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Home Loan Calculator: Home loan is available on in-hand salary, not on CTC, know how it is calculated?

Home Loan Calculator: If you want to take home loan, then it is important for you to know that it is calculated on in-hand salary and not on CTC.

Home Loan Calculator: After starting a job, if you are now thinking of buying a home, then a home loan can make this task easy for you. With a home loan, you can easily buy 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 as much.Also Read – TDS Report Download: Check whether TDS is deducted from your payment or not with PAN card; Know- what is the whole process?

This is because the home loan amount depends on your in-hand salary. If your CTC is high but the take home salary is not that high, then you will get comparatively less home loan. Let us know how to calculate home loan. Also Read – Bank Loan Sitting at Home: Banks will start loan fair in the festive season, you will get loan sitting at home

What does the home loan depend on? Also Read – Home Loan Calculation: Home loan is available on net salary, not on CTC; Calculate in this way to take home loan

Home loan depends on many factors. This includes the borrower’s age, monthly income, past loans, 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 take-home 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 higher the CTC, higher will be the salary. The salary that gets 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 will be the home loan for how much salary?

While taking a home loan, banks ask you for the details of your net salary. Banks have a rule that up to 60 times of your net salary can be given as a home loan. If your net salary is Rs 55 lakh, then you can take a home loan 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 it is 50 thousand then 38 lakh, if it is 60 thousand then you can take a home loan of Rs 46.5 lakh.

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