Indian home loan eligibility - Questions and Answers

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Hi Anil, I am planning to buy a 3BHK flat. Builder quoted the rate as 60 lakh, all inclusive (stamp duty, registration charges etc). How much loan I can get for this property. My monthly take away salary is 120000.

Your maximum eligibility is 7200000.
But, bank can only finance upto 80% of the registered price of the property.
So, if you are going to pay full 60 lakh on paper, then bank can finance upto 48 Lakhs.

Also, note that bank will deduct these amount from your monthly take home of 1,20,000 if not already done by you to find your total loan eligibilty:

  1. credit card’s minimum payment amount,
  2. your monthly rent (if any) in case of under-construction property,
  3. car EMI
  4. Your medical salary component
  5. Your LTA component.