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Presented below is your own personal
"EMI Calculator". All you need to do is enter your 'required loan
amount', the 'Term of Loan' i.e., time period in months and the
'Interest Rate' provided by the bank, along with the type of loan
terms - 'Monthly Reducing Balance' or 'Annually Reducing Balance'
... That's It!. We will get you the EMI.
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Your eligibility for a
home loan
The basic parameter for assessing home loan
eligibility is the applicant's repayment capacity. This depends on age,
income and other loan obligations. The eligibility criteria differ from
HFI to HFI. However, the following guidelines may help you assess/estimate
your home loan eligibility:
The loan amount that
most Housing Finance Institutions offer you will be such that the EMI payable
should be 40% to 50% of your gross monthly income.
In case of joint
application, a part of the co-applicant's gross income will also be considered.
Depending on the
HFI, the maximum loan repayment period is limited to 20 years or the number
of years you have before you reach the age of 65 whichever is earlier.
In case of joint
application, the age of the elder applicant will determine the maximum repayment
period possible.
If you have already
taken another loan, then the monthly repayment of your existing loan and
the EMI of the new home loan should not exceed 40% to 50% of your gross
monthly income.
