Decoding the process of bank loan approval !!!

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Let's say you're 30 and eyeing a Rs. 50 lakh flat. The bank reviews your credit score, history, and age to decide. But there are three key factors they focus on to determine your loan limit.

Firstly, your EMI (monthly payment) can't be more than 50% of your salary. So, if you earn Rs. 50,000, your EMI limit is Rs. 25,000.

Secondly, the property's value can secure a loan up to 90%, not beyond that. For a Rs. 50 lakh property, the maximum loan might be Rs. 45 lakhs.

Thirdly, your annual earnings can secure a loan from 5 to 6 times your yearly salary. If you earn 6 lakhs annually, the bank might grant you a loan from 30 to 36 lakhs.

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