India, Aug. 9 -- Mortgage approval does not always mean you can comfortably afford the house. The amount a lender says you can borrow and the amount you can comfortably spend on a home can be very different. Lenders mainly look at numbers such as income, debt, credit score and debt-to-income ratios when deciding how much they are willing to lend. But your personal budget also depends on your lifestyle, savings, future plans, spending habits and financial goals.

A lender may approve you for a specific loan amount based on its financial rules. But that number does not automatically mean you should spend that much on a home. A mortgage payment that looks manageable on paper could leave you with very little money for savings, retirement, eme...