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09 January 2017, 10:32   Report Abuse

rajukumar





[ Scorecard : 44]


Hi, I am planning to opt for home loan for my new home. Can anybody suggest what amount of home loan is considered safe?



09 January 2017, 11:09  

Aman Khanna





[ Scorecard : 32]


The amount of money that you can easily repay to your home loan lender within the time period is the safest amount for you. So, there is no fixed loan amount that is safe for each and every applicant. It will differ from person to person.

However, it is always better to apply for a home loan lesser than your actual capacity. You should always remember that you have to repay the principal amount as well as the interest charged by the lender. So, your repayment will be much higher than what you are applying. To be in the safe side, try to keep a buffer space while applying for a home loan.


12 January 2017, 11:17  

jitendraww

emicalculators.in



[ Scorecard : 28]


When I got a home loan, I was also in the same question and after discussion with one of my friend who is a banking professional told me, 60% of your monthly gross income + co-applicant income + additional income (rentals etc) should be the maximum EMI you pay. Anything beyond that is risky. All EMI's including the home loan you are considering to take should be within this threshold.

 





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