if we go for home loan,whether bank will gross total income or total income to procees the loan.
like if he see itr-v or total itr form...
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home loan procedure
Replies (2)
Dear Friend Balthi,
For Home Loan following item is deducted while calculating the eligiblity of loan from gross salary Income
-
Medical Expenses
-
LTA
-
And any Deduction like income tax,PT and PF
-
Also any Obligation like Installment of any Loan
Such above item not considered as income.
-
on Such Net Income 50- 60 times loan is available.
On remainig Net salary EMI restricted to 40-50% of your monthly Income *60 times
Eg Your Net salary after deducting all above spefic item is Rs.25000 then your Loan Amount will be
25000*50%=12500*60times= 750000 P.A is your EMI
3 years ITR form is Necessary for Loan
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