One salary or two: what ₹35 lakh needs
As a rule of thumb, lenders keep all EMIs within about 50% of take-home pay, a limit often called FOIR. On ₹55,000 that cap is ₹27,500. At 8% over 20 years it supports a loan of only about ₹32.88 lakh, short of ₹35 lakh. Stretching to 25 years works on paper, with an EMI of ₹27,014, but interest rises to ₹46,04,070, about ₹10.78 lakh more than on 20 years.
With Nabanita as co-applicant, the combined ₹85,000 changes the picture. The 20-year EMI of ₹29,275 is about 34% of their joint take-home, and even a 15-year EMI of ₹33,448 is about 39%. On 15 years the interest is ₹25,20,608, about ₹20.83 lakh less than on the 25-year plan Debajit would need alone.
Frequently asked questions
What is the EMI for a ₹35 lakh home loan for 20 years?
₹29,275 a month at 8% a year. Over 240 months the interest is ₹35,26,097, slightly more than the loan, and the total repaid is ₹70,26,097.
What salary is needed for a ₹35 lakh home loan?
With the EMI kept within 40 to 50% of take-home pay, a 20-year loan at 8% needs roughly ₹59,000 to ₹73,000 a month in hand. For 15 years (₹33,448) it is about ₹67,000 to ₹84,000. For 30 years (₹25,682) about ₹51,000 to ₹64,000. Lenders also subtract any EMI you already pay.
How much total interest on a ₹35 lakh loan over 30 years?
₹57,45,434 at 8%, which is 164.16% of the loan. The EMI is ₹25,682, only ₹3,594 less than on 20 years, while the interest is about ₹22.19 lakh more.
What is the EMI on a ₹35 lakh loan for 15 years?
₹33,448 a month at 8%. That is ₹4,172 more than the 20-year EMI, and total interest falls to ₹25,20,608, about ₹10.05 lakh less.
