Taking a home loan for the first time? They are strictly known.
This is a car, a house on its own. But these are very expensive things. Buying or fastening yourself, not especially words. And are you planning to buy your first house? This is an important financial decision! So this requires a very appropriate plan. Although the idea of having your home is ending, it is important to understand your re -payment responsibilities from the beginning. Against this background .. Here is a complete details of the documents required for Housing Loan EMI calculator, eligibility criteria and home loan process.
What is Housing Loan EMI Calculator?
Home Loan EMI Calculator is a free online tool. This can help you predict your monthly repayment amount. This includes both the original loan and the applied home loan interest.
It is very easy to use. You need to enter three details:
Debt amount – How much you want to borrow.
Interest Rate – Applying interest rate to the lender.
Period – You have to repay the loan.
After entering these details, the calculator displays the amount of EMI, as well as the amount paid by the end of the period. Some advanced calculators can also provide a return schedule to provide full details of your EMI.
Home loan EMI calculators are easily found online.
Why use housing loan EMI calculator?
Due to the use of housing loan EMI calculator, for the first time there are many advantages of home buyers:
Clear EMI:
Knowing how much your monthly payment is, this loan can help you decide what your current income and cost is.
Helps to compare loan options:
You can see what gives you a favorable EMI by trying various loan amounts, interest rates or duration.
Provides evaluation of the correct loan amount:
Seeing the entire re -payment beforehand, you can make more virtual debt decisions. You can see more burden than you can spend.
Home loan eligibility standard.
age:
Most lenders want the applicant to be at least 21 years old. Maximum age is usually limited to 60-65 years! Depending on whether the applicant receives salary or self -planned person.
Work:
If you are an applicant who receives salary, you must have at least 3 years of work experience to take a home loan. For self -planned applicants, at least 3 years of business stability.
credit score:
More than 750 credit score is good. This is because it reflects the responsible credit behavior.
Citizenship:
Indian inhabitants, as well as salary, are eligible to apply for home loans.
Documents for home loan ..
To apply for a home loan, you need to submit some documents. Keeping them in advance will speed up the permit process.
Identification- Address proof:
- PAN Card or Form 60 (compulsory)
- Aadhar card
- Passport or voter ID
- Utility bill (eg electricity or water)
proof of income:
If you are the person who gets salary:
- Salary slip (last 3 months)
- Bank statement
- Form 16 or Income Tax Return
If you are a self -planned person:
- business registration certificate
- Income tax return (last 3 years)
- Profit report, balance sheet
Property Documents:
- Sales agreement
- title deed
- Property tax receipts
- Approved construction scheme (for new structures)
(Note- This is an article designed only for information. Remember that the loan is a risky.)
