New Delhi, Sept. 19 -- Buying a residential property is a major financial commitment, especially when most of the purchase is financed through a home loan. This is because the monthly EMI can determine how comfortably you will be able to manage other expenses and savings for retirement or emergencies.

Before borrowing money from a bank or financial institution, it is important for an individual to assess how much of their income can be allocated towards repayment without straining their finances.

Lenders usually assess how much of a borrower's income would go towards loan repayments and other fixed obligations, which is measured through the fixed obligation to income ratio, according to Adhil Shetty, CEO at BankBazaar.

Total fixed obli...