1. #1
    Unregistered

    How is the amount of loan calculated on the basis of salary?

    I have applied to a bank for some home loan and they have asked for my salary details for the last six months. Is my loan amount be calculated on the basis of the salary received and if yes how? I work as a team leader in a BPO.

  2. #2
    Ashok Array
    Join Date
    Jul 2012
    Posts
    2,293

    Re: How is the amount of loan calculated on the basis of salary?

    Quote Originally Posted by Unregistered View Post
    I have applied to a bank for some home loan and they have asked for my salary details for the last six months. Is my loan amount be calculated on the basis of the salary received and if yes how? I work as a team leader in a BPO.
    Dear Aspirant,

    It is a good facility of the banks for salary drawing people to het home loan & to fulfill the dream of having a good house.One can get the home loan at the EMI less than 50% of his/her take home salary.Suppose one is taking an amount of Rs.10000/per month salary to home,he/she can get home loan at the EMI of Rs 4999/per month for a period of 20 years.The amount can be 50 times of take home salary.

    In order to apply & get home loan,the employee requires to produce the employer's certificate,salary slip,bank a/c statement of the last 6 months,address proof etc.It is advisable to contact directly to the nationalised bank & avoid any mediator.

    Thanks & good luck.

    Ashok..


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