When considering a home loan, many people turn to financial experts or online calculators for guidance. However, some are now consulting artificial intelligence (AI) chatbots like ChatGPT and Gemini for financial advice. One individual sought advice from these AI platforms to determine how much home loan could be afforded on a ₹7-9 lakh annual income.
The advice received from ChatGPT and Gemini provided insights into the factors considered when determining home loan affordability. These factors typically include income, existing debts, credit score, and the prevailing interest rates. The chatbots likely used these parameters to estimate the loan amount that would be manageable for someone earning between ₹7-9 lakh annually.
While the specific figures provided by the AI chatbots may vary, the exercise highlights the increasing role of AI in personal finance. However, it is essential to remember that these are just estimates. Consulting with a financial advisor and considering individual financial circumstances remains crucial when making significant financial decisions like taking out a home loan.