This is one of the most frequently asked query from those seeking finance for purchase of their dream house, personal vehicle or for funding any other financial needs such as marriage in the family, education of child, medical emergencies, renovation and furnishing of house, etc.
The eligible loan amount is dependent on host of other factors such as your occupation (whether salaried / self-employed), your monthly expenses, number of dependents, the interest rate charged by the bank, tenure of the loan, etc.
Generally, lenders consider certain percentage of your net MONTHLY INCOME as available for payment of all Emi’s. Though there is no fixed percentage defined it varies from one financial institute to another but normally it is considered as 40% – 45% of net monthly income as a comfortable ratio.
Based on your income this calculator will give you a rough estimate of how much a lender will be able to FINANCE you.