one of the non it returns filed person housing loan required for bank of india loan amount rs:50 lacs .bank it returns required f.y.20-21 profit rs:4,20,000/- and f.y.21-22 profit rs:4,80,000/- declared in it returns.
question:
how the loan calculation procedure on it returns based .
It depends upon many factors like... Age of the applicant, tenure of loan, credit score, existing EMI outgo etc, etc,
Home Loan Eligibility Criteria
- Present Age and Remaining Working Years: The age of the applicant plays a major role in determining home loan eligibility. The maximum loan term is generally capped at 30 years.
- Age Limit for Salaried Individuals: 21 to 65 years .
- Age Limit for Self-Employed Individuals: 21 to 65 years.
- Minimum Salary: ₹10,000 p.m.
- Minimum business income: ₹2 lac p.a.
- Maximum Loan Term: 30 years.
- Financial Position: The present and the future income of applicant(s) has a significant impact on determining the loan amount.
- Past and Present Credit History and Credit Score: A clean repayment record is considered positive.
- Other Financial Obligations: Existing liabilities such as a car loan, credit card debt, etc.
As a thumb rule for 25 to 30 years tenure, it is 8/11 times monthly income (less EMI outgo, if any)
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