PERSONAL FINANCE
Calculate ideal home loan based on income, age, and tenure factors.
When it comes to contemplating the prospect of obtaining a home loan, it is of utmost importance to ensure that you do not borrow beyond your financial means. Your income serves as the most critical determinant that establishes the extent of the home loan you can procure. In other words, the higher your income, the greater the financial resources at your disposal to obtain a loan from the bank. Thus, to compute the maximum loan amount you can obtain, you must undertake a comparative analysis of the various loan amounts proffered by distinct banks.
However, if you plan to take out a home loan during a period when the repo rate has been raised for the sixth time, it is expedient that you only take out the precise sum that you genuinely necessitate. While your salary undeniably constitutes a critical variable, it is not the sole decisive factor. Depending on whether you are a salaried employee or self-employed, you can obtain a maximum home loan of up to Rs. 60 lakhs or Rs. 45 lakhs, respectively, provided that your salary is Rs. 10 lakhs or Rs. 15 lakhs.
Additionally, age serves as a pivotal consideration in the domain of home loans. Lenders tend to place more confidence in younger borrowers; ergo, if you are young and generating a substantial income, you are more likely to obtain approval for a loan in a speedy manner. Conversely, if you are older and seeking to secure a home loan, you might be offered a smaller loan amount for a shorter tenure.
For example, suppose you are 35 years old, in that case, your loan tenure could be extended to 30 years. However, if you reach the age of 40, the tenure may be reduced to 25-30 years, and when you attain the age of 45, it might dwindle to 20-25 years. Finally, if you are 50 years old, your loan tenure might be restricted to 15-20 years.
Always bear in mind that obtaining a home loan constitutes a significant decision that requires careful deliberation and prudent consideration. Thus, it is crucial to calculate the sum that you can afford to pay back before determining the precise loan amount to apply for. Additionally, it is advisable to seek the counsel of a financial advisor to receive guidance and support during this process.
Read more: Revive your dormant Indian bank account: Guidelines and reactivation process explained
Amid bomb threats, ammunition cartridges found in Dubai-Delhi Air India flight
This Indian king, was first man to make history by marrying foreign woman during his trip to...
Mukesh Ambani's Jio once again TOPPED in global telecom industry, sets record in...
New ‘Satoshi Nakamoto’ emerges: Meet man who declares himself to be Bitcoin founder but fails to...
Watch: Former CSK star gets hit for 6 sixes in an over against England during Hong Kong Sixes
'Makes no sense': Ex-India star slams Rohit Sharma, Gautam Gambhir for absurd Sarfaraz Khan decision
World's richest man Elon Musk faces lawsuit from Ex-Twitter CEO Parag Agrawal for...
Security forces kill 2 terrorists, including a foreign national in Jammu and Kashmir
WWE Crown Jewel 2024: Full match card, timing, live streaming details - All you need to know
'Absurd and baseless': India dismisses Canadian minister's allegations against Amit Shah
IND vs NZ: Virat Kohli scripts history in Mumbai Test, becomes first player in world to...
This 51-year-old woman leaves husband to marry 30-year-old Indian security guard
Mukesh Ambani's best plan for Jio users, 200GB data, 90 days of unlimited calls at just Rs...
'Thanks for...': Abhishek Bachchan's viral statement amid divorce rumours with Aishwarya Rai
Jammu and Kashmir: 2 terrorists killed in encounter with security forces in Anantnag
21-Day Mars, Moon simulation in Ladakh
Prashant Kishor's fee for advising in one election will leave you shocked, it is Rs...
Dua Padukone Singh: Here's how Deepika Padukone, Ranveer Singh named their baby girl
Another BIG move by Mukesh Ambani, set to provide some help for debt-ridden Ghana as Reliance Jio...
J-K: Gun battle breaks out between security forces and terrorists in Srinagar's Khanyar
Noel Tata takes BIG decision at TCS after Ratan Tata's death, plans to hire...
'Will chop them up...': Mithun Chakraborty hits out at TMC’s Humayun Kabir at Kolkata rally
Delhi Air Pollution: Delhi-NCR AQI turns ‘very poor’ as city wakes up to toxic smog post-Diwali
Gautam Adani's next BIG step: Adani Power stops Bangladesh’s power supply due to...
Indian troops start patrolling Demchok sector in eastern Ladakh following India-China disengagement
Amy Jackson announces first pregnancy with husband Ed Westwick, flaunts baby bump in adorable pics
In THIS Indian village, families live with cobras, the reason is...
Hardik Pandya flaunts his special 'World Champion' ring after being retained by MI, video goes viral
Happy Govardhan Puja 2024: Top 50 WhatsApp wishes, messages, quotes for loved ones
Despite massive Diwali opening, is Singham Again paying the price for banking on huge star cast?
Shah Rukh Khan's heartfelt gesture towards jewellery store staff wins internet, watch
DNA TV Show: Public calls out celebrities’ hypocrisy on Diwali pollution
Fashion designer Rohit Bal dies at 63: Last year, he was on ventilator for heart ailments
BCCI scraps India's intra squad warm-up game ahead of Border-Gavaskar Trophy, reason revealed
Legendary fashion designer Rohit Bal dies at 63 after prolonged illness
Another terrorist attack in J-K, militants shoot two non-locals in Budgam
Meet Anish Sarkar, world's youngest FIDE-rated chess player at 3 years
Bigg Boss 18: These two wild cards to enter Salman Khan's show, get into heated argument on stage
Fact check: Did Abhishek Bahchan tie knot with Nimrat Kaur amid divorce rumours with Aishwarya Rai?
Govardhan Puja 2024: History, significance, Puja timings; why it is celebrated after Diwali?
Aishwarya Rai Bachchan Birthday: Kajol pens heartfelt wishes for actress, calls her…
Dhirubhai Ambani played matchmaker for Mukesh Ambani and Nita Ambani, he did...
Amid Diwali festivities, UPI sets new record in October with transactions over…
PM Modi's BIG attack on Congress: 'Making unreal promises is easy but...'
Singham Again box office collection day 1: Ajay Devgn film beats Kartik Aaryan-starrer, earns Rs...
'Always fun to...': Google CEO Sundar Pichai shares why Diwali is his 'favourite time of the year'
Why Rishabh Pant and Delhi Capitals parted ways ahead of IPL 2025 auction? Report makes huge claim
'Bhool Bhulaiyaa 3', 'Singham Again' banned in Saudi Arabia; know why
Delhi Government announces public holiday for THIS festival, find details here
Despite festive season, Rs 7.90 lakh cars lying unsold, it is worth...; here's the reason
'CSK Ne Chaal Chal Di': Ex-India star takes humourous dig at franchise’s decision on MS Dhoni