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Fixed obligation to income ratio (FOIR)

Here, the bank takes into account the instalments of all other loans previously availed by the prospective borrower, including the home loan applied for. This ratio includes all the fixed obligations that the prospective borrower is supposed to pay regularly on a monthly basis. The fixed obligations here do not include statutory deductions from salary like Provident Fund, professional tax and deductions for investments such as Voluntary Provident Fund, insurance etc.

For example assume a prospective borrower has:
Income: Rs 2 lakhs per month
Car loan instalment: Rs 15,000 per month

Personal loan instalment: Rs 5,000 per month Proposed housing loan instalment: Rs 50,000 per month

Accordingly, the FOIR is 35 percent (Rs 70,000 minus all loan instalments divided by the monthly income). In case the bank has a standard of 25 percent of FOIR, the instalment amount the prospective borrower can pay will be Rs 50,000 per month. As he is already paying Rs 20,000 per month towards the car and personal loans, he has Rs 30,000 left, and the loan will be calculated taking Rs 30,000 per month as his housing loan repayment capacity. Accordingly, the housing loan amount will be reduced.

The quantum of dividend shall be Rs 0.0389 per unit. The record date has been fixed as April 03, 2014.

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

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