Home loan as per my income

Whichever borrowing or loan you ask for your income decides how much you should ask for. Income is the only by which you can buy a product and income is the only source you can buy a mansion as well. During any loan process, an income gives surety that the debts will not remain due and they will be paid off. When you avail of a home loan your income is the first consideration in the eligibility criteria because they give the lender a green signal on approval of your home loan application.

Salary As per income

You can get a loan on your income but before that, you have to know how much the amount you can avail of. The banks only offer max 90% of the Home purchasing amount like if you have Rs. 50,00,000 of purchase then the bank will pay you only Rs. 45,00,000. Now comes the salary part if you have a salary of at least Rs. 10000 still you are eligible for a loan but the loan amount is 60x of your income depending on the tenure period selection.

Benefits of Income in home loan

1. Affordability to pay EMIs.

If you have income sources to pay then you don’t need to worry about the home Loan Interest Rate debt amount. Even at the low income, you are eligible to pay EMIs but the tenure period changes as per income. This is why some down payments can save you from these longer tenure period expenses.

2. Foreclosure benefits

Foreclosure is the key to saving your extra money from the home loan; this is why extra savings and extra income sources are called lifesaver because the 1-time extra charge can save your thousands of expenses.

3. Qualifies for Loan eligibility criteria

Your income is the key to make you qualify for the home loan. A good earning person can enjoy the home loan relief but if the person has just started then more the tenure means more the interest will be.

Why are many businessmen able to purchase houses more than a salaried one? It's because he counts its money only when all his expenses are paid off. This is the reason a well earning salaried person or business personnel applies in the Axis Bank Home Loan scheme.

Remember when your income is taken into consideration at that time various allowances get excluded from your income like if you have Rs. 10000 of salary and if you have a medical allowance of Rs 2000 then your salary will be considered as Rs 8000 only. A great way to pay off your loan is when you have an extra earning source and with that you, yourself, take a decision after excluding all the expenses.