Understand Your Home 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)
|Rate of Interest(%)||8.00|
|EMI per lakh(Rs)||836|
|Home Loan Eligibility (Rs)||1,973,000|
Following are other factors that help 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.
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|Home Loan EMI Calculator||Home Loan Interest Rates|