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plz it's urgent, plz c) Mr Ramesh a self-employed person, approaches a bank for a loan of Rs. 120 lakh against his commercial property situated
plz it's urgent, plz
c) Mr Ramesh a self-employed person, approaches a bank for a loan of Rs. 120 lakh against his commercial property situated in a metro with market value of Rs. 180 lakh and forced sale value of Rs. 102 lakh. As per his Income Tax Assessment Order for the last three years his annual income (PAT + DEP) is Rs. 24, 21&18 lakh respectively. Net income (gross income net of deductions including EMI of proposed loan) should not be less than 50\%. With 30\% margin, the Intt @12 \% pa, repayment in 15 years, how much will be the EMI amount for the approved loan if per lakh EMI is Rs. 1201 for 180 monthsStep by Step Solution
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