In today’s article, I am going to update the complete information of how to get a home loan, if you want to get home loan information, then read this article till the end.
Suppose you have to buy a house for your living, now the question arises how will you finance that house?
The first option you have is that if you have the full amount (the value of your home), then you can deposit that money together.
The second option is that you can take some money from your savings and some money by taking a loan. And friends, let me tell you that home loan is a very good way to make home finance.
I am saying this because the home loan is the cheapest loan and its interest rate is also the lowest. So friends, now the question is how much home loan can you take?
It depends largely on your salary, but there are many things other than those that your home loan loyalty depend on.
So what is the hall of the home loan, on which factor it depends? On all these things we are going to discuss this article in detail. So let’s start-
HOW CAN A HOME LOAN TAKE? – INFORMATION ABOUT HOME LOAN
First of all, it is important to understand how a Home Loan Eligibility Calculator is, what is its formula formula? But before that we understand the logic that the bank is using to make logic while giving you a home loan.
HOME LOAN PROCESS
Suppose you have a monthly payment of 50 thousand rupees. Now, how will the bank calculate its calculation on this, let’s see: –
The bank says that in this, you will cover 50% of your expansions and 50% of the rest you can make savings. Because 50% of the first 50% of you will look for your home expenses and the remaining 50% save you.
You can use them as an EMI.
Every bank will calculate home loan eligibility for you in a similar manner. So let’s now see its formula.
HOME LOAN EMI CALCULATOR FORMULA –
How to Take a Home Loan: Loan Eligibility amount (in lakhs of this amount) = (one month’s salary * 50%) – If the second EMI is going on (lakhs of a loan, car loan, etc.)
Let’s now understand how to calculate Lakh EMI.
Anyone who has your home loan through which there will be a banker has a chart.
We considered here rate home loan interest of 10.5% will |
|Loan Tenure (in years)||Per Lac EMI(in Rs.)|
Now we take out the amount of 50,000 according to the income that you can get a home loan of up to a million rupees per 10.5% interest rate.
= (50,000 * 0.5) – 10,000 / 1000 (here we took 50,000 salaries and took 5% of it), (10,000 we deducted here that we believe that these are the teenagers who have taken loan before you)
If any 20 years which is a standard time period is taken for the home loan, then according to the chart, it has to give an interest of Rs 1000 rupees.
= 25000 – 10000/1000 = 15 lakhs
After calculating, we have found that you can get a home loan of up to Rs 15 lakhs. If your total income is cut by 10,000 in earlier cases.
If you have not taken any loan, then you are eligible for a home loan of more than 15 lakh rupees.
I have explained to you this example, you have a table before you, and you know the other things, you calculate by keeping the value accordingly.
So let’s go now after knowing the formula, we go ahead and know what other things depend on home loan eligibility.
WHAT IS THE PROCESS FOR HOME LOAN – HOME LOAN ELIGIBILITY
Let’s first talk about Quantitative Factors.
- Monthly Income
- Loan Tenure
- Interest Rate
- Other EMIs
- Loan to Value Ratio
You have understood the rest in the example above, but I did not tell the last point above. Let’s now understand. This means that the loan also depends on your total property value.
That’s why private jobs also have a risk that when jobs can be given to the person, now when he gives the job to the end, how will he fill the loan’s EMI on time?
Let’s now understand how you get a loan according to the property?
Let’s assume that your total property is worth 5 million. Now you get 80% of it, 40 million rupees. So you are more than 40 lakhs of home loans.
You have to make the remaining 10 lakhs downpayment from your pocket, then you can also call it out of pocket as you will not get it through a loan.
HOW TO GET PRIVATE AND GOVERNMENT HOME LOANS – HOW TO GET A HOME LOAN IN INDIA
Let ‘s talk about the next factor i.e. Qualitative Factor.
- Age: Age is very important because if you have been above 45 years then you can not take a loan.
- Credit History
- Type of Property: If you have a registered property in your name then you will get a loan easily but if your property is under construction then there may be some problem.
- Qualifications: Guys, it is necessary to write a written form for taking a loan of any type, where the demand for a professional degree is high.
- Work Experience & Growth Prospects: The loan depends on what you have done in whatever work you have done.
- Professional Stability: The professor you are in, how much scope is there in the coming time.
- Employer Category
- Family Background: If you go through an event, then the bank will think about how your loan will be recovered after that.
- Expense Pattern
REQUIRED DOCUMENTS FOR HOME LOANS – HOME LOAN DOCUMENT LIST I
Now we have talked about both the factors here, let’s now know the last thing and that is what
dwhat documentsll need to get a home loan .
1. Pan Card
2. Aadhar Card/Electric Bill
Here, this address is known as Proof so that you know where you live.
3. Income Proof
If you do a Govt job then your salary slip will be taken and if you are self employed, i.e. you have a business in Khad, then you have to submit 3 year ITR receipt.
4. Bank Statement
Almost every bank will take a photostat of your passbook from you.
5. Passport Size Photo
6. Original Property Sale Deed
Whatever property you have, wherever you live, the paper and if you have booked a flat then its receipt, map and your check-in photostat.
There are almost certain documents that you have to use when you take a home loan, so you have already prepared this document.