{"id":5352,"date":"2023-08-28T17:33:10","date_gmt":"2023-08-28T17:33:10","guid":{"rendered":"\/blog\/?p=5352"},"modified":"2024-06-07T17:53:51","modified_gmt":"2024-06-07T12:23:51","slug":"how-to-check-home-loan-emi-affordability","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/how-to-check-home-loan-emi-affordability\/","title":{"rendered":"How To Check Your Home Loan EMI Affordability?"},"content":{"rendered":"\n

When you are planning to purchase a house using home financing, two\nthings will bother you the most. First is that whether you will get a home loan\nor not. Second is whether you can afford to pay the loan EMIs or not.<\/p>\n\n\n\n

So ideally, the question boils down to your Home Loan Affordability.<\/p>\n\n\n\n

There is some help at hand for this question. Lenders themselves don\u2019t lend to people whose EMI-to-Income ratio exceeds 40% or will exceed 40% after they approve the loan.<\/p>\n\n\n\n

Additional Read:<\/strong> How To Repay Your Home Loan Faster?<\/a><\/p>\n\n\n\n

So for example, let say you have an income of Rs 1 lac. Now according to that monthly cap of 40%, your total monthly EMIs cannot exceed 40% of your income, i.e. 40% of Rs 1 lac, which is Rs 40,000. Now if you already have a personal loan where you are paying Rs 8000 every month, your remaining EMI capacity for the month is Rs 32,000 (= Rs 40,000 – Rs 8000). So technically, you will only get a home loan<\/a> where the EMI doesn\u2019t exceed Rs 32,000.<\/p>\n\n\n\n

But remember that this is a lender specified limit. You are in no way\nbeing forced to borrow a loan that you cannot repay, even if it is within your\n40% criteria. So if we were to use the pervious example and you think it is\ntough for you to pay Rs 40,000 EMI, then do not hesitate in asking your lender\nto reduce your EMI. This is possible in following ways:<\/p>\n\n\n\n