Tool to calculate your monthly Loan EMI payment for a given loan amount, rate of interest (varies from time to time, and the loan term (duration) in years. Enter / Type a specific number to estimate your monthly EMI payment.
Knowing factors affecting make you prepare to get the highest loan amount at reasonable interest rates and most favourable loan terms.
A Lender who is a Bank, Non-Banking Financial Company (NBFC), and/or any specialised lending house is primarily look at your ability to pay back the loan in the given timeline.
While eligibility is based on many factors and et times age group may not be a factor but in most cases age is an important factor.
Age between 20 to 60 is the criteria for most banks, but 25 to 45 is the most favoured group for private lending institutions, who may give the loan tenure up to 25 years
These days, it is very common to deny a house loan for not having income tax returns filed for last 3 years
IT Returns carry most credible information of one's income whether the person is working as an employee, being a professional, self-employed individual, and / or working as a freelancer.
Filing your IT return is much easier and can be done by your own without taking any professional help using portals like EZTax.in. Check how to efile your return by yourself without any professional help
100%. There is no restriction in getting a home loan from any bank. In fact, you should be choosing a bank who is giving a highest loan, lowest interest rate, and the best loan term.
Home loans are long term loans typically from 15 to 30 years. Even a minor lower interest rate may help you reducing the monthly EMI burden. It is important to prepare thoroughly before taking the home loan for your dream home.
EMI stands for 'Equated Monthly Instalment'. EMI is a fixed amount payable to a Banker or a lender by a borrower for a specified period on a certain date of date of every month. It consists two components a) principal sum, and b) interest amount. EMI mainly consists of Interest during initial months of the loan tenure.
While paying EMI for every need may not be a great idea but taking a home loan and paying through small payments over the time is a must for most Indians due to large money required to buy a dream home. Remember buying a home is a necessity and is a capital asset that last long.