5 Easy Steps To Calculate Your Home Loan Eligibility & EMI
For many consumers buying their dream house often comes with the caveat of financing. This means taking a home loan.
The two questions one asks is when planning to take a home loan are:
- What is my home loan eligibility?
- What will be the equated monthly instalments (EMIs) that I should pay?
The process can be time consuming and requires exhaustive research. To ensure that this process is no more tiresome for the home buyers, Makaan.com has launched its tool that gives them a free access to check home loan eligibility and EMIs.
The home loan eligibility calculator tells users the amount of money they would need to invest from their savings and add to it, the amount of money they will have to borrow from banks.
Consider this. For buying any house, a home buyer needs to shed 15 per cent of the marked price from his own pocket, as most banks provide up to 85 per cent home loan. And, whether a bank would lend a consumer 85 per cent of loan depends on the ability to pay that loan amount. Thus, the amount of loan a consumer can get depends on their income and existing borrowings to be paid.
Banks, factoring in any unforeseen expenditures, make sure that all EMIs together do not exceed 40 per cent of your gross monthly income.
Cannot process all the numbers and calculations? Don't worry! That's where our home eligibility calculator steps in. The calculator tells you how much a consumer can afford according to his monthly income, loan tenure and other EMIs in five easy steps:
- Look for home eligibility/EMI calculator on Makaan.com. Fill in your age and your monthly income in the said boxes.
- The calculator will give you an EMI figure that fits your budget.
- You can, depending on your comfort level, decrease the amount of EMI, but certainly should not think of paying an amount exceeding the suggested EMI amount.
- Then fill in the number of years you are looking to take the loan and the percentage of interest you are getting the loan on.
- The calculator will give you a suitable home loan eligibility amount.
Makaan.com encourages home buyers to make a wise and safe decision.