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List of the documents required to apply for Home Loan

Before applying for home loan, the major question popping out is the minimum or maximum amount of home loan that can be availed. Although, you can calculate your eligibility and monthly installments with home loan EMI calculator, here are some criteria that you can watch out –

1.       The maximum amount of home loan bought against a property is 80- 85% of its total value.

2.       Minimum amount of home loan availed through any banking organization is at least 3 lac rupees.

3.       In terms of salary, 60 times your salary can be your home loan if taken in long tenure.

4.       The maximum tenured loan cannot exceed than 30 years.

Based on such criteria, the loan is provided to the borrowers. Minimum amount is 3 lacs INR and maximum depends on factors such as – income and property value.

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What is the minimum and maximum home loan amount can be availed?

Before applying for home loan, the major question popping out is the minimum or maximum amount of home loan that can be availed. Although, you can calculate your eligibility and monthly installments with home loan EMI calculator, here are some criteria that you can watch out –

1.       The maximum amount of home loan bought against a property is 80- 85% of its total value.

2.       Minimum amount of home loan availed through any banking organization is at least 3 lac rupees.

3.       In terms of salary, 60 times your salary can be your home loan if taken in long tenure.

4.       The maximum tenured loan cannot exceed than 30 years.

 Based on such criteria, the loan is provided to the borrowers. Minimum amount is 3 lacs INR and maximum depends on factors such as – income and property value.

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Step by Step process to avail Home loan from the lenders

Every lender has his own process to lend money to his borrower. Now a day, most of the banking organizations follow similar process to provide home loan which is as follows –

1.       Fill Home loan application form.

2.       Provide essential documents such as – Aadhar card, PAN card, Property papers, pay slip, Income tax returns, passport size photographs etc.

3.       Payment of processing fee which is around 1% of the total amount of loan.

4.       Cross verification of documents, verification of the property takes place.

5.       Once the criteria are matched, the loan is sanctioned in favor of the borrower.

6.       Submission of original house purchase documents.

7.       Stamp is put on the registration papers of loan.

8.       The loan amount is credited to the borrower.

 These are the 8 steps which are involved in availing the home loan from a bank.

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What information can be extracted from Home loan EMI calculator?

Home loan EMI calculator is very beneficial online free tool which can let you access to some of the useful information especially for the loan applicants. The following information can be extracted while using the tool –

1.     Equated monthly installment– The most important component that you can get is your equated monthly installment. Either before applying for loan or in the process, you can figure out your monthly installments.  

2.       Detailed EMI breakup – Second is the detailed break up of the EMI that borrowers are going to pay against the certain amount of loan. It will include Principal amount, interest rate, additional charges etc.

3.       Amortization display – It is a system which will display all the essential components of the EMI in detail such as – outstanding balance, prepaid EMI, Rate of interest, principal amount etc. It keeps the borrower in loop of his current situation.

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Simplified difference between Fixed rate and floating rate of Interest

While opting for home loan, you are basically presented with two options. Either you take a fixed rate or a floating rate of interest. Here is a simplified difference between both the interest rates –

1.       Fixed rate of interest – It is a predictable method for all the borrowers as they are known wit their future monthly installments. The rate of interest is fixed for the entire tenure of the home loan. Even if the market is in losses or is doing good, it won’t reflect in your total loan amount. Fixed rate of interest is decided in the beginning of the loan.

2.       Floating rate of interest – When talking about floating rate of interest, it is meant to change every quarter or month depending upon the market rate. It is subject to change ever since and then and a borrower cannot predict his future EMI. For once it may be low and for the other months it may be high.

You need to advice a banker before taking any decision.

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3 Things to consider before calculating loan on home loan EMI calculator

Even prior to applying for home loan, there are so many questions revolving around us. Well, need not to worry, consider these 3 things and calculate your EMI on home loan EMI calculator

1.       Be certain about the principal amount that you would like to borrow from the bank.

2.       For how much time you want to avail the loan? It can be based upon your finances and responsibilities.

3.       The bank from which you want to borrow the money. It stands very important to decide your rate of interest while calculating your EMI.

 Once you are sure about the above factors, you can try these components and get with the accurate results. Try different values in case you are still confused and get sure about your equated monthly installments. Home loan EMI calculator is free to use and can be found easily on internet.

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Tips to pay the Home loan earlier than the estimated time

People with long tenured home loans and much financial responsibilities find themselves in a huge dilemma. But there is always a way out, follow these tips to prepay your home loan

1.       If you are planning to take a loan, then try to pay the maximum amount in down payment as it will save you a lot in future.

2.       Try to minimize your savings and put maximum efforts in prepaying the amount.

3.       You can also give early EMI and additional cost to your monthly installments. It will reduce your principal amount.

4.       You can also ask bank to increase your monthly EMI in case you get a promotion.

5.       Also, in case you find some lucrative offer in another bank, you may easily switch to the other lender with some documents and permission. But before doing that, have a proper research.

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3 times when you should be using Home loan EMI calculator

Home loan EMI calculator is a much beneficial online free tool that it seems to be. Here are the 3 times when you should be using the tool –

1.       You should use the EMI calculator whenever you wish to check the monthly EMI before or during the home loan application. It will give you nearly accurate results. You can always play with the number n number of times you want.

2.       Whenever you, as a borrower is inquisitive about the installment break up giving you a detailed structure about your principal and interest amount.

3.       Amortization schedule can also be checked. It will help you check outstanding balance during the loan. Also, the segregation of principal, interest rate, processing fee and other taxes. It will help you as a borrower to make the right decision regarding the home loan repayment.

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Is home loan insurance important for the borrowers?

Home insurance policy or Home loan protection plan (HLPP) is a special type of insurance against the loan borrowed. It states that incase the borrower died before repaying the full amount of loan, his family would not be asked to repay the loan. The leftover amount will be settled within the banking organization. SO, it stands somehow important to get the loan insurance done to avoid any mishaps in the future. Here are the benefits of home loan insurance policy –

1.       The policy assures to provide the wholesome amount to the bank in case of the unnatural death of borrower.

2.       For the co – applicants, only one policy is enough to cover for the whole amount.

3.       It does cover up for illness such as – cancer and heart attack but not for natural deaths.

4.       Borrower can pay the premium amount of policy in terms of either EMI or annually.

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What is a Home loan EMI calculator?

A home loan EMI calculator is an online tool available through many banking organizations. It helps in calculating the equated monthly installments against a specific loan and tenure. Emi calculator provides accurate results and prevents manual errors and assumptions. It helps the borrowers in following ways –

 1.       Home loan EMI calculator lets the borrower calculate and play with the numbers for a while before actually applying for the loan. It gives him clear picture about the next years.

2.       You can get the accurate results of EMI monthly and lets you shape your decision.

3.       It is free of cost, so you need not consult advisors anymore.

4.       Get instantly benefited with the results.

 You will find these calculators separately for all the banks on their website on which you can put the essential information and achieve the results.

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When there are multiple lenders in the market with lucrative offers, it gets difficult to select the best home loan offer for yourself. Look on the following components and keep them in mind when searching to benefit yourself with the best offers around –

1.       Interest rate – The first and foremost dissimulate between multiple banks is interest rate. Even half percent of the interest rate can save you thousands of bucks. So, you can compare the fixed as well as floating interest rate of the lenders.

2.       Processing fee – It is an amount used to process or sanction you loan and varies around 1-2% of the total amount. It can be a very impactful component for home loan.

3.       Try Loan to value ratio – Check out what is the maximum amount of loan against the property you must buy and do the calculations the way it is beneficial.

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Why should you be knowing your EMI beforehand?

EMI is termed as equated monthly installments which can be calculated online through Home loan EMI calculator. It gives you accurate results and lets you manage the finances accordingly. Here is why should you be knowing your EMI beforehand –

1.       It lets you decide if you can pay this much amount comfortable without financial restraints. In other words, it prepares you for the upcoming years to plan your finances.

2.       You can always change the tenure or loan value if what you thought does not suits your lifestyle and expenses.

3.       Even after your loan is going on and you have paid an extra EMI, by knowing the amount to be paid and EMI left in advance will help you planning further.

 Considering the benefits, one can always be on tract with the help of home loan EMI calculator and plan accordingly.

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Excellent tips to increase the home loan eligibility

Some of the lenders would not be aware of the fact but there is a certain criterion to be eligible for Home loan. There are multiple factors which can either increase or decrease your eligibility. Follow these tips to enhance your chances for loan approval –

1.       Clear all your existing vehicle or personal loans on your name.

2.       You can also add a co applicant from your immediate family to add on the additional source of income.

3.       Take loan for a long time of period if the amount is more.

4.       Make sure that your credit score is positive by paying regular EMI, credit card bills and not spending to much at one go.

5.       Consider your income before applying for Home loan. A minimum income of 10,000 INR monthly is required.

 Follow these tips and increase your chances of home loan approval.

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Home loan EMI calculator has proved to be a boon as it gives clarity to the borrower about his loan repayment. It is freely available on numerous websites and can be used anytime. Some of the unrecognized benefits of the calculator are as follows –

1.       Instant accurate results – While most of us will be scratching our heads by calculating the EMI through a complex formula. On the other hand, Home loan EMI calculator will get you instant and accurate results of monthly installments, interest value and principal value. It has been compared and confirmed that it gives 99 % accurate values.

2.       Helps in managing your EMI – When you have a track of your outstanding amount, monthly installments, you will be able to manage your EMI accordingly for loan repayment.

3.       Check affordability – Before applying for the home loan, you can easily check whether the amount is affordable to you.

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Buying a house not only secures the roof above us but also acts as an asset which gives good ROI in long term. Although, many of us lag the funds to make a purchase now and later are burdened with so many financial responsibilities. To solve the dilemma, Home loan is a procedure initiated by the private and governmental authorities of the country. You can borrow a certain amount of money on a specific rate of interest from the banking organizations or lending private companies against properties bought. Home loan is further bifurcated into the following types –

a.       Land loan.

b.       House construction Loan.

c.       Home reconstruction loan.

d.       Home Loan for NRI.

e.       Bridge home loans.

f.        Home extension loan.

g.       Purchase home loan.

These are the several types of home loan which are available to you.

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Reasons to live Marathahalli in Bangalore

Bangalore or Electronic city is now hub for IT companies and renowned educational institutes. For these obvious reasons it is continuously inviting people from different states. The first thing for every migrant is a thought of place to live. Marathahalli in Bangalore lies in the eastern area of the city. It is becoming hub for rental houses. It is one of the safest yet most affordable places in Bangalore. You can easily find pg in Marathahalli under all budgets. Here are reasons to live in this place –

1.       There are so many IT spaces and educational institutes nearby so if your destination lies somewhere near, you can easily manage to get good pg in Marathahalli.

2.       Good connectivity is one strong aspect where you will never face difficulty in travelling.

3.       Be it an IT professional or student, if you are looking for affordable yet beautiful PG, Marathahalli is the place.

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Create this important list before renting a pg in Kolkata

Kolkata is a beautiful city which lies in West Bengal state. This city is known to be quite cheap and affordable for living and there are many pg in Kolkata. Renting a pg is not easy as it seems. There are so many options wherever we go and sometimes people tend to settle in less than what they need. To find a good pg in Kolkata, make this following list ready –

1.       Note down the important necessities that you require such as – comfortable bed, fan, ac, washing machine, food, refrigerator, parking space, wardrobe etc.

2.       Note down what type of pg you want. Should there be any restriction, or you may need a friendly policy.

3.       Make a point of security aspects such as – CCTV camera, fingerprint policy, guard etc.

4.       Before hunting for pg, note down the target locations near your destination and find one there.