one of the non it returns filed person housing loan required for bank of india loan amount rs:50 lacs .bank it returns required f.y.20-21 profit rs:4,20,000/- and f.y.21-22 profit rs:4,80,000/- declared in it returns.
question:
how the loan calculation procedure on it returns based .
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How to calculate housing loan procedure
Replies (1)
It depends upon many factors like... Age of the applicant, tenure of loan, credit score, existing EMI outgo etc, etc,
Home Loan Eligibility Criteria
- Present Age and Remaining Working Years: The age of the applicant plays a major role in determining home loan eligibility. The maximum loan term is generally capped at 30 years.
- Age Limit for Salaried Individuals: 21 to 65 years .
- Age Limit for Self-Employed Individuals: 21 to 65 years.
- Minimum Salary: ₹10,000 p.m.
- Minimum business income: ₹2 lac p.a.
- Maximum Loan Term: 30 years.
- Financial Position: The present and the future income of applicant(s) has a significant impact on determining the loan amount.
- Past and Present Credit History and Credit Score: A clean repayment record is considered positive.
- Other Financial Obligations: Existing liabilities such as a car loan, credit card debt, etc.
As a thumb rule for 25 to 30 years tenure, it is 8/11 times monthly income (less EMI outgo, if any)
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