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Can I get a joint home loan with my hus­band? I have CIBIL his­tory but my hus­band does not. My an­nual in­come is around ₹ 6 lakh.

— Barkha The credit score is just a start­ing point to check if the bor­rower meets the lender’s in­ter­nal credit pol­icy. The fi­nal de­ci­sion to sanc­tion the loan will also be de­pen­dent on your dis­pos­able in­come, your reg­u­lar house­hold ex­penses and cur­rent EMIs, if any.

If your hus­band does not have any credit score due to no pre­vi­ous his­tory of bor­row­ing the lender may still con­sider the loan ap­pli­ca­tion (as­sum­ing that your re­pay­ment track record is good).

As a thumb rule, if you are be­low 40 years, you should be el­i­gi­ble for around four times your net an­nual in­come, how­ever, sub­ject to a max­i­mum of 80% (90% for a loan amount be­low ₹ 20 lakh) of the agree­ment value as a home loan for a ten­ure of 20 years.

Your to­tal EMI along with any other ex­ist­ing loan re­pay­ments should not nor­mally ex­ceed 40-45% of your net monthly in­come.

With your own in­come, you should be el­i­gi­ble for ap­prox­i­mately ₹ 24 lakh at the rate of 10.15%-10.25% pa for a 20-year loan ten­ure. The loan amount will get en­hanced if you in­clude your hus­band’s earn­ings as well.

I have filed an ITR of ₹ 2.2 lakh and I need ₹ 21 lakh home loan from a bank, but au­thor­i­ties are re­fus­ing to sanc­tion it. They are say­ing that on my ITR I can­not get that ₹ 22 lakh loan. Can you tell me how can I avail of the money?

— Su­mit As a thumb rule, if you are be­low 40 years, you should be el­i­gi­ble for around four times your net an­nual in­come, how­ever, sub­ject to a max­i­mum of 80% (90% for loan amount be­low ₹ 20 lakh) of the agree­ment value as a home loan for a ten­ure of 20 years. You will also have to pay for stamp duty and reg­is­tra­tion charges, as the banks no longer fund th­ese charges. The over­all el­i­gi­bil­ity will be based on your in­come, your reg­u­lar out­go­ings and re­pay­ment track record on ex­ist­ing loan, if any.

Your to­tal EMI along with any other ex­ist­ing loan re­pay­ments should not nor­mally ex­ceed 40-45% of your net monthly in­come. Your cur­rent ITR, home loan amount of ₹ 21 lakh seems a dis­tant pos­si­bil­ity. You can add your earn­ing fam­ily mem­bers like par­ents, spouse or chil­dren in­crease your loan amount el­i­gi­bil­ity.

I have ap­plied for loan with a bank in De­cem­ber 2014 and I left my job in Jan­uary 2015 and joined a new one. The bank knows about my job switch. Am I still el­i­gi­ble for the loan?

— Raghav What the fi­nan­cial in­sti­tute looks is the sta­ble source of in­come of the ap­pli­cant and whether he/she will be able to ser­vice the loan with­out de­fault­ing in fu­ture. Any job change for bet­ter prospect should not af­fect your loan el­i­gi­bil­ity much, but it will be in your own in­ter­est to per­son­ally meet the rel­e­vant loan of­fi­cer asap and in­form him / her about the changes. You need to take them into con­fi­dence. You may have to sub­mit fresh set of doc­u­ments re­gard­ing your new em­ploy­ment.

I have taken a home loan of ₹ 40 lakh at the rate of 10.25% fixed for 10 years. I am 50 years old and my spouse is 45. We are gov­ern­ment ser­vants. Can you help me with a EMI cal­cu­la­tor?

— Satin­der You can re­quest your lender for loan amor­ti­sa­tion ta­ble, which will pro­vide you the de­tailed break-up of your con­tri­bu­tion to­wards the prin­ci­pal and in­ter­est com­po­nents for the en­tire ten­ure.

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