Question

Suresh House Property Suresh borrowed money from the bank to fund his home purchase in Nagpur last year. He has been

living with his family in the house. Let's see how income from property is calculated.

Suresh made an interest payment of Rs.2.16,000 this year and spent Rs. 10,000 on repairs. He paid

the municipality Rs.8.000 in property taxes.

Suresh's income from house property is zero because he has been living in this house throughout the year. Section 24 of the Income Tax Act lets Suresh claim a maximum deduction of Rs.2,00,000.

Find out Suresh profit or loss from house property​

Answer 1

Explanation:

Home Loan is an easy option for buying a house, but getting the required and apt amount depends upon many factors. Below are some important factors, which play a vital role in deciding the loan amount.

Monthly Income

Your monthly income will determine the chances of returning the loan and timely payments of EMIs. If you are salaried person, your monthly income and if you are self-employed, in that case your annual profit would decide your home loan maximum eligibility.

The loan amount basically depends upon the net income of an individual. Most of the banks lend a home loan upto 60 times of an individual's net income. For instance, if your take home salary is Rs. 30,000, you are eligible to get a loan of around Rs.18 lakhs