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What percentage of your income should you spend on personal loan EMI?

Wednesday, May 10, 2017, 4:42 PM

While it is not advisable to take expensive personal loans, but if one is forced to, the amount should not exceed 10% of one’s income. Combined EMIs of all your loans should not be more than 45-50% of the total income. So in order to be financially fit make sure that you do not exceed these at any cost.
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What percentage of your income should you spend on home loan EMI?

Wednesday, May 10, 2017, 4:13 PM

House-related expenses, be it loan EMIs (equated monthly instalments) or rent, can also affect your cash flow. House-related expenses such as loan EMIs or rent should not exceed 40% of total income. In today’s uncertain job market, managing a fixed expense like an EMI, especially when it is high, can be a big challenge.
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What percentage of your income should you spend on insurance?

Wednesday, May 10, 2017, 3:59 PM

Most people make the mistake of mixing insurance with investment/savings. Instead of opting for low-cost pure life protection, they pack their portfolios with traditional plans and pay heavy premium every month. This leads to stressed finances. So in order to avoid this, one should always make sure that premiums on traditional plans and ULIPs do not exceed 6-7% of your total income.

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