How much loan would i get ?

I am planning to start my own business(in Mumbai,India) and want to take up loan from bank for it.
From the loan amount I would be buying a property(which would be around 1 crore), I got 5 lacs at the moment and am working with a monthly salary of 30,000rs.

But the amount i have would be later spend in the interior of the property.
So will i be able to get the loan and if not what should i need to do.
I dont have any pending loan as this would be my first loan.

With all the amount i get from the bank would go in property only, so will I be getting the loan also advice how should i proceed further.

How much loan would i get ?
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3 Replies to “How much loan would i get ?”

  1. Since you’re salaried person with good credit history (no pending loans), you’ll instantly get loan from any bank.

    If you have decided to buy property right now, then approach the developer and bank to get your loan approved.

  2. First thing you should know is, the borrower’s eligibility of getting a e loan depend upon his/her repayment capacity & the banks establish this repayment capacity by considering various factors such income, spouse’s income, age, number of dependents qualifications , assets, liabilities, stability and continuity of occupation and savings history.

    So, its not only the salary which matters. Talk to bank and they will guide you better.

  3. First question is how are you planning to pay this loan off? with your salary of 30k, u wont be able to pay this off for 1 crore.
    to take this loan for business purpose, you need security, like property or any asset worth the loan amount. Do you have this?
    If you are planning to buy a apartment in 1 crore, then you get a home loan for 70% to 80% of the cost. But the loan amount sanctioned will be say roughly having an EMI of 40% of ur salary. so even this wont get you near 1 crore.
    so you need to get your understanding correct on loans.
    No one gives money for free.

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