Case 3: Monthly Income Rs 60000 Monthly income of the individual 60000 Loan size as no of times of monthly income 30 total loan size LTV ratio Instalment to income ratio Value of the house Rate of interest
Repayment of loan and interest thereon
1800000
year
Interest
Total Principal instalment
75%
1 1,98,000 52,317
2,50,317
34.77%
2 1,92,245 58,072
2,50,317
2400000
3 1,85,857 64,460
2,50,317
11%
4 1,78,766 71,551
2,50,317
5 1,70,896 79,422
2,50,317
6 1,62,160 88,158
2,50,317
7 1,52,462 97,855
2,50,317
No of years of loan 15 years Assume annual loan repayment for the sake of brevity Year 1
Year 2
Year 3
Total annual income of the individual
720000 720000 720000
8 1,41,698 1,08,619
2,50,317
Deduction u/s 24 (b)
150000 150000 150000
9 1,29,750 1,20,567
2,50,317
Gross total income
570000 570000 570000
10 1,16,488 1,33,830
2,50,317
11 1,01,766 1,48,551
2,50,317
Deduction u/s 80C
52317
58072
Deductioon u/s 80 EE
48000
42245
12 85,426
1,64,892
2,50,317
469683 469683 505540
13 67,287
1,83,030
2,50,317
14 47,154
2,03,163
2,50,317
15 24,806
2,25,511
2,50,317
Taxable income
Total benefit u/s 80EE availed
90245
64460