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.