The Complete Form of FOIR: An Explanation in Financial Terms
Rameshkumar0103 Sep, 2024Finance
The fixed obligation to income ratio is abbreviated as FOIR. Lenders evaluate borrowers based on the portion of their income that is already allocated to debt repayment when they apply for a loan. The term FOIR, or fixed obligation to income ratio, describes the portion of an individual's total income that is allocated to paying off debt. FOIR computation is a simple process. This is the formula for calculating FOIR:
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