-
-
-
Services
-
-
-
More
-
POSTED BY ON November 8, 2014 2:52 pm COMMENTS (2)
Hello, I am going for a home loan that is around 30 lakh and short of 5 lakh for paying the 20% remaining amount. I do not have any loan and now applying for a home loan. The question is : To get the 5 Lakh (20%) amount can I apply the home loan first and then as soon as they approve it can I apply for a personal loan?
Will they approve the personal loan as I have the eligibility. I am single woman and no co-borrower will be there. Please help. Thank You.
2021 © Jagoinvestor.com All Right Reserved
Yes. Both loans can be taken at a time if you’re eligible. The important factor the bank follows is your ability to repay the loan. However, it differs from bank to bank. Your residence profile and the place you work also considered by the bank. You can check the eligibility for loans here at: http://creditnation.in/ Hope it helps! Good luck!
Hi Richa,
Firstly, loan amount depends on your eligibility which is determined by your net monthly salary. Generally, the loan amount is calculated on the basis of EMI amount that you can afford.
For eg:-
Option 1:- If you have Rs. 30,000 net salary, they will consider max EMI of Rs. 13-15000 to give a loan, which comes to a loan amount of Approx Rs. 15,00,000 for 20 yrs @ 10.5%. So if you apply for Rs. 15,00,000 home loan, you would not be able to apply for any further loan requirements as any other bank would not give you loan, be it personal or any other loan.
Option 1:- If you have Rs. 80,000 net salary, they will consider max EMI of Rs. 30,000 to give a home loan, which comes to a loan amount of Approx Rs. 30,00,000 for 20 yrs @ 10.5%. And also you can get personal loan of Rs. 5,00,000 for which EMI of Rs. 11,500 would be there. So in this case, you can get both, personal and home loan.
So, in short, its your net monthly salary that will decide on your loan part (Both personal or home loan). Also, other factors also decide, as company you working for, city you live in, etc.
Regards,
LJ