The Home Loan EMI calculator also gives you the option to prepay your loan amount. Don’t forget to compare interest rates offered by different banks before you enter the amount.Īlso, do keep in mind that the banks usually charge a processing fee of around 2% on Home Loans, which also needs to be taken into consideration when calculating your EMIs. Once you get an idea about the loan amount and tenure, simply enter the interest rate offered by your preferred bank or financial institution. You can always change the tenure of the loan on the calculator and arrive at a tenure that works best for you.Īdditional Reading: Short-Term Home Loan or Long-Term Home Loan: Which Is Better? Keep in mind that the longer the tenure of your loan, the higher will be the amount you’ll have to repay. The next step is to choose the loan tenure you would like to opt for keeping in mind your routine expenses and other EMIs, if any. Make sure your calculations are accurate in order to get the correct EMI figures. This will give you a better idea of the amount of loan you need to apply for. Once you have zeroed in on a property and ascertained its price, calculate your down payment amount. When you apply for a Home Loan, the first thing that you need to figure out is your desired loan amount. Now, let’s explore the different components of the Home Loan EMI calculator. It is a simple, fast and reliable tool to calculate your Home Loan EMIs and the best part is it’s free too! The Home Loan EMI calculator gives you a clear picture of your monthly EMIs after entering details such as loan amount, tenure, interest rate and processing fee. But, are you still confused about your EMIs? Well, you can simply use a Home Loan EMI calculator to calculate your EMIs in no time. You’ve zeroed in on the home you want and you’ve checked your eligibility. Also, assess the loan deal carefully before taking the final call.Īdditional Reading: Top 5 Home Loan Charges Try and identify lenders who can waive certain charges. You can make use of loan aggregation websites to compare offers across banks. Apart from interest rates, it’s good to compare processing fees, administrative charges, and transaction costs etc. Once you get a fix on which lenders can loan you the desired amount, it’s important to compare what they have to offer as well. It all adds up to secure a higher loan amount.Īdditional Reading: How Your Home Loan Eligibility is Calculated Include other sources of income: Don’t forget to mention bonuses or perks you are eligible to receive from your employer or any other sources of income like rental income.This way there will be more income to support the loan, which means higher chances of approval. Opt for a joint home loan: Include your spouse or your parents as additional loan applicants.That way your eligibility will increase accordingly. Prepay existing loans: It’s always a better idea to prepay all your existing loans before you apply for a Home Loan.So, if you increase the loan tenure, your Home Loan eligibility might increase as you will be committing to pay over a longer time frame. Go for a longer tenure: Your EMI depends on the tenure of your loan.Here are few tips which can help you increase your eligibility to get your dream home: Want to check your Home Loan eligibility? Click here.Īdditional Reading: 6 Surprising Reasons For Home Loan Rejection For example, some lender may not offer you a loan tenure beyond retirement, while others may. However, your loan eligibility can differ from lender to lender. Generally, lenders provide you with a loan amount where the monthly instalment (EMI) ranges from 40- 50% of your monthly income, taking into consideration all your other ongoing EMIs. Your Home Loan eligibility is largely determined by factors such as age, qualifications, spouse’s income, assets, liabilities etc. To know your eligibility, you can use any online loan eligibility calculator. It can be an overwhelming task, especially with the number of banks and financial institutions operating in this market space. Once you zero in on your dream home, the next step is to identify the lender who will provide the loan. Here are some online tools that could help you find a good deal on your Home Loan and make the process stress-free.Īdditional Reading: Are You Planning to Buy A House? Hold On Till May 1st Since taking on a Home Loan is a long-term commitment, one needs to take the necessary precautions before applying for one. RBL BANK CREDIT CARD NO-COST EMI OFFERSīuying a house typically means spending days looking for a suitable property, doing frequent background checks and trying to scout for the best deal on a Home Loan.IndusInd Bank Platinum Aura Edge offers.Home | Loans | Home Loans | Your Online Home Loan Toolkit Skip to content
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