Home Loan Calculator: You never get home loan on CTC. The higher your net salary, the more you will get a home loan.
Home Loan Calculator: After starting a job, if you are now thinking of buying a house, then a home loan can make this task easy for you. Through a home loan, you can easily get a house of your choice and later repay the loan amount through EMI. However, many times you must have seen that even after your high salary (CTC), the loan amount is not given that much.
This is because the home loan amount depends on the in-hand salary. If your CTC is high but your take home salary is not that high, then you will get comparatively less home loan. Let us know how the calculation for home loan is done.
Home loan depends on these factors
Let us know that the home loan depends on many factors. This includes the borrower’s age, monthly income, past loan, credit score, job status and credit history. Although the most important thing in this is your salary, on the basis of this it is decided that how many lakh rupees home loan should be given to you.
Loan is available not on CTC but on hand salary
The salary of any employee is made up of 6 expenses. This includes Basic Salary, Medical Allowance, Leave Travel Allowance, House Rent Allowance, Vehicle Allowance and other allowances. CTC is formed by combining these 6 expenses, it is called the cost of the company.
Now it is not necessary that the higher the CTC, the higher the salary. The salary credited to your account every month is your net salary. This amount is made after deducting PF, TDS and some other deductions and home loan is given on this.
How Much Home Loan Will You Get on Your Salary?
While taking a home loan, banks ask you for the details of net salary. Banks have a rule that up to 60 times your net salary can be given as a home loan. If your net salary is Rs 55 lakh, then you can get a home loan of up to Rs 55 lakh from the bank.
If your net salary is 35000 then you can get a home loan of Rs 25.5 lakh, if 50 thousand then 38 lakh, if 60 thousand then 46.5 lakh.