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Understand your loan eligibility:
All Home finance companies refer to their EMI table when calculating the EMI payments. This table lists the monthly EMIs per lakh, for different tenures and rate of interests.
|(Assumed) Income available for EMI payments(i.e. 55% of 30,000)(Rs)||16,500|
|Rate of Interest(%)||8.00|
|EMI per lakh(Rs)||836|
|Home Loan Eligibility (Rs)||1,973,000|
Following are other factors helping in the evaluation of home loan eligibility:
- Nature of Job of Individual
- Location of the Property
- Personal Details of individual
Things you need to know about before you apply for a home loan
Calculate Your EMI:
|Monthly Salary Slab(Rs)||Percentage of monthly salary considered for making EMI payments(%)|
If an individual is drawing a net salary of Rs 25,000 pm, then Rs 13,750 (i.e. 55% of 25,000, Refer the table) will be considered as a part of EMI payments. Likewise, the amount will vary according to the individual's income.
It is important for everyone interested to take a home loan to know about the basics of home loan calculations with Home Loan Calculator.
Leading Home Loan Providers (Click to Apply)
|Home Loan EMI Calculator||Home Loan Interest Rates|
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