Brandoo. However i am looking for those projects which are nearing possession. preferring direct deal with builder although it may be on a higher side compared to resale.
    (because for resale I have to pay money to the seller and wait for around months time till they transfer the building in my name . Also I have to pay to the owner the loan amount (as advised by an agent I dont know how this can be done) - correct if I am wrong)

    I have some money (say around 10~15 ) cash . I stay on rent at present but since I am going for nearing possession building , I can opt for Pre EMI option for this one year where I can save myself from the burden of the EMI+RENT situation.

    SO if I calculate as u said, 60% of my net (70K) would work out around 42 Lacs. Am I correct????? (70,000*12*0.6/12)*100


    To avail loan you need three income tax returns, 6 month bank statements, if its ready to move, no need to guarantor, latest salary slips.
    You won't get 42 L loan for 70K salary. Eigibility will be decided on average income tax returns filed during previous three years. When I went shopping three year back, we had nearly 90K gross salary but based on ITRs, I was approved loan of 28L. Hence before paying booking amount, talk to bank first. I always prefer PSU banks such SBI, PNB, OBC, SBBJ, Allahabad bank etc. No hidden charges, you will have to do bit of running around at the time of sanction but once done, its complete peace of mind.
    Once you buy house, you will require at least 4-5 lacs minimum (friend of mine did her house interiors and costed her 15 L) to make it livable. Kitchen, wardrobes, some furniture, curtains, etc.
    Your share, registration charges, shifting, furnishing (bare minimum).
    Do factor in unforeseen expenses arising due to baby or something.

    I will advise you to settle for something which is within 42 L (all inclusive). This means you will have loan of Rs 28-30L with EMI of Rs 30K. Pre-emi is nothing but prolonged repayment, in fact you end up paying much more in interest. You can buy smaller apartment say rather than going for 3 BHK, opt for two and can upgrade anytime as and when you have more disposable income
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  • Originally Posted by brandoo
    To avail loan you need three income tax returns, 6 month bank statements, if its ready to move, no need to guarantor, latest salary slips.
    You won't get 42 L loan for 70K salary. Eigibility will be decided on average income tax returns filed during previous three years. When I went shopping three year back, we had nearly 90K gross salary but based on ITRs, I was approved loan of 28L. Hence before paying booking amount, talk to bank first. I always prefer PSU banks such SBI, PNB, OBC, SBBJ, Allahabad bank etc. No hidden charges, you will have to do bit of running around at the time of sanction but once done, its complete peace of mind.
    Once you buy house, you will require at least 4-5 lacs minimum (friend of mine did her house interiors and costed her 15 L) to make it livable. Kitchen, wardrobes, some furniture, curtains, etc.
    Your share, registration charges, shifting, furnishing (bare minimum).
    Do factor in unforeseen expenses arising due to baby or something.

    I will advise you to settle for something which is within 42 L (all inclusive). This means you will have loan of Rs 28-30L with EMI of Rs 30K. Pre-emi is nothing but prolonged repayment, in fact you end up paying much more in interest. You can buy smaller apartment say rather than going for 3 BHK, opt for two and can upgrade anytime as and when you have more disposable income



    3 years ITR required for Spouse as well?
    Actually I prefer to buy RTM, where I can have almost all aminities provided by builder (viz. wardrobes, Kitchen etc) . It may cost me a few extra lakhs (say 5~6) at the moment. But I can save the time running around and behind the carpenters (who are known to eat up your time) - being full time employed. But where in Noida / Ghaziabad , I can get a 2 BHK RTM for 42 Lacs ??


    Also in my POV, opting pre emi for one year is ok, since one is not going to pay the loan only in the given period, as and when I get some extra fund, I can prepay a considerable amount and also reduce the intrest. Also if I take aloan for 20 yreas, I can pay the same in 10 or 15 years as well. (the income is also going to increase as time propagates.)

    And yes, I second your advice on Family / emergency. One should always allocate a separate fund (FD etc) to meet suc expense and not mix investment and the emergency fund. :)...

    Lets discuss more ...

    Thanks
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  • What is the procedure for the home loan for a property I bought in resale.The property is in RNE staya ville de.
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  • Originally Posted by Sunshinedel
    If the project is already approved by PSU banks then not much papers are required from builder side for pre-approval. Once you make payment (your part to the builder) and got the BBA then you need a TPT from the builder.



    Actually I am speaking about Pre Approved Loan based on my income , before I approach a builder. by doing so, I can plan for my the expenses to be incured from my side.

    Any idea ???
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