ADVISORY
Understanding loan requirement basics
Posted: 2008-05-11 21:50:18+05:30 IST
Updated: May 11, 2008 at 2150 hrs IST
I want to purchase a property in Chennai. My annual salary is Rs 1,62,420 and my mother’s annual pension is Rs 78,600. I am aged 36 and am working with a pharmaceutical company as an accounts officer. Can you please tell me what is the amount of home loan I am eligible for? I am looking for a home loan of 12 lakhs.
It may be difficult for you to get a home loan to the tune of Rs 12 lakh, even if your mother acts as a co-borrower. As per my calculations, you should be able to get a home loan of about Rs 6 lakh if you apply in an individual capacity and about Rs 9.5 lakh if you apply jointly with your mother.
I have two personal loans (Citi Financial and ICICI Bank). I am paying both EMIs on time (auto debit from ICICI Bank account). Then I applied for another personal loan in ICICI Bank, they rejected my application without stating any reason. One of their officials told me that one installment of my Citi Financial loan is due, so they send my name to CIBIL. But when I paid a visit to CITI Office they told me that they didn’t sent my name to CIBIL. Please tell me what should I do?
You should apply with an independent bank and wait for their response on your application. You should request them for a feedback if your application gets rejected due to negative CIBIL report.
My annual salary is Rs 1,80,000. I pay two monthly EMIs worth Rs 5,400 for my housing loan and Rs 1,576 for my personal loan. I require another personal loan of about Rs75,000-1,00,000. How can I manage to get this loan?
As a thumb rule, you should not exceed 60% of your net take home as EMI payments. In your case, I believe you are already at that threshold. I do not anticipate any prudent bank to lend you any more money. You could opt for top-ups on your existing loans to meet your requirement.
I earn a net salary of Rs 11,000 a month and I am employed in a private firm. I require an urgent loan of at least Rs 40,000 to meet the expenses of my brother’s wedding. How should I go about the loan acquiring process?
You could approach banks directly or aggregators like www.deal4loans.com for your personal loan requirement. If you do not...
Comments
» loan offer
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Hi! i am an accountant earning Rs.9500p.m. nd wanted to borrow loan of Rs.250000 for renovation of house. I am bachelor and not have any prevoius loan or any liability but the problem is that I only have 2 years IT return. and what papers should I needed for loan purpose.
» Housing Loan
Posted by junaid sheikh on 2008-11-17 20:56:25.676839+05:30
Hi! i am an accountant earning Rs.9500p.m. nd wanted to borrow loan of Rs.250000 for renovation of house. I am bachelor and not have any prevoius loan or any liability but the problem is that I only have 2 years IT return. and what papers should I needed for loan purpose.
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