Are you planning to borrow a home loan to buy your dream home? Have you finalized a bank to borrow the loan? Have you compared the rate of interest of various banks? Do you know what will be your EMI on the amount you are going to borrow? All these points and much more you need to keep in mind while applying for a home.
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Home loan is a long time financial liability and you need to pay extra attention to the terms and conditions of the bank, charges, fee and rate of interest at the time of borrowing the loan. SBI is the first choice of borrowers to opt for home loan because of its lower rate of interest, better repayment options and above all good credibility in eyes of customers. There are other players as well in the market, which offer you home loan based on your needs. Customized home loan with lower rate of interest and flexible payment option is always welcomed by the customers.
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Home Loan EMI Calculator – Calculate Your Monthly EMI
What are the parameters that you should keep in mind while borrowing the home loan?
- Rate of interest
- Maximum loan amount
- Minimum and maximum tenure
- Monthly EMIs
- Repayment options
- Eligibility criteria
- Fee & charges
- Hidden/additional charges if any
- Default payment charges
- Flexibility or rigid in approach
- Interest type: Floating & Fixed rate of interest
- Tax benefits
- Disbursal of loan
- Any pre-payment/pre-closure charges
- Part-payment charges if any
- Processing fee
- Conversion fee from one plan to another
Home Loan FAQs
Q1. What is a Home Loan?
Q2. Who can apply for home loan?
Q3. How can i apply for home loan?
Q4. What is home loan EMI?
Q6. What is the repayment period of a home loan?
Q7. What is the Eligibility Criteria for a Home Loan?
Q8. Why should I apply for a home loan on emicalculator-india?
Compare home loan interest rates, loan amount, processing fees, eligibility, income level etc.
Know latest home loan offers based on loan amount and eligibility.
Home Loan EMI calculator tool is available for calculating monthly emi based on loan amount and rate of interest and tenure.
Just you need to enter name, contact number, email, location, salaried or self employed and click on button.
Q9. How much home loan amount do I avail?
Q10. What is Pre-EMI interest mean?
Q11. Tax benefit on home loan?
Q12. Required security for home loan?
Q13. What is Power of Attorney?
General Power of Attorney – where a property owner confers ‘general’ rights. The rights include but are not limited to sell, lease, sub-lease etc.
Special Power of Attorney – wherein only a specific right is given by the owner to the chosen person.
Q14. Required documents at the time of possession?
- Original copies of the chain of title agreements and Building Plan approvals
- Original registration and stamp duty receipts
- Possession Letter
- Original share certificate (In case of societies)
- Proof of payment of all dues like maintenance charges, electricity bills, phone, water and property taxes up to the date of handing possession
- NOC from the Society or any other concerned body confirming that there is no objection to the transfer
Q15. Home loan for NRI?
Q16. Tax benefit for NRI?
Q17. Eligibility criteria for NRI?
- are Non Resident Indians (NRIs) holding a valid Indian passport
- are persons of Indian Origin (PIOs) holding a foreign passport
NRI home loan eligible criteria-
- NRIs, must have total work experience of 2 years in India or abroad.
- NRIs with a job contract for a minimum period of 2 years abroad after completion of 6 months in the employment and presently holding a valid job contract /work permit.
- Indian citizens working abroad on assignments with foreign Governments/ government agencies or International/Regional Agencies like the UNO, IMF, World Bank, working with Merchant Navy etc., Officials of the Central and State Governments and Public Sector Undertakings deputed abroad on temporary assignments or posted to their offices (including Indian Diplomatic Missions) abroad
Q18. Types of home loan?
- Home Purchase Loan: For purchasing a new residential property or an old house from its previous owner.
- Home Improvement Loan: For executing repair and renovation work at home.
- Home Construction Loan: Loan is available for construct a house on a piece of land you have already purchased.
- Home Extension Loan: For expanding or extending an existing house. To cite a few examples, addition of an extra room, a floor etc.
- Land Purchase Loan: For the purchase of a plot of land for both residential or investment purposes.
- Home Conversion Loans: If you have already purchased a house by taking a home loan but would now want to buy and move to another house.
- Balance Transfer Loan: These loans are availed to transfer one’s home loan from one bank to another.
- NRI Home loans: These are specialized loans, structured to suit the requirements of NRI’s who wish to build or buy a home in India.
- Loan against Property (LAP): These loans are given or disbursed against the mortgage of a property.
Q19. Who can be joint borrowers in case of a home loan?
Q20. What is floating rate home loan?
Q21. What is a fixed rate home loan?
Q22. How do I repay my home loan?
Q23. How do NRI repay home loan?
Q23. Down payment for home loan?
Q24. What documents do I need to submit at time of application?
Passport size photographs
Identity proof – PAN card/Passport/ DL/ Voters ID
Residence proof- telephone or electricity bill/ passport/ voter ID / property tax receipt
Bank statement for at least past 6 months and salary certificates/ latest acknowledged ITR
Copy of plan approved for the proposed construction/extension
Cost estimation/ valuation report from Bank’s (or finance company) authorised surveyor/evaluator.
Allotment letter of housing board/ NOC of the society/Builder etc. as well as any other land use certificate/other
Q25. What is a top up loan?
Q26. What is the margin on a home loan?
Q27. Home loan interest rate for women?
Q28. What is an amortization schedule?
Q29. What is Home loan pre-approval?
Q30. What are the top home loan providers in India?
SBI Home Loan
HDFC Ltd Home Loan
ICICI Home Loan
LIC Home Loan
Axis Bank Home Loan
DHFL Home Loan
Bank of Baroda Home Loan