By Admin 
Finance Tips: Nowadays, buying your own house and car is the dream of most people. But if your monthly salary is only Rs 30,000, then it seems that you will neither get the loan nor be able to repay it. but it’s not like that. If you have a question in your mind, can the EMI of both home loan and car loan be paid together with this amount of income? So you are going to get the correct answer from here.
When does the bank give loan?
When it comes to giving loan, the bank ensures that the total EMI should not be more than 40% to 50% of your monthly salary. It is called FOIR. If your salary is Rs 30,000, then the maximum EMI at 40% will be ₹ 12,000 and at 50% the maximum EMI will be ₹ 15,000, that is, banks generally believe that your total EMI should be between Rs 12,000 to 15,000.
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Understand the mathematics of home loan and car loan-
Suppose your home loan EMI is ₹ 9,000 per month and car loan EMI is ₹ 4,000 per month, then your total EMI will be ₹ 13,000 per month. This is about 43% of the salary of Rs 30,000. Accordingly, loan will be available from the bank. However, even after this, the bank will definitely take information about your credit profile, old loan details and expenses and only then take a decision.
How much salary will be left?
If your salary is Rs 30,000 and EMI is Rs 13,000, then you will be left with around Rs 17,000 every month. Out of this Rs 17000, you have to meet your household expenses, pay electricity and water bills, medical expenses and also have to spend money on petrol or CNG. There may be nothing left for investment.
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What things should be kept in mind?
- Total EMI should not exceed 40% of your income.
- Make sure to create an emergency fund.
- Keep a good credit score.
- If you make more down payment, the EMI will be less.
Is it right to take both loans against a salary of Rs 30,000?
If you have a stable job, no other major debts and monthly expenses are under control, then EMIs for both home loan and car loan can be managed with proper planning. But if there is already a loan going on or the expenses are high, then it is important to budget well before taking both the loans together.