User Account

All Pages

How much will be the total amount of emi for loan approved

Assignment Help Accounting Basics
Reference no: EM132873713

There is a proposal for home loan with the following particulars:

a) Cost of Flat = Rs.48 lakh, Stamp duty and registration charges = Rs. 6 lakh, Loan amount requested is 45 lakh, Gross monthly salary income = Rs. 1, 00,000/-, Monthly TDS = 20,000/-, Monthly PF deduction = 10,000/-, Tenor of loan = 20 yrs, Interest rate: 7 % p.a (floating), Margin requirement: as per RBI norms. EMI per Rs one lakh is Rs.776. Net take home salary/ income (gross salary/ income net of deductions including EMI of proposed loan) should not be less than 40%. Work out the EMI amount for the eligible loan as per rules.

b) Cost of new car is Rs.19,98,000, Cost of accessories is Rs. 42760, Cost of insurance is Rs56,480, Cost of registration is Rs. 2,28,570. Margin offered is 25% against margin required @ 15%. Gross monthly income = Rs. 90,000/-, Monthly TDS = 10,000/-, Monthly PF deduction = 10,000/-, Net take home salary/ income (gross salary/ income net of deductions including EMI of proposed loan) should not be less than 40%.

Question 1: With Rs.1558 being the EMI per lakh @8% interest p.a. for 84 months' period, how much will be the total amount of EMI for the loan approved

Reference no: EM132873713

Questions Cloud

What the effective date of the resignation is : What the effective date of the resignation for 3 September 20X0. The audit work was completed and the auditorâ s report signed on 3 September 20X0.
Segmentation approaches due to personal privacy concerns : Many consumers and consumer advocates are critical of individualized segmentation approaches due to personal privacy concerns.
How much should be recorded as investment income : How much should be recorded as investment income for the current year assuming that the preference share capital of Pen Inc. are non-cumulative
How do you define public opinion : How do you define public opinion? Can you think of ways your opinion has been formed around certain issues? What about the opinions of your friends?
How much will be the total amount of emi for loan approved : With Rs.1558 being the EMI per lakh @8% interest p.a. for 84 months' period, how much will be the total amount of EMI for the loan approved
Buying existing business-feasibility analyses-business plan : Discuss the best possible method for determining the value of the business you selected. Explain your rationale.
What is cost of goods sold using full costing : During the year, Canarie produces 51,900 snow shovels and sells 46,500 snow shovels. What is cost of goods sold using full costing
Describe the main steps that occur in an closed loop system : Describe the main steps that occur in an closed loop system when a credit card holder makes an online purchase from a merchant Name one credit card
Which circumstances will company able to ratify a directors : Majority members of a company can vote to ratify the breach. Which circumstances will a company be able to ratify a director's breach?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd