i need 5 lakhs housing loan. Total income for the AY 2009-10 is 2,13,000 & AY for 2010-11 is 2,25,000. i didnt file return for AY 2011-12. how much income required to get 5 lakhs housing loan.?
Mihir
(Wealth Manager)
(5293 Points)
Replied 11 July 2011
You are eligible for a housing loan for 5 lacs but non-filing of IT return might be an issue. But, your salary slip might be sufficient.
Kunal Parakh
(.)
(364 Points)
Replied 11 July 2011
for a Rs 5 lakh Loan..... you would need atleast a 1.1 Lakh of annual income if ur Loan term is 20 years
Generally Bank consider 50 % of income for ur neccessity and remaining 50% for payment of Home Loan interest.....
depending upon ur term...... the income shall be decided
but ur income is sufficient for a 5 lakh loan....and moreover u got to file ur 11-12 return
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