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Maximum Loan (Eligibility) & EMI - Home Loan, Car Loan, Personal Loan - YouTube
Channel: Asset Yogi
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Namaskar, my name is Mukul, and welcome to Asset Yogi.
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Friends, many people often ask me how much loan we can get.
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We already have a car or personal loan
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Now we have to buy a house, for that maximum amount of loan we can get?
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It could be that you already have a home loan.
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And you want to get a personal loan.
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What is the maximum loan you can get for buying a car?
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Here are two aspects, first, what is the maximum loan that the Bank can give?
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And others, what is the maximum loan amount you should take?
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How much is a suggested maximum loan for you?
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We will talk about both these aspects in this video, so stay tuned
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Music
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So what is the maximum loan we should take?
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How much can we get?
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Both these aspects depend on your monthly salary.
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And I would like to say,
more than the monthly salary,
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It depends on your household income.
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If you are a single earning member then you can take your salary.
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And if both husband and wife are earning then
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So you can add the income of both.
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What do you have to do?
You have to find your house holding income.
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Or if you are planning a loan jointly.
Want to add your father or mother also
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So you can add your total income.
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Accordingly, your loan eligibility is calculated.
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So once you find your household income.
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Let's take an example.
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Suppose your household income is ₹60,000.
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So here's firstly see how much loan will the bank give you?
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The bank checks your loan eligibility.
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from your EMI paying capacity.
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The bank says,
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you will keep 50% of money out of this for your household expenses.
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And you can pay a maximum EMI of only 50%.
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The bank calculates your maximum EMI.
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Maximum EMI means
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You can pay only ₹ 30,000.
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Let say
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For example, you have already taken a car loan.
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You have taken a loan of 3 lakhs.
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For a loan of ₹3 lakhs, you assume an interest of 9.5%.
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If you have taken this loan for 5 years.
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So your EMI will be around ₹6,300.
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Let's say you want to take a home loan with it.
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Bank will deduct ₹6,300 EMI from your maximum EMI
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So from your balance EMI, What is the maximum EMI you can pay for a home loan?
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The bank will calculate,
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Deduct 6,300 from 30,000.
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It is ₹23,700,
once you have calculated EMI
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This will determine your home loan eligibility.
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How much will you get the maximum loan?
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So you can calculate this with an EMI calculator.
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I will give you the link to the EMI calculator in the description below.
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This is an EMI calculator, with this we can calculate the EMI of any loan.
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You have to enter the loan amount here,
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For example 3,00,000.
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And we took a 9% interest rate for a car loan
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We have taken 9.5%
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And we took a loan of 5 years,
So here the EMI came to ₹ 6,301.
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What do we have to do now?
we have calculated the maximum EMI of home loan 23,700
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And now we want to calculate our loan amount,
We have to back-calculate
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Here we will first enter the interest rate.
We took 9% interest on the home loan.
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And we took home a loan tenure of 20 years.
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Let's enter it.
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If we take a loan of 3 lakhs, its EMI will be around ₹ 2700.
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First, we multiply it 10 times,
I'll add another 0 here.
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Here our EMI will be 27,000
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We want an EMI of 23,700, So we have to deduct some amount.
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So we'll do some trials here.
First, let's look at the amount of 25,00,000.
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Here I enter 25 lakhs.
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EMI will be ₹22,500, which means we have to increase.
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I'll check it out by 26,00,000.
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On entering 26,00,000, the EMI will be around ₹23,400.
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So if we fill EMI around ₹ 23,700,
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So we will get loan eligibility.
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Accordingly, we can get a loan of about ₹26 lakhs.
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Based on 23,700,
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As per this EMI, your maximum loan will be.
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Will be around 26 lakhs, so in this way, your maximum home loan is calculated.
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According to the bank.
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For example, you did not even take a car loan.
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You have to take only one loan
Let's say you just have to take a home loan.
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So your maximum is ₹30,000.
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So you can pay the entire 30,000 in the home loan.
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you paid 30,000 in home loan
30,000 is your EMI.
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So what will be your home loan in that case?
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I write here
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If you calculate again with the EMI calculator,
If you pay an EMI of 30,000
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So you will get the maximum loan of around Rs 33,00,000.
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So this depends on.
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How much EMI do you already have?
So we talked about the bank.
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What is the maximum loan that the bank can give you?
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Now let us talk about the maximum loan amount we should take.
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What do the experts recommend?
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The bank is allowing us to pay an EMI of 30,000 maximum
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Maximum we can pay 50% of your salary.
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Experts say that you should pay only 33% of your monthly income in EMI.
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If you have a monthly income of 60,000
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So how much should you pay in EMI
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Your EMI should not be more than 20,000.
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Now understand the reason for this.
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You do not want your maximum loan exposure.
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you should have a cushion for any emergency
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There may be a medical emergency.
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Maybe you need money for a wedding.
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So if you have a cushion for this type of emergency, then you will be able to save it.
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You can invest in it,
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And if you also need a loan
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So you will be able to take an extra loan.
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Your balance of 70% EMI cushion will come in handy in this way.
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So once you have decided your EMI of 20,000.
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That is one-third of your monthly income.
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After that, you can do the back-calculation again.
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Let's say you have already taken a car loan, so you are already paying an EMI of ₹ 6,300.
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So you'll deduct from it, If you want a home loan
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So you have to see what is the maximum EMI you can pay in the home loan.
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From 20,000 if you subtract 6,300.
So an amount of 13,700 is left.
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So in this case you can pay a maximum EMI of 13,700.
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Similarly, you will also calculate the maximum home loan you can get according to 13,700.
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So you will get a home loan of ₹15,00,000.
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You can calculate further with the EMI calculator.
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I have given a link to the calculator in the description.
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And If you have not taken the car loan
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You can pay a maximum of ₹20,000 EMI,
If you want to take a home loan.
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So what is the maximum home loan you can take in this case?
As per EMI of 20,000.
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You can take the maximum loan of 22 lakhs.
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I have taken only the example of the car loan
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It could have been any other loan, it could have been your personal loan.
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It could also be a gold loan.
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Here write the total amount of EMI you were paying
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And if you want fresh loans, then minus those EMIs.
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Your balance EMI is left,
We will take this one example
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Let's say one of your existing EMI of 6,300 of the total loan was running
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The maximum you can take is 20,000,
If you want to take a home loan.
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And you will get a home loan of this amount so in this way you can do your calculation
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I have done this calculation of a household income of 60,000.
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You can calculate according to the amount of income you have.
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You only have to remember two things
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That bank gives you a maximum loan of 50% of your household income
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The maximum you should only pay EMI 33% of your income
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I hope that you must have liked this video, then do like and share it.
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Till then keep learning, keep earning, and be happy as always
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