| How much can I get from the Bank as home loan? |
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| Written by Site Administrator |
| Tuesday, 27 October 2009 16:12 |
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The maximum limit for a home loan in India is Rs. 5,000,000. Generally, Bank gives 80 to 85% of what you are eligible for. Banks have two criteria in deciding the amount that you can get as home loan. 1. The value of the property as assessed by the bank personnel 2. The total amount of loan you can get based on your salary and the no. of years of service you have left. Of these two figures, whichever is less, 80 to 85% of that amount is sanctioned as loan. Example: Let us assume that - 1. the value of your prospective home was calculated by the Bank as 20 lakhs; 2. the bank calculates your eligible loan amount based on your salary etc is 25 lakhs. Of these two amounts, 20 lakhs is the lesser one. So you will get 80% 20 lakhs, approx 16 lakhs. Comments (0) |