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What is Correct Percentage of Loan Against Monthly Income?

At times taking a loan is good and one such loan is a home loan and we advice one and all to go for it as it helps save insurance. However in your exuberance; you must know the Correct Percentage of Loans when measured against your Monthly Income. You can check your loan eligibility through EMI loan calculator here.

The percentages are as appended below:
  • Home loan EMI not more than 45-50% of your monthly take home pay. 
  • Education / vehicle loan, not more than 25-30% of your monthly take home pay.
  • Personal loans and credit card outstanding should not exceed 10-15% of your monthly take home salary.
Last but not least always have an insurance to take care of these contingencies and a term life insurance is best and one must go for it as linking investment with insurance is criminal.

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