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Passive income is money that's earned from an enterprise that has no ongoing effort involved. Residual income is not actually a sort of income, but rather a calculation which determines how much discretionary money an individual has available to spend after monthly invoices are paid.

One example of passive income is the profit realized from a rental property that is owned by investors who are not actively involved in managing the house. Another example is a dividend-producing inventory that pays an annual percentage. While an investor must buy the stock to realize the passive income, no other effort is demanded. .

The Of Residual Income In Pakistan - Passive Residual Income

Residual income is a number that banks often compute when determining whether applicants can manage a mortgage. To compute residual income, the bank determines the applicant's income, and then subtracts the anticipated mortgage, property insurance and taxes. Any monthly payments made to credit cards, installment accounts or student loans are also subtracted from income.

The amount that's left after the subtractions are performed is considered residual income. .

Banks compare an applicant's residual income to the price of living in a particular area to determine whether the individual's budget is too tight to handle a mortgage. For instance, an applicant that lives in the South and has a family of four must have a residual income of $1,003 a month if he wishes to take out a loan backed by the Veteran's Administration. .

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