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Calculate how much loan can be disbursed

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Question: Mahesh would like to buy a house worth 75lacs, he has a salary of 50,000 INR. Currently he has 26 lacs to spare. From the perspective of a bank and assuming that bank will consider 80% of his salary as the EMI eligibility and a loan for 20 years, with a rate of 9.75% annualy. Calculate how much loan can be disbursed?

Reference no: EM132969247

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