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Home Loan EMI & Eligibility Calculator - Home Affordability - YouTube
Channel: Asset Yogi
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Namaskar, my name is Mukul, and welcome to asset Yogi.
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Friends, when we think of buying a house, a question comes into our minds.
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That's how expensive a house we can buy.
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What is the maximum loan that the bank can give?
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How much EMI we can pay?
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So we will discuss it in this video,
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and at the same time, I will also tell you a home eligibility loan calculator.
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So stay tuned in this video.
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Music
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You may remember that we had done a video earlier on how much maximum loan can we get.
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So we discussed two aspects of it.
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First, what maximum amount the bank can give us a loan
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And second ideally how much loan should we take according to the conservative estimate.
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That is, how much EMI should we pay every month.
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So in this video, we are going to talk about both aspects.
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We will try to calculate in both ways what maximum loan amount we can get.
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And how much costly house can we buy
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In both ways.
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Look, first of all, let's talk about the bank.
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What is the maximum loan tenure that the bank can give you?
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for how long the bank can give you the loan tenure.
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So if we talk about a home loan, then the bank gives you a loan of up to 30 years.
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But a 30 years loan also depends on your age.
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If your retirement age comes before that then
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So you will not get a loan tenure of 30 years.
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For example, let's say your age is 45
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If I write your age here.
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The retirement age is generally 60 years.
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So you can get a loan for 15 years only.
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You can assume that 30 years is your upper cap.
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But should you always take a 30-years loan?
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no, I don't think so
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If I go with a conservative
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So you should not take a loan of more than 20 years.
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Now let's talk about EMI.
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What is the maximum amount you can fill every month?
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EMI is your equated monthly instalment
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How much will you have to pay every month when you will take the loan?
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Here we will first talk about total EMI.
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Let's say you are taking a home loan
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And even before that, you have taken some loans.
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Whether it is a personal loan, gold loan, car loan
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Any kind of loan, the total EMI inclusive of all the loans.
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It should not be more than 50%of your monthly income.
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what is monthly income
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Monthly income is the income that you get in hand.
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I write here too, in hand
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Meaning the monthly income you get after deducting tax
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You cannot pay EMI more than 50% of that, banks generally have this requirement.
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The bank says you need the remaining 50% for household expenses.
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That's why you can pay only 50% of the maximum EMI.
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But if we talk about a conservative estimate
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So you may remember as we discussed in the last video.
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That you should not pay more than 33% of your income in the loan EMI.
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So let's calculate it both ways and see
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Suppose your monthly income is ₹ 50,000.
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And what is the maximum total EMI you will be able to pay
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You can pay ₹ 25000.
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We are calculating based on 50%.
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The estimate is bank-wise you can pay the maximum EMI of Rs 25,000
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Let's say your existing EMIs
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Maybe you have a personal loan going on.
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You are paying an EMI of 5000.
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So you will deduct 5,000 from this 25000, so the maximum you can pay home loan EMI is 20,000
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You can pay ₹ 20,000 in the EMI home loan
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So accordingly your loan amount is calculated
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Maximum loan amount from EMI of 20,000.
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If the home loan interest is running at 9%.
If you take this loan for 20 years.
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So maximum you will be able to take a loan of two lakh twenty-two rupees
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Now you don't have to calculate it by yourself.
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I will tell you the eligibility calculator
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So you can calculate from that quite easily.
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From here you can also calculate the back
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What is the maximum home value you will get?
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How expensive can you buy a house?
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So here I have assumed that you will make a 20% down payment.
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Generally, you have to make a minimum down payment of 20%.
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And you will take a loan of 80%.
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So I have divided 22.22 by 0.8.
I have divided it by 80%.
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So you can buy a house of a maximum of Rs 28,00,000
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But now we go to the conservative estimate.
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What is the maximum amount you should spend on a home loan?
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you have a monthly income of ₹ 50,000.
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So you can pay 33% of it in EMI.
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This is your total EMIs.
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Out of this, your EMI of 5,000 is already regulated.
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So how much EMI can you pay for the home loan?
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You can pay an EMI of Rs 11,500.
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According to this, how much will you get the maximum home loan?
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you will get a maximum loan of Rs 12.78 lakhs
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On that basis, how much can you buy a house for?
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12.78 divided by 0.8, so you will be able to buy a house worth Rs 16,00,000.
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I have taken this example based on a monthly income of Rs 50,000.
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Now based on Conservative estimate and Bank estimate
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Or you can go in the middle of it too.
You can decide this.
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What leverage do you want to take?
And if you want to go a slight on the riskier side.
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When you take more loans, your risk increases a bit.
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It is possible that in the future the price of houses may decrease
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You may not get much profit and the capital appreciation does not increase.
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So in such a case, it is not beneficial to take a high loan.
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And second, financial stress also increases on you.
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But on the other hand, suppose if you are getting a good deal
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And you think I can buy a large house on today's date.
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So you can also pay 50% EMI.
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So we discussed an example.
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Now we see this example in the calculator as well.
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I have made a home affordability and loan eligibility calculator.
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In this, you have to enter all your inputs in the yellow sections.
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First of all, enter your monthly income.
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Here you have to add your post-tax monthly income
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That is, the money you get in hand and come to your bank account.
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So I entered ₹50,000 as an example.
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Enter your loan tenure, for how many years do you want to take a home loan?
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I have entered 20 years here, you can enter more or less.
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The current interest rate of the home loan will be entered here.
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Right now I have taken 9% approximately.
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You will enter the total of the remaining ongoing EMIs of personal loan, car loan, here.
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as we saw in the example
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I have entered the EMI of 5,000 here.
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If none of your EMI is running.
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So you can also set it to zero here.
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But I will keep it ₹ 5,000 in my example.
Maximum EMI as percent monthly income
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How many can you pay?
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According to the bank ok as we discussed you can pay up to 50% if you are considering 50%
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Then enter here 50%.
accordingly, you will get all outputs here.
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How much will be your eligibility?
What is the maximum home loan you will get?
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According to all these things, you will get a total home loan of 22 lakh 22 thousand rupees
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What is the total maximum home loan amount you can pay?
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20,000 can be paid.
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Accordingly, how expensive can you buy a house?
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You can buy a house for around Rs 28,00,000.
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Here you get the loan payable amount.
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You will pay the principal amount as much as the loan amount.
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of ₹ 22,22,000.
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And because 20 years loan has been taken based on the interest rate,
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the total interest rate is 25.75 lakh
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So you also get its calculation here and you can also see this in the graph.
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Suppose you want to move to the conservative side and you do not want to pay more EMI.
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So we make it 33%.
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You will get output like this.
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You will get the maximum home loan amount of 12.78 lakh.
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You will be able to pay the home loan EMI of ₹11,500 /-
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You will be able to buy a house for up to Rs 16 lakhs.
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When you take this loan for 20 years,
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So you will also get the total principal and interest here
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So this way you can enter all the inputs here.
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If you want, you can also make changes here.
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Let's say if you want to change it to 15 years you can calculate it with 15 years as well.
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It depends on you how much EMI you want to pay.
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What home loan amount do you want to take
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What is your monthly income, you can change all these things here?
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I hope that after watching this video whenever you go to buy a house in the future.
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So you will be able to decide your budget well.
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If you like this video then please like and share it.
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So that your friends or family members can get benefit from it.
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So see you in the next such informative video
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till then keep learning, keep earning, and be happy as always
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