As a rule of thumb, the lenders prohibit FOIR to 40-50% of the month-to-month revenue – since it’s difficult to estimate the month-to-month bills of a borrower, they take into account it to be round 40%
Salary – 60% month-to-month bills – present EMI’s is what’s left in your dwelling mortgage EMI.
The financial institution ought to get some margin right here as properly in order that some quantity is left for financial savings.
For instance, in the event you earn ₹76,000 per thirty days and you might be serving a mortgage of ₹6,000 per thirty days then the FOIR calculation could be
(60%* Monthly Income – Fixed Obligations) * 10,0000
(60% * 76,000 – 6,000) * 10,000
39.6 Lakhs eligibility for Home Loan
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