My monthly salary is Rs 75,000. I am servicing a loan. Can I also get a home loan?
Ravi K Karanth, Udipi
You can get a home loan even when you are servicing your existing loan, provided you have a good credit score and the lender is confident that you have the repaying capacity despite servicing an existing loan. The primary concern of any lender is to verify that you are able to service the EMIs for both the loans at the same time. Once the lender is satisfied with your credit profile after analysing your credit score, it will approve your home loan. Lenders consider about 40-45 per cent of your net salary to be sufficient a buffer as the sum that you could commit as EMI repayment on loans. Do not go in for a home loan till the time you are closer to identifying the real estate investment.
