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Home Loan EMI Calculator

Home Loan Eligibility Calculator - Equated Monthly Installment


Home loan is important source of finance for buying a home. It is important to ensure that your home loan is affordable for you and you are comfortable to repay them. Loans are provided based on the market value, mainly estimation given by banks on the registration value of the property. Home Loan is a Secured Loan offered against the security of a property which is funded by the banks.Banks funds loan for both Residential as well Commercial property.


Home Loan is especially for individuals who are looking to purchase for new flat or apartment, resale flat or old flat.Nowadays bank is also offering loan on new under construction flats.


Major Home Loan Provider : SBI Home Loan, ICICI Home Loan , HDFC Home Loan, Axis Bank Loan, IDBI Home Loan, Bank Of India , LIC Housing Finance , Tata Capital Housing Loan , Reliance Home Loan, India Bulls Home Loan etc.


All banks have different interest rate and updates regularly so before going to any bank kindly check for interest available in that particular bank. You can also compare interest rates for different banks.All banks have floating and fixed interest rate you can choose any one.


Note : Some banks offer 80% , 85% or 90% of loan on property value (registered property value).


Here below you can find a Calculator called Home Loan EMI Calculator (Equated Monthly Installment).You can add your Loan Amount that you are looking for and time period (15years , 20 years or 25 years) and at what interest rate that you are looking for lets say (9.50%,10.50%,11.25,%12.50%).Once you add all the details just click on the calculate button the Monthly Installment value will be displayed below.

Home Loan

Enter values and click on the Calculate button to get the EMI.

 

Calculate Home Loan EMI
Net Monthly Income :
Loan Amount :
Loan Tenure In Years :  years
Rate Of Interest :  %
 
 
 
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Eligibility Criteria to take home:

Several factors besides your income will have an impact on the home loan amount you are eligible for

The amount of home loan you are eligible for depends on your occupation (whether you are salaried/ self-employed), your income, the interest rate charged by the bank and the tenure of the loan. As you will discover, the interest rate on the loan not only influences how much EMI you will pay each month but also influences the loan amount you are eligible for.


If your are earning 10,000/- per month then assume that a bank interest rate (9%) then as per government rules 40% will be calculated from your salary means as per this example your eligibility will be 4000/- from your current salary so now next step to divide interest rate.


At an interest rate of 9%, the monthly installment of an Rs 1 lakh, 20-year loan is Rs 900.


So Eligibility Home Loan = (4000 / 900) * 100000 = 444444.44. (4.44 lakhs)


For income up to:
  • Rs 9, 999: [35% will be calculated]
  • Rs 10, 000 to Rs. 14,999: [40% will be calculated]
  • Rs 15, 000 to Rs 19,999: [45% will be calculated]
  • Rs 20,000 and above: [50% will be calculated]
  • The maximum loan to value ratio is typically maintained by most banks at about 75% to 85% (where the value is the property value + stamp duty + registration).


Documents Required to Apply Home Loan

Common documents (for salaried as well as self-employed borrowers)


  • Proof of Residence
  • PAN Card
  • Proof of Age
  • Passport size photograph of the applicant & co-applicant
  • Copies of pay slips for last few months and TDS certificate

For salaried employees

  • Latest salary slip or statement
  • Form 16

For self-employed borrowers

  • I-T returns for the last 3 years
  • Balance sheet for the last 3 years
  • P and L accounts for the last 3 years
  • Tax challan for the last 3 years
  • Flat and house
  • Sales affidavit/ letter of allotment in case of society or association of persons
  • Original vendor's sale deed
  • Original sale agreement
  • I-T clearance as the case may be
  • Encumbrance certificate

NOTE : * These amounts are indicative only. StampdutyRegistration.com disclaims any responsibility for any decision taken based on these calculations.


Related Tags : Loan Calculator | Home Loan Eligibility Calculator | Property Loan Eligibility Calculator | Online Home Loan Eligibility Calculator