The amount of home loan you can get in India on a salary of Rs. 70,000 per month will depend on various factors, including the lender's policies, your creditworthiness, and the prevailing interest rates. Lenders typically use a Debt-to-Income (DTI) ratio to assess your loan eligibility, which helps determine the maximum EMI (Equated Monthly Installment) you can comfortably pay based on your income.
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How To Buy Rental Property With No Money Down In 2024Why is residential real estate one of the safest investment options in India? | MintHow to Invest $30K in Real Estate | HoneyBricksHow to Invest 10k in Real Estate: Strategies to Consider - Ark7Here's a simplified calculation:
Monthly Salary: Rs. 70,000
Assuming a DTI ratio of 50%, your maximum total EMI would be: (50% of Rs. 70,000) = Rs. 35,000
To calculate the maximum home loan amount, you can use this formula:
Maximum Home Loan Amount = (Maximum total EMI / EMI per lakh)
