Copyright 2023 Recruiter.com, Inc. All Rights Reserved. You can send us an email at biz@homefirstindia.com. This can include rent, utilities, salaries, food, travel, misc expenses that you can attribute to your professional activities. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at 13,73,026 using a home loan eligibility calculator (assuming 3 household members). Though, The average data scientists salary is 698,412. The figure derived after totaling the allowances, and before deducting any tax amount is known as gross salary. 40 lakh (provided you have no existing financial obligations.) It contains details regarding the salary earned by the employee and the amount of tax to be deducted. It is mandatory for all Indian companies and one of the two methods of calculation is typically followed: Basic Salary > 15000/month Company can choose to contribute either 12% of 15000 (1800), or 12% of the basic salary Basic Salary < 15000/month 12% of the basic salaryEssentially, 12% is contributed by the employer and 12% by the employee. It will help in making a budgetary decision about the property you wish to purchase. Recruiter.com helps find better paying jobs across You can check the home loan eligibility calculator to calculate how much amount you are eligible to get. The disadvantage or drawback is that the monthly payout shall be lower. How do I get in touch? It is also known as the take-home salary. You realise you cant walk away from so much money, besides law firms no one will pay you so much, and therefore agree to be slave forever to achieve a higher target. Whereas the Gross salary is the total salary which you receive without any deductions. However, there is a chance that it is equal when the income tax is zero or if the amount payable to the employee is lesser than the mentioned government tax slabs. Lets assume that the Cost to Company (CTC) is 6 lakh. How should I proceed ? You're doing well, pay your share and sleep easy at night. HomeFirst looks like a great place to work! Before we learn about the salary calculator, let us first understand the terms basic salary, gross salary, net salary, and CTC mean. WebAs a rule of thumb, salaried individuals are eligible to get home loans approximately up to 60 times their net monthly income. Don't get involved in creative accounting with your tax returns. So it vary from the company to company and every company is having their own attributes. Interest on loan is exempt under sec 24 Loss from HP upto 200000 EPF or Employers Provident Fund is a sum investment made by both the employee and the employer towards the Employee Provident Fund. Please let me know. Also, note that we dont provide any type of consultancy so we are sorry for being unable to reply to consultancy queries. DIFFERENCE: In the Union Budget 2020, the new tax regime was introduced wherein the individual taxpayers have an option to choose between the old and new tax regime. HomeFirst Home Loan Eligibility calculator, documents needed for home loan applications. The gross salary of an employee is inclusive of benefits such as conveyance allowance, medical allowance, HRA or house rent allowance, etc. By using our online services, you consent the use of cookies in accordance Healthcare insurance, retirement plans, sick leaves, holiday or vacation days, company discounts, and bonuses are a few examples of miscellaneous benefits offered to employees. The Gross Salary is the amount that an employee makes in a financial year while working for the company. Once the property is finalized, you can visit the, website and fill up the inquiry form to receive a call back from our Counsellors. please let me know if any deduction exist? The increment basically depends upon your work profile, your year of job that how many years you have completed and also on work experience. PT tax -2400 9,00,000-Rs. Assume that you have 20,500 as the yearly contribution by the employer and the employee towards EPF. industries: In general, they earn less within the industries below: Employers get hundreds of applications, and most get filtered out before they ever see them. These values have been calculated by using the HomeFirst Home Loan Eligibility calculator assuming the following conditions: Note: If there is more than 1 earning member in a household, the net monthly income of all earning members can be combined to arrive at a higher home loan eligibility amount. I am residing in a rent house for 3,00,000 pa They should read the offer or CTC letter carefully. Since the LTV is 90% of 22 lac i.e. Giving a Gift Voucher by a company on a birthday or anniversary that is worth Rs 5000 per annum is tax-free. Also known as: This article will explain to you what part of your salary is considered while calculating eligibility, what are the common salary slabs & their eligibility amounts, what are the other factors affecting your eligibility and finally how easy it is to apply for a home loan. Conclusion Every employee needs to be clear about the terms of their employment, such as the CTC and the In-Hand salary that they would receive. They are calculated by multiplying the number of hours worked by the hourly rate and then multiplying that by the number of weeks in a year. Plus if you are 1st time house owner under sec 80EEA you can take addition exemption on interest upto 150000 -Sec 24 -200000( Interest on loan ) All Rights Reserved. ! How much home loan can I get on my salary?If you are a salaried employee and you plan to own a house, this is the first question that pops up in your mind. Making damn well more than most in this country. But if your take home is Rs. Do you reach the holy 1 Crore mark as soon as you make partner? The gross salary is 6,00,000 40,000 = 5,60,000. My investment is 5,16,600 will be the final take-home salary based on the salary calculator. An Individual could claim the following Tax Deductions: Lets have a glimpse of the salary slip when you have a package of Rs 20.41 lakhs and your tax payable is zero. I have 25lpa package. Health and life insurances premiums paid by the employer. Whereas, the amount that an employee takes home is known as the net salary. It may be determined based on assessing the number of vacancies for a specific job role. Professional tac- 24000/. All co-owners of the property have to be co-applicants to the loan. You sign the loan agreement papers and complete other necessary documentation. Packers and Packagers, Hand have the highest average income in the following Bagger, Carton Wrapper, Egg Packer, Gift Wrapper, Grocery Store Bagger, Meat Packager, Meat Wrapper, Utility Bagger. Salaries, on the other hand, are typically annual payments for work performed. 18.64 lakh as a loan to purchase a home worth Rs. Also Read: Top Highest paying jobs in the world. Your email address will not be published. There is no upper/lower Limit! Or does it take a few years after you make partner to reach the 1 Crore mark?? Legal Way Here". Gross salary = 6,00,000 40,000 = 5,60,000. If you have any further queries, feel free to leave a comment below, and well get back to you at the earliest. A salary is determined based on comparing similar positions in the same industry or region. Remaining 37600 *5%Slab rate = 1880 Tax payable Ltd. and pursuing his career in the field of taxation. Please guide me, required more clarification and investment plans to save tax. HomeFirst does not charge any prepayment fees. Mismanagement Behind Infosys ITR Filing Portal 2.0 Development, Zomato, Swiggy May Get Convert to Restaurants with 5% GST, Upto 20% Off on Tax, Online GST, ROC/XBRL, Payroll Software, Step by Step Guide of GSTR 3B Online Filing Process, Filing Guide of GSTR 4 Form for Composition Dealer, GST Annual Return Form GSTR 9 Online Filing Guide, GST Audit Form (GSTR 9C) Online Return Filing Guide, Tax free till Rs 50 per meal (22 working days), Tax-Free Components Car MaintenanceMeal CouponsNPS (Employer Contribution)EPF (Employer Contribution)Mobile Phone and Internet Bill ReimbursementUniform AllowanceChildren Education/Hostel AllowanceNewspaper/Journal AllowanceGift voucherLeave Travel Allowance, House Rent Allowance(Rent Paid is Rs 53,000 and that too in Metro City, Standard Deduction (It was increased to Rs 50,000 in the Budget 2019), Gratuity (Not part of salary but component of CTC and is non-taxable), Tax DeductionsSection 80C Exemption 1,50,000NPS 80CCD(1B) Tax Exemption 50,000Medical Insurance (Self & Parents) 60,000Interest on Education Loan 50,000, Include all those components that are tax-free, For availing most of the benefits or HRA, HRA should be ideally 50% of the Basic Salary (40% HRA if an individual has rented a house in a non-metro), In case of Car Maintenance, The said company could reimburse up to Rs 1,800 every month for the car that is less than 1600 CC (i.e. Financial institutes arrives at home loan amount eligibility of a person only after taking into consideration their existing obligations with respect to EMIs and outstanding dues of other loans which they might have availed like a car loan, consumer durable loan, personal loan, credit cards, etc. What to do? You can raise any query on matters related to blog content. WebThis illustration provides a salary calculation for an resident of India earning 2,000,000.00 per annum. I'm sure they hit 1cr in year 1. Take Home Salary = Gross Salary - Income Tax - Employee's PF Contribution(PF) - Prof. Tax. my grandfather was a farmer in Gujarat, I stay in Mumbai, Maharashtra. Save my name, email, and website in this browser for the next time I comment. This equals to 43,400. Likewise, if you are working in a reputed organization, then you might be eligible to take a higher amount compared to someone working with not so reputed organization if all other factors are considered equal. Gross Salary = Rs 5,00,000 Rs 50,000 = Rs 4,50,000 The gross salary tends to deduct the professional tax of Rs 2,400 a year (example). Now that we know more about the salary calculator, let us talk about what we mean by in-hand salary. Simply enter your monthly salary and deductions, and we'll show you your net pay. Health insurance 45000/ ( Family and mother) Kindly suggest me how to save the tax here, monthly am getting 3.2laks /month. Currently, he is working with SAG Infotech Pvt. WebFor employees with less than one year of experience to three years of experience, the average Infosys System Engineer salary in India is 3.6 Lakhs per year. Will I be charged a fee for early repayment on my loan? All cheques to HomeFirst should be written out in favor of Home First Finance Company India Limited. Also, read this article in,,,,,and. WebThis illustration provides a salary calculation for an resident of India earning 2,400,000.00 per annum. My Salary is 21 lacs how to invest to reach zero tax? Detailed Tax Calculation for 2,400,000.00 Annual Salary Since the LTV is 90% of 11 lac i.e. -80C -150000( Principal loan amount) At this juncture, It is better to quote the words of Stock market magnate Warren Buffett. Salaries have increased by an average of 56.81 percent nationwide in that time. These benefits can also be considered while looking for a job as they add significant value. First, enter your CTC or Cost to Company and bonus (if any) to determine the gross salary. Gross salary = 6,00,000 40,000 = 5,60,000. The new tax regime offers lower tax rates if you are willing to give up on certain deductions or exemptions under the Income Tax Act of 1961. Salary Illustrations 100,000.00 Salary: Income Tax calculation 200,000.00 Salary: Income Tax calculation 300,000.00 Salary: Income Tax calculation FOR PRADEEP KUMAWAT - TO KINDLY ENLIGHTEN. You can also use the salary builder to gain insights on your salary growth in 5 & 10 years, compare your salary v/s peers, and find out how you can earn more. Know if youre getting paid what you deserve. The basic salary would remain the same, unlike other aspects of the CTC. 25.2 lac, you can get only 25.2 lac (not 30,56,926) as the final home loan amount whose EMI comes to 24,318 per month. So if your annual CTC is Rs 50 lakh, you can expect to get an annual take home of 35 lakh or Rs 2.9 lakh per month. What is it like earning 50 lakhs in India? Try our gross pay calculator today! According to the Employees Provident Funds and Miscellaneous Provisions Act, 1952, the employee and employer contribute an equal amount towards the EPF. After this, the next step is to reduce the professional tax of 2,400 for the financial year (professional tax may vary from state to state). In terms of home loans, the health of the underlying asset is of utmost importance. I am working in Bangalore, stay in a rented house, get HRA, get hra exemption; Now want to have own house at Bangalore taking loan and getting tax facilities on Home loan, without loosing any of the present facility. If you buy things you dont need, you will soon sell things you need.. If you opt for a longer tenure, you can get the advantage of a lower EMI each month. Early level data scientists with 1 to 4 years experience get around 610,811 per annum. The blog we write is to provide updated information. Recruiters, find exclusive recruiting opportunities with Recruiter.com. Remaining 30 lks you pay 30% ie 9 lakhs. The main deductions from the salary are provident fund, Income tax, and professional tax. Like Share 3 a year View 3 more replies a Senior Consultant 2 Remember, the rent that you pay will be the income of the house owner. FOIR is the percentage of Sum of All Existing Monthly Obligations to ones net monthly income. How to check home loan eligibility? Here taking a salary as 35k, & without any fixed monthly obligation, you can pay a maximum of 17,500 as EMI considering 50% FOIR. We are here to help by making your tax liability zero even if your cost to the company (CTC) is Rs 20.41 lakhs per annum for FY 2021-22. The loan amount is thereafter paid directly to the builder by Home First Finance Company. Income tax slabs for individuals under old tax regime For senior citizens, aged 60 years and above but below 80 years, the basic exemption limit is Rs 3 lakh for FY 2022-23 and FY 2023-24. In-Hand Salary = Monthly Gross Income Income Tax Employee PF Other Deductions if any. Which firm is this? There are also certain provisions and deductions which can be done to save the taxes on even the eligible income tax bracket. Let us assume the LTV is 90% and the property cost is 22 lac. Want a new opportunity where you can earn a higher salary? I knew a newly minted partner who was getting 6LPM (72 LPA) as base! If the interest rate is 10% per annum, the loan amount eligibility can be arrived at 17,09,806 using a home loan eligibility calculator (assuming 3 household members). I think a partner in a tier 1 firm does not earn more than 75-80 Lakhs atleast for the starting few years. * I declare that the information I have provided is accurate to the best of my knowledge. It is the take-home pay and typically means the amount shown after all deductions are made. What Is Data Wrangling Tools Advantages Skills? Following simple 5 steps will allow you to know your in-hand salary. 2013 - 2023 Great Lakes E-Learning Services Pvt. My Gross Salary is 15,60,000 pa Even if you have a higher home loan eligibility in terms of your net monthly income, financial institutes only fund up to 75% to 90% of the total cost of the property. So 4012=28 lakhs is your in hand salary or 2.35 lakhs per month Increment from these levels would be slow so 510% depending on market conditions and your skills 23 Prannay Jha Section 80D: The Premium payment for the medical insurance for an individual and his parents. How to make your CV stand out from the crowd, Understanding Gross Salary, Basic Salary, Net Salary, and CTC, Difference between Gross Salary and Net Salary, Salary Prediction based on experience using Machine Learning, PGP In Data Science and Business Analytics, PGP In Artificial Intelligence And Machine Learning. Submit Query for Tax Calculation Software. Let us assume the LTV is 90% and the property cost is 28 lac. 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