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IT returns for housing loan

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Ashwini

CA Final student

36 Points Posted on 09 April 2011

hi....

I want to take a housing loan. And i want a loan of 15,00,000/- . Are income tax returns considered for housing loan??..if so how much amount should i show in income tax returns to get the said loan amount. How the bank people calculate the eligible loan amount.

Please let me know. Its urgent...............

Thanks in advance...

Replies (1)

Devendra

Chartered Accountant

3769 Points Posted on 09 April 2011

You can get a home loan upto Rs.1600000 (approx) having a loan EMI of Rs.34788 (approx)

While as per your provided requirements, you will have to pay an EMI of Rs.32614/- (approx)
for a home loan amount of Rs.1500000/- having a tenure of 60 months (5 years)
on a rate of interest of 11.00% per annum.

Net Income to be shown in ITR is around Rs. 70000/-