A businessman approaches a bank for a loan of Rs. 100 lakh against his commercial property situated
Question:
A businessman approaches a bank for a loan of Rs. 100 lakh against his commercial property situated in a metro with market value of Rs.150 lakh and forced sale value of Rs.100 lakh. As per his Income Tax Assessment Order for the last three years his annual income (PAT + DEP) is Rs. 23, 20 & 17 lakh respectively.
Net income (gross income net of deductions including EMI of proposed loan) should not be less than 50%. With 30% margin, the Intt @12 % pa, repayment in 15 years.
How much will be the EMI amount for the approved loan if per lakh EMI is Rs.1201 for 180 months?
Mr. Paresh has got admission for pursuing MBA at Toronto University Business School, Canada. Yearly expenses in CAD are as under: Annual fee = 40,000 (allowed in full), Boarding/lodging = 18,000 p.a (up to 40% of Tuition fee permitted) , Examination & Lab fee (annual) = 6,000 (allowed in full), building fund/refundable deposit = 5000 (allowed up to 10% of tuition fee) Books, computer = 3000 (allowed upto 20% of tuition fee). Paresh's father is agreeable to mortgage his residential house valued at Rs. 1 crore .
How much loan bank shall sanction with 15% margin, in Indian Currency @Rs.59 per Canadian Dollar?
Why the income of the parent or the student is not considered in education loans?
Expert Answer:
For the first question we can calculate the maximum loan amount that the businessman can get based on his propertys market value and forced sale value ... View the full answer
